[ocean2026]

Although today's Review Journal said the outlook for the gaming industry is unfavorable it seems the real estate market is coasting along the bottom.

Not much was mentioned about condos or how the City Centre is affecting the condo hotels- although its probably flooding the market.

What about hotel occupancy rates- any projections>

Any new ideas?

[dano]

The jury is certainly out. The housing market has stabilized and commercial real estate continues a downward slide. I'm guesing we are at the bottom of the overall recession but don't see any sort of a sustainable recovery in the near future.

City Center is the latest question mark. I'm planning on getting down there on Christmas day to see what it's all about. Seems MGM CEO Jim Murren has staked a short careeer on the bet that it will draw new customers to the market similar to what the Mirage did 20 year ago. I think, at least in the current environment, it will cannabilize other MGM properties and be a net drain to MGM. Murren has received interesting press over the last several weeks from the RJ. Seems he thought we were a bunch of hay seeds and needed to get in step with Manhattan type developments. The articles actually implied that the place was built for the locals and that would be its primary customer base. The guy obviously was new to town and hadn't yet received word that locals generally don't visit the Strip. I'm not sure what the ROI is on $40 million in art work but maybe those Wall Street types have it figured out.

With this latest article on Murren's tall tales about being a former professional base ball player, it seems the stage is set for another exit of a CEO if this thing ends up tanking MGM revenues, earnings and stock price.

[olecapt]

Originally Posted by dano

The jury is certainly out. The housing market has stabilized and commercial real estate continues a downward slide. I'm guesing we are at the bottom of the overall recession but don't see any sort of a sustainable recovery in the near future.

City Center is the latest question mark. I'm planning on getting down there on Christmas day to see what it's all about. Seems MGM CEO Jim Murren has staked a short careeer on the bet that it will draw new customers to the market similar to what the Mirage did 20 year ago. I think, at least in the current environment, it will cannabilize other MGM properties and be a net drain to MGM. Murren has received interesting press over the last several weeks from the RJ. Seems he thought we were a bunch of hay seeds and needed to get in step with Manhattan type developments. The articles actually implied that the place was built for the locals and that would be its primary customer base. The guy obviously was new to town and hadn't yet received word that locals generally don't visit the Strip. I'm not sure what the ROI is on $40 million in art work but maybe those Wall Street types have it figured out.

With this latest article on Murren's tall tales about being a former professional base ball player, it seems the stage is set for another exit of a CEO if this thing ends up tanking MGM revenues, earnings and stock price.

Uhhh sorry where did you find this CC for locals? One would need very high quality pot to get there. And even though I have a well developed dislike for the RJ...they know better.

CC exists. It will therefore succeed. This has no bearing on whether MGM-Mirage does or not. Of course it will impact other properties. But on balance it will turn the numbers up...More hotel rooms and new stuff it never fails.

[ocean2026]

Hmm Olecap did you see this?

Report: CityCenter may drive Vegas room discounting trend - Las Vegas Sun

[olecapt]

Originally Posted by ocean2026

Hmm Olecap did you see this?

Report: CityCenter may drive Vegas room discounting trend - Las Vegas Sun

That is clearly the view of a single analyst. He believes the classical response will not occur this time because of the overall state of the US economy.

We will see but I would still be of the opinion that CC does good things. Maybe attenuated a bit by the times but still good things.