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Unread 02-09-2009, 05:30 PM
 
301 posts, read 395,568 times
Reputation: 179
Quote:
Originally Posted by MomMom View Post
I agree Jackie, I don't think building Red Rock Station and Aliante Station helped them either...
As I understand it, it's a liquidity problem, not a revenue problem (although tight margins certainly don't help cash flow).

Long story short, too much debt.

But Station isn't really different than MGM, Harrah's, and most of the other casino companies nowadays (I can think of two who are doing ok, most notably Penn, which doesn't have a casino in LV).

They are almost all hurtin' puppies - the downturn just makes it worse, but the real issue is the banking/credit crisis, not revenue.
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Unread 02-09-2009, 09:03 PM
 
1,688 posts, read 2,184,100 times
Reputation: 793
Well in looking at the list, I am not surprised by those listed:

1. Rite-Aid: Getting killed by Wal-Mart and Walgreens.
2. Claire's: Never have been in one, but just another trendy dinosaur.
3. Chrysler: Should have worked out a merger with G.M., gotten rid of the junk cars and trucks. I'm so sick of watching those stupid commercials with the firemen, cowboys, soldiers, and construction guys driving their trucks through fire. When was the last time you were T-boned by a hanging truck with "No Performance Modifications". LOL.
4. Dollar: Another dinosaur, should have merged with Enterprise.
5. Realogy: Not surprised given the market today.
6. Station Casinos: If they go, they will be a victim of bad timing. Plans for Aliante were drawn up years ago when times were still good, nobody imagined that we would have such a bad economy. I do hope that they survive not only because of the added effect of those people losing their jobs, but also the casinos are a favorite venue of many including myself and my family. We like to go to the Feast Buffets which have good food.
7. Loehmann's: Another dinosaur, stick a fork in it.
8. Sbarro: Most if not all of these are in malls where they are probably getting killed in high rents. Good food, but I haven't eaten in one in years.
9. Six Flags: This holds true to my heart since they are owned by Daniel Snyder who is the majority owner of the Washington Redskins. He bought Six Flags thinking he could use his midas touch and turn Six Flags into a huge profit maker like he did with the Redskins. Guess what, Danny? FedEx field sucks and Six Flags isn't anything special with your overpriced garbage. They'll shut down some locations this year.
10. Blockbuster: Getting murdered by Netflix. I've seen numerous locations shut down already and more will follow.
11. Krispy Kreme: There is nothing better when coming out of a bar and heading over to the "Hot and Now" sign to pick up a dozen that just melt in your mouth. If anything, they should have changed their business model as Dunkin Donuts did, and look what's happening. Dunkin is expanding and Krispy Kreme is on the way out.
12. Landry's: As you know, Rainforest Cafe is in MGM. I've eaten there and aside from the drinks, there is nothing special that has me wanting to go back. I have the feeling many people in the country have the same sentiment. Tired, old chains.
13. Sirius-XM: This would kill me if they fold because I don't listen to terrestial radio anymore. My lineup right now is perfect; however, understanding business the way I do both companies spent way too much to get these people like Stern, Martha, Oprah, etc.
14. Trump: I've stayed at his properties in AC (Atlantic City), they are nothing special. The Taj Mahal is the best looking, but they have gotten killed by The Borgata.
15. BearingPoint: Never knew what hit them, would be a big hit for the area.
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Unread 02-09-2009, 09:46 PM
 
Location: South Strip, NV --> Philly (Fall 2009)
2,405 posts, read 6,975,249 times
Reputation: 564
I wonder how the Sbarro locations off-mall are doing. They just recently opened a location at Eastern/Patrick in the McCarran Marketplace.

I have heard of some Dunkin Donuts in other areas of Las Vegas that are going to switch to a 4 AM-5PM schedule because they are losing too much money at night, the concept, imo was poorly executed in the area. The closest one to me has a sign that say that if you want more than 2 dozen donuts you must let them know 24 hours in advance because they don't bake on site. Every single location is always out of something or multiple things, its a big disappointment to those of us who are used to the amazing locations in PA, NJ, or NY...

