fourth-quarter las vegas: the good, the bad & the ugly.

Quite a bit going on in the Valley this week. Local media's buzzing with the upcoming opening of MGM Mirage's CityCenter, Some telling quotes from a roundtable discussion at the Global Gaming Expo, and oh yeah, Station Casinos continue to lose money hand over fist.

You can read all about each issue at LVRJ.com, but here are the brass tacks:
Least Surprising Story of the Week
MGM Mirage and Dubai World received its gaming license for Aria, the one-and-only casino at the $8.5 billion, 67-acre CityCenter. Shocking, right? The joint will be open for business next month. Read more.

Boyd's Balls—Crystal or Otherwise—Still Ain't That Great
"If you look out over the next 10 years, you could probably count on one hand the number of new buildings we'll see on the Strip. Frankly, my crystal ball isn't that clear, but there will not be the tremendous amount of new buildings on the Strip." —Keith Smith, CEO, Boyd Gaming
Translation: "Anybody wanna buy a half-built casino?" I'm not trying to be a smart ass, but it's clear Boyd doesn't plan on finishing Echelon. They'll sooner buy a Strip property than complete what was to be the company's crown jewel. You know what that means? Expect to look at dormant Echelon and Fontainebleau sites for years! Read more.

Why, yes, Virginia, casinos also can lose money!
At first glance, it would seem implausible that casinos would lose money. But it's a competitive business, just like restaurants and bars and such. Some profit. Some don't. Station Casinos—catering largely to a local market—had to file bankruptcy. And who might be there to bail them out? Boyd Gaming. Guess we now know Bill Boyd tore open that mattress full of Echelon money and has new ideas for it, no? Read more.

Which is good? Which is bad? Which is ugly? You decide.

jacko in las vegas?

Looks like the talk of a Michael Jackson show in Las Vegas is back. From Reuters, by way of Yahoo news:

Michael Jackson in talks on possible Las Vegas act
By Steve Gorman 5 minutes ago

LOS ANGELES (Reuters) - Michael Jackson may relaunch his career as a Las Vegas act, thanks to the private equity group that recently bought the loan on his Neverland Ranch in California to help the pop star avert foreclosure.
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The investment firm Colony Capital is discussing with Jackson various repayment options for the $23 million debt, including a possible long-term engagement as the resident performer of a Vegas casino or nightclub, a source familiar with the talks said on Friday.

Colony Capital, based in Los Angeles, owns the Las Vegas Hilton and is a major shareholder in the Station Casinos chain. Read more.