Jul
30
How risky has Harrah’s gotten?
Filed Under CityCenter, Harrahs, Las Vegas, Las Vegas Casinos, MGM Mirage | Leave a Comment
Here is an excellent article from Bloomberg that discusses MGM’s City Center problems, and also mentions something interesting about Harrahs.
MGM’s City Center
Surprise, surprise. Even the king of Las Vegas casino companies is having trouble getting its CityCenter project financed. Basically, the CityCenter joint venture with Dubai World is looking for a $3.5 billion loan, but has only been able to scrape together $2 billion so far, leaving CityCenter to look for the remaining loans outside the US.
Harrah’s
One other interesting thing in this article is that it says Harrah’s bonds are trading at 70 cents on the dollar for a 17% yield. That means if you hold the bonds until their maturity (assuming of course the company doesnt go bankrupt before that), you could generate a 17% return for yourself. Now compare this to the stock market that has historically returned 11-12% per year, and it gives you an idea of how risky investors think Harrahs is right now. Remember, these are bonds, which are supposed to be less risky than stocks (and less risk usually means lower returns).
Jul
30
Starbucks is leaving Las Vegas
Filed Under Las Vegas, Las Vegas Dining, Las Vegas Restaurants | Leave a Comment
How bad has the recession got in Las Vegas? Starbucks announced that they are closing 10% of their Las Vegas locations.
If you’re a coffee addict like me then take a quick look through this article.
All the millions that CEO’s, consultants, and Wall Street analysts get paid, and here is probably a strategy that makes the most sense: Read more
Jul
28
I just stumbled upon this website and I think it is so cool. You can click on each building for more information, and there are actually seven pages so dont forget to check them all out.
Jul
26
Wynn Encore job applicant blow-out
Filed Under Las Vegas Hotels, Las Vegas Jobs, Wynn Encore | Leave a Comment
Steve Wynn discussed the hiring situation at the upcoming Wynn Encore. As I reported a few days ago, Encore is now accepting applications. Apparently they didnt need me to make an announcement. On Wynn’s recent conference call with investors, Steve mentioned that 14,000 applicants responded within the first 30 hours, and by the third day, there were 24,000 applicants and still counting. Dont forget, they’re only hiring 5000-6000 employees.
If you’re interested in working there, Read more
Jul
25
Trump troubles
Filed Under Las Vegas, Las Vegas Hotels, Las Vegas Jobs, Trump Las Vegas | Leave a Comment
It has been widely speculated in the press that Donald Trump’s Las Vegas condo project had been having trouble closing on the sale of its units. Now it looks like we finally have some hard evidence:
According to developer Donald Trump, roughly 70 employees at the Trump International Hotel & Tower were “impacted by changes in their schedules” due to the slowdown in closing sales of the building’s 1,282 studio, one-bedroom and penthouse units.
It seems like everyone’s having trouble selling condos in Vegas (and elsewhere) nowadays, so Read more
Jul
23
Updates on two upcoming casinos
Filed Under Durango Station, Las Vegas, Las Vegas Casinos, Las Vegas Hotels, M Resort Spa & Casino | Leave a Comment
Both casino resorts will cater primarily to the locals crowd:
Durango Station
- Article: At last, Durango Station details
The first phase will include a 201-room hotel tower, casino, meeting space, pool, restaurants, movie theater, arcade and a large shopping complex.
An additional 525 hotel rooms are planned for a second phase although the company has not set a construction date yet.
The company isn’t releasing a projected cost for the project.
M Resort
M Resort has a high-profile investor, MGM Mirage, which is financing $160 million through a subordinated convertible note.
M Resort will market to two audiences, locals in southern reaches of the Las Vegas Valley and a visitor seeking an upscale niche property away from the Strip. The site’s elevation will give M Resort visitors a view of the Las Vegas lights.
Jul
22
“This is Vegas” Videogame
Filed Under Las Vegas | Leave a Comment
This games looks awesome, too bad the release date has gotten pushed back. Here is a nice review of this upcoming game: This is Vegas
Jul
22
Vegas construction comes to halt
Filed Under Las Vegas | Leave a Comment
It is no secret that many big planned construction projects in Las Vegas have been put on hold or cancelled, but I thought I’d at least bring to your attention this article that does a nice job summarizing all the big ones. Read more
Jul
22
Wynn Encore Jobs
Filed Under Las Vegas Jobs | Leave a Comment
Wynn Resorts is now accepting applications for 5,300 newly created job opportunities, as it prepares to unveil Encore, the new signature resort in the Wynn collection. The resort is scheduled to open in December 2008 with suite reservations now being accepted for dates starting in early 2009.
These openings span numerous departments including housekeeping, hotel operations, security, food and beverage, retail and casino operations. They also include opportunities with its other Las Vegas resort, Wynn Las Vegas.
Due to high levels of interest and Wynn’s reputation as an employer of choice, Wynn anticipates more than 65,000 applicants — or approximately 12 applicants for every open position.
These openings present an opportunity to join the only Mobile Five-Star, AAA Five-Diamond, Michelin Five Red Pavilions award-winning team in Las Vegas. Working at Encore is also a chance to be part of Las Vegas history as Steve Wynn’s properties have always set the standard for luxury. Read more
Jul
22
First ever poker stage show to debut at Venetian
Filed Under Las Vegas Poker, Las Vegas Shows | Leave a Comment
The Real Deal!, the first ever live, interactive poker-themed stage show, will debut in The Venetian Showroom at The Venetian Resort-Hotel-Casino in Las Vegas this fall, according to a joint announcement by entertainment industry icon Merv Adelson (no relation to Sheldon Adelson, chairman and chief executive officer of The Venetian’s parent company Las Vegas Sands Corp.) and the resort. Working in partnership with the world’s most renowned poker professionals, the show will introduce a new paradigm in entertainment, establishing a completely original live show format that combines humor, the latest in wireless technology, and abundant prizes in wildly-fun, fast-paced action that will entertain poker enthusiasts and non-players alike. Read more