The issue with Rite-Aid is that most of its stores in other areas are very dated, each have a different layout, and differing product selection. There stores also are least found to be open 24 hours. They remind me of the Albertsons of drug stores. Albertsons treats its stores the same way.
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Unread 02-10-2009, 12:13 AM
 
8,447 posts, read 9,365,689 times
Reputation: 7851
Quote:
Originally Posted by JackieB23 View Post
As I understand it, it's a liquidity problem, not a revenue problem (although tight margins certainly don't help cash flow).

Long story short, too much debt.

But Station isn't really different than MGM, Harrah's, and most of the other casino companies nowadays (I can think of two who are doing ok, most notably Penn, which doesn't have a casino in LV).

They are almost all hurtin' puppies - the downturn just makes it worse, but the real issue is the banking/credit crisis, not revenue.

Early in my career, I ran into one of the corporate finance types. The man went on for hours about the benefits of having a leveraged balance sheet. He adopted a strategy of financing the company with debt. Of course, he moved on and his successor had to "deleverage" the balance sheet to keep the hotel company from heading into bankruptcy.

The gentleman went on to run an airline and drove the company into Chapter 11. His next goal was to become governor of California.

I moved on to another company which funds its growth through earnings and generally avoids debt. Right now, the company is NOT facing financial difficulties but is looking to acquire competitors - if the cash is available.

Much of the problem today is that few people under 55 have ever experienced a prolonged economic downturn. I read a lot of business plans over the past 20 years and they all show moderate to strong growth year after year, like there is never going to be a bad year or an economic downturn.
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Unread 02-10-2009, 03:09 PM
 
31 posts, read 44,339 times
Reputation: 14
One down. Sirius-XM is done.

13. Sirius-XM: This would kill me if they fold because I don't listen to terrestial radio anymore. My lineup right now is perfect; however, understanding business the way I do both companies spent way too much to get these people like Stern, Martha, Oprah, etc.

I do not see any casinos surviving, not just station casinos.
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Unread 02-10-2009, 03:33 PM
 
Location: Here and there, you decide.
9,140 posts, read 13,221,215 times
Reputation: 2223
Quote:
Originally Posted by srtella2000 View Post
One down. Sirius-XM is done.

13. Sirius-XM: This would kill me if they fold because I don't listen to terrestial radio anymore. My lineup right now is perfect; however, understanding business the way I do both companies spent way too much to get these people like Stern, Martha, Oprah, etc.

I do not see any casinos surviving, not just station casinos.
Sirius is going to be taken over by EchoStar--- so they won't be off the airwaves like you are assuming
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Unread 02-10-2009, 03:38 PM
 
Location: Beautiful Upstate NY!
12,245 posts, read 15,330,867 times
Reputation: 5569
hmmm...I guess my lifetime subscriptions (2) were for their lifetime....not mine!
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Unread 02-10-2009, 04:34 PM
 
Location: Here and there, you decide.
9,140 posts, read 13,221,215 times
Reputation: 2223
JFK, i wouldn't worry too much about it..
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Unread 02-10-2009, 06:41 PM
 
Location: North Las Vegas
1,049 posts, read 743,750 times
Reputation: 790
Quote:
Originally Posted by srtella2000 View Post
One down. Sirius-XM is done.

I do not see any casinos surviving, not just station casinos.

I think you are being really over pessimistic on this one, I mean even if the United States went into Civil War 2, the Union collapsed and the 50 states end up creating a bunch of separate smaller nations, Nevada would still be here, Las Vegas would still be here, and folks would still fly in to do some gambling and other activities that would be illegal in other places.

There will always be casinos as long as gambling is allowed in this great state of ours.
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Unread 02-10-2009, 08:11 PM
 
Location: NorCal and Vegas!
269 posts, read 607,330 times
Reputation: 109
Quote:
Originally Posted by srtella2000 View Post
I do not see any casinos surviving, not just station casinos.
Wanna bet?
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