Daily Archives: March 4, 2009

Michael Jackson Expected To Announce $10 Million Performance Deal on March 5

Michael Jackson has reportedly returned to London yesterday to launch his comeback.  The 50-year-old debt-ridden King of Pop, who has been living in Las Vegas for the better part of two years while entertaining many performance offers, is scheduled to make a “special announcement” March 5 at The 02 Arena in London.  michael-jacskon2

Jackson will reportedly perform 10 concerts for a reported $10 million.  

The Los Angeles-based AEG Live, who operates The O2, has reportedly booked the deal.  If the shows are well-received and attended, and Jackson can make the commitments, the deal could extend to a total of 20 to 30 performances, at up to $1 million per show. 

AEG also has a strong Las Vegas connection.  Could it be that he will perform here too?

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Station Casinos Rejects Boyd Gaming Buyout Offer

Station Casinos’ board of directors yesterday rejected Boyd Gaming Corporation’s unsolicited $950 million offer for a majority of Station’s property assets.  

Station Casinos, owner of 13 casino properties, cited their reasons of rejection were because of the “highly conditional nature” of Boyd Gaming’s offer, as well as the risks “in sharing sensitive and confidential information with a significant competitor.”  

Station’s rejection came on the same day they announced they had reached agreements with most of its debt holders to extend a deadline to vote on their bankruptcy proposal.  The agreement gives Station Casinos and their debt holders until April 10 to vote on the proposed debt swap and restructuring.

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MGM Mirage Tapped Out?

What a difference a short time can make in a volatile economy.  Months ago the MGM Mirage had billions of dollars of cash at its disposal, supposedly well insulated for the recession.  Now they are painting a continuing bleak and mgmmiragegloomy picture.   The MGM Mirage tapped last week their remaining $842 million in cash under their $4.5 billion revolving credit line because of the turbulent credit market markets and the “uncertain state of the global economy.” 

On Monday the MGM Mirage stock plummeted to an all-time low of about $3 per share, down about 95 percent from a year ago. 

Despite agreeing to sell the Treasure Island to former New Frontier owner Phil Ruffin for $775 million in December, the MGM Mirage, the Strip’s biggest casino operator, leading entertainment provider, and Nevada’s largest private employer could be facing a bankruptcy Chapter 11 filing if it can’t renegotiate better payment terms with its lenders covering some $7 billion in their outstanding loans.  The MGM Mirage has a little more $1 billion in cash remaining on their balance sheet. 

And if MGM Mirage lenders are not flexible in payment restructuring, also at risk is their new $9.1 billion CityCenter project that has a final $1.2 billion payment owed.   The project has been planned to open in October, with the 4,004-room Aria, the centerpiece hotel-casino, scheduled to open in December. 

Like most other Las Vegas casino operators, MGM Mirage has undertaken numerous cost-cutting and debt restructuring measures over the past year.  But, so far, none have brought them the much needed financial relief.   Talks on a variety of other debt restructuring schemes continue including selling some of their 10 Strip hotel-casinos, other properties, or, failing that, sell part of their CityCenter project and perhaps negotiate with Dubai World, already a 50 percent owner in the project that has invested almost $6 billion, for Dubai assuming a greater ownership stake.

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19th Annual Epicurean Affair Returns to Las Vegas on April 23

The 19th annual Epicurean Affair, sponsored by the Nevada Hotel & Lodging Association, the Nevada Restaurant Association and Flamingo Las Vegas, returns for its fourth consecutive year on April 23 at 6 p.m. to the Flamingo in epicureanLas Vegas.

Long considered the Las Vegas culinary event of the year, the Epicurean Affair allows guests the opportunity to sample delicious food, wine and cocktails at the Flamingo’s 15-acre tropical oasis, represented by more than 100 of Las Vegas’ top bars and AAA, Michelin, Mobil and James Beard Foundation award-winning restaurants and chefs.  General admission is $100 per person.  For info, call the Flamingo Box Office at (702) 733-3333.

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