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Old 04-16-2009, 03:04 PM
 
Location: Las Vegas, NV
30 posts, read 63,804 times
Reputation: 19

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Carl Icahn enters the fray! From the Wall St. Journal -


Two high-profile investors have each gobbled up hundreds of millions of dollars of MGM Mirage bonds and have told the troubled casino giant it should quickly overhaul its massive debts in bankruptcy, according to several people familiar with the matter.

Activist investor Carl Icahn and private-equity fund Oaktree Capital Management contacted MGM Mirage last month to express their views that a bankruptcy is the best option, and said they would put their weight behind such a move, these people said.

An MGM Mirage spokesperson said the company "and its advisers remain in engaged in constructive discussions with its lenders." Oaktree declined to comment.
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Old 04-29-2009, 03:43 PM
 
Location: Las Vegas
3,728 posts, read 8,211,182 times
Reputation: 1311
Default City Center is going on as planned

Quote:
Originally Posted by usc619 View Post
...any truth to this? I also heard Dubi is suing MGM because Perini is doing such a bad job.
An update to this original thread....

Casino operator MGM-Mirage says it has agreed with partner Dubai World and the pair's lenders to finish an $8.5 billion casino complex on the Las Vegas Strip.

MGM-Mirage, Dubai reach pact to finish CityCenter
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Old 04-29-2009, 10:28 PM
 
Location: Las Vegas, NV
30 posts, read 63,804 times
Reputation: 19
Good news! We need the jobs.
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Old 04-30-2009, 12:02 AM
 
391 posts, read 1,582,500 times
Reputation: 143
Never a question this project would be finished, just whether MGM would still own it or simply be managing it.

Good news for the most part.

On a side note, was anyone else floored that Wynn might be considering a purchase of Circus Circus? Bellagio is a no brainer, but Circus Circus doesn't fit the Wynn model at all.
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Old 04-30-2009, 12:13 AM
 
Location: Kingman AZ
15,371 posts, read 33,754,701 times
Reputation: 8976
Circus leveled to the ground and a new joint built sure fits tho
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Old 04-30-2009, 01:55 AM
 
4,028 posts, read 8,297,103 times
Reputation: 2871
Circus Circus is a cash cow right now. Overhead is relatively low compared to revenues. Have you seen that place on a weekend? One of the most overcrowded casinos I've ever seen.

Anyway, if Wynn can get it at the right price, I think its well worth it to them because it will continue to generate revenue until market conditions are right for them to either tear it down, or remodel it as a higher end family friendly companion to Wynn and Encore.

Notice they are not after Riviera which is closer. I am sure this is because Riviera is losing money. Despite low overhead, Riviera is empty and smells bad.
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Old 04-30-2009, 07:37 AM
 
391 posts, read 1,582,500 times
Reputation: 143
There is always a right price. But it doesn't fit the Wynn model. However, it may make sense to try to acquire younger, less affluent customers who later move up to the higher-end properties when they become more successful.
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Old 04-30-2009, 09:48 AM
 
Location: Las Vegas
3,728 posts, read 8,211,182 times
Reputation: 1311
Quote:
Originally Posted by dynimagelv View Post
Circus leveled to the ground and a new joint built sure fits tho
I have to agree with this, this place needs to be overhauled. And JohnG is right as well, this hotel is packed, no matter what weekend, what day of the week.

It's one of the last remaining "family friendly" joints on the Strip. I doubt Steve Wynn would keep it that way if he acquires it.
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Old 04-30-2009, 11:17 AM
 
Location: Kingman AZ
15,371 posts, read 33,754,701 times
Reputation: 8976
there is one thing to be considered [I worked directly for Wynn in atlantic City and saw it FIRST HAND] and that is.....ALWAYS watch both hands......the right hand says Circus Circus....but check what the left hand is doing........Steve blows GREAT smoke screens.
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Old 04-30-2009, 12:42 PM
jpk
 
Location: Redmond, WA / Henderson, NV
531 posts, read 1,607,556 times
Reputation: 170
I wonder if doesn't also want Mirage, his original creation?
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