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Also that Harrah's was talking to it's creditors about restructuring their debt to advoid having to file for bankrupcy.
I read another article recently - I forget where - but the passenger counts in & out at McCarran Airport is off by numbers in the lower double digets.
While City center is going to be finished. I read some of the already signed retailers was strongly considering pulling out of their contracts there.
MGM Mirage Corp. is reported selling the Treasure Island Casino & Hotel for $775 million. To Carl Ruffin who used to own the New Frontier Casino & Hotel (he got $1.2 billion for it). The deal is expected to close soon.
In August Boyd stopped building & delayed till unknown time. Their huge Echlon casino project where the Stardust had been. A restart up time was announced but I persons in the know say this start up time is just speculation.
The several billion $$$ Casino project where the New Frontier used to be. Has been shelved - at least - for the forseeable future.
Many other projects in Las Vegas has been shelved not to be built, stopped, or at least delayed to be finished till unknown when.
Harrah's has also stopped construction last summer on their very big Margeratta Ville Casino project in Biloxi, Mississippi.
It has been reported that the stock in the Las Vegas Sands Corporation(owns the Venetian & Plazzo Casinos as well as several in Macco, China) is down 94%.
IGT is laying off a large percentage of their work force and their stock has gone down by double didget numbers. They have also lost a large percentage of their lead over the other slot machine supplyers.
A number of states & other government agencys accross the USA. Are starting to report money problems. Because the gaming revenues are down and they relied too heavyly on them to balance their budgets.
This is only a small part of the problems in the casino business right now.
Things is not to good in the gaming business right now especially in Las Vegas. And double for this especially on the strip. It is said by gaming observers, the gaming companies especially on the strip. Put too much faith & money in expensive rooms, restrants, and other high end things. Instead of sticking to the basics of gambling & catering to the adverage middle class person.
See you all there, whoever goes to the Slot tournament in January,
Dan
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