happy birthday, mirage!

Happy birthday to my favorite place on the Strip! From the Las Vegas Review Journal:

MIRAGE MIRACLE: The Mirage turns 20 today
Steve Wynn's tropical-themed resort-casino had its critics but kicked off building frenzy
By HOWARD STUTZ

Twenty years ago, The Mirage was the CityCenter of its time...But with the city still recovering from the economic doldrums of the early 1980s, many financial experts didn't think The Mirage would succeed.

Some wondered if The Mirage would really grow the market. Most expected it would just steal customers from neighboring hotel-casinos.

Sound familiar? Read more.

I know the building boom ushered in my the Mirage has its fair share of critics—too big, too garish, too corporate. But there's no denying the Strip recovered as a result of the larger-than-life mega resorts and helped rebuild the market. Thankfully, the idea of Vegas being a family-friendly vacation spot is no longer the brand identity.

Here's a very telling quote about how Steve Wynn built a game changer:

"The '80s were not an easy decade for Las Vegas. Casinos started going after a family friendly market; and Circus Circus (Enterprises) was the most profitable casino company on the Strip, because more people were betting $100 a trip rather than $100,000."
—David G. Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas

friday night tweets: the las vegas strip.

I spent a couple hours on the Strip last evening. No gambling, but I wanted to take in the atmosphere and see if anything was abuzz. I Twittered most of it. And it goes a little something like this...

10:28 p.m.: Pretty quiet night on The Strip tonight. Just nursing a beer, myself...not in the mood to gamble.

10:31 p.m.: And FYI, Casino Royale is kinda scary. But I have no shame. I'll stand in line for a $1 Michelob!

10:40 p.m.: Cops on horseback riding down Las Vegas Blvd.? Shoulda had my camera put for that one. O'Sheas is quiet tonight too.

10:48 p.m.: THOROUGHLY unimpressed with the surly bartender at Imperial Palace's Sake Bar. A little courtesy goes a long way, sweetheart.

11:02 p.m.: Apparently I'm cool enough to get "VIP" passes to the Revolution Lounge tonight, while last week I was ignored...I know. It's dead tonight. But I am dressed rather smartly in my tragically hip untucked black shirt and black blazer, so there's that.


11:33 p.m.: The Mirage did not disappoint. Still my favorite Vegas casino.

here we go again.

These stories will never go away, will they? From the cornfields of Nebraska, reported all the way across the Pond:

Las Vegas gambler sues Caesars Palace claiming casino plied him with drugs

A Las Vegas gambler who lost $112 million (£67 million) in a year, is suing the owner of Caesars Palace, claiming casino staff "milked" him by plying him with alcohol and prescription drugs. Read more.

Has anyone seen the Albert Brooks movie Lost In America? I'm reminded of that.

The complainant's lawyer alleges Harrah's is to blame because "Mr. Watanabe was an obvious gambling addict."

Sorry, Mr. O'Donnell, as a dealer and floor supervisor, I don't have the ability to see the addiction on 'em.

Not to be callous, but at some point, personal responsibility needs to kick in.

leaving on a jet plane...wondering when you're coming back to vegas!

Not terribly shocking, really. From the Review-Journal:

McCarran passenger counts fall 1.3 percent in October
By HOWARD STUTZ

Passenger counts at McCarran International Airport fell 1.3 percent in October. More than 3.51 million passengers came through McCarran during the month, compared with more than 3.56 million passengers in the same month a year ago.

For the first 10 months of 2009, McCarran has seen passenger counts fall 9.4 percent over the period in 2008.

No real surprise that passenger counts are down this year. The real meat-and-potatoes comparison will be 2k10 numbers vs. 2k9 and even 2k8. That'll give the clearest indication if the economy is rebounding. We already know Strip development is going to remain halted. That's old news. Let's see if people are ready to occupy the rooms already waiting for them.

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.

we want floyd! we want floyd!

My first Fight Night in Vegas.

COTTO CONQUERED: Pacquiao in seventh heaven
12th-round TKO gives Filipino seven belts in seven classes
By STEVE CARP
LAS VEGAS REVIEW-JOURNAL
The chants began as soon as Manny Pacquiao was declared the new WBO welterweight champion Saturday night.

"We want Floyd! We want Floyd!" many in the sellout crowd of 16,200 at the MGM Grand Garden demanded. Read more.

Here's the money quote on Manny Pacquiao: "...the first boxer to win seven world titles in seven weight classes."

Wow! Bring on Money Mayweather!

boyd creating distance from echelon?

Telling, telling quote from Boyd Gaming's third quarter results statement:

Based on our current outlook, we do not anticipate that Echelon will resume construction for three to five years.

While Boyd claims to be committed to a Strip presence, their actions show all they're committed to is a dormant construction site. Unless, of course, they plan to divest from the project and look to purchase another Strip property. It would only surprise me because Boyd has never shown much interest in owning one of the larger Strip properties. But given MGMMirage's financial woes and all-in strategy with CityCenter, perhaps Boyd (or someone) could purchase a property on the cheap.

citycenter: game changer or sinking ship?

I don't know of too many casinos that can make up a $4 billion shortfall overnight. From the Las Vegas Review Journal:

THE STRIP: CityCenter valued below cost
MGM Mirage: Half-stake in project worth $2.44 billion

By HOWARD STUTZ
CityCenter is worth about half of what it cost MGM Mirage and Dubai World to build the massive Strip development, according to third-party valuation specialists.

In a statement to investors Tuesday, in which MGM Mirage said it was writing down more than $1 billion related to CityCenter, the company estimated the value of its 50 percent ownership in CityCenter at approximately $2.44 billion. The project's total construction budget is $8.5 billion.

"This decision and related market conditions led to the conclusion that the carrying value of the residential inventory is not recoverable," MGM Mirage said in a statement.

MGM Mirage said CityCenter was required to have unnamed third parties review its residential inventory for impairment because of the company's decision to reduce the cost of project's 2,400 residential condominiums by 30 percent.

Also, MGM Mirage's largest shareholder, billionaire Kirk Kerkorian, hinted he might divest himself from the company. Read more.

MGM Mirage
CityCenter

a one-way ticket to vegas.

It's official. I'm moving to Las Vegas. After years of pondering, planning and thinking about it, it's now a reality.

I will be embarking on the cross-country journey on or around 9 Nov 09 and reporting for my first day of work in the desert on 16 Nov 09.

I'm excited. I'm nervous. I'm ready to get this show on the road.

Stick around for more dispatches from the desert.