Tag Archives: Las Vegas business news

Camelot Selects Las Vegas for New Film Studio Complex

Camelot Entertainment Group, Inc. has selected Las Vegas as the site for its next studio project. Negotiations for the acquisition of the proposed studio site are underway. Further details are expected to be released during this quarter. 

“Las Vegas is the entertainment capital of the world,” Camelot Chairman Robert Atwell stated. “It already is one of the top states in film and television production activity. We feel it is the perfect place to build a modern, state of the art, major studio complex.” 

Camelot Entertainment Group, Inc. has three major divisions: Camelot Film Group, Camelot Studio Group and Camelot Production Services Group.

Camelot is building a different kind of motion picture studio infrastructure by redefining the development, financing, production, and distribution process.

For information about Camelot Entertainment Group, Inc., please visit www.camelotfilms.com

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Las Vegas’ CityCenter Project Facing Collapse?

The very survival hangs in the balance for Las Vegas’ largest employer and the city’s largest construction project- and arguably one of the world’s largest and most expensive buildings.   MGM Mirage, operating nine Las Vegas Strip resorts and employing more than 61,000 workers, is now embroiled in a contentious lawsuit over the $9.1 billion, 76-acre CityCenter development with its half-shared partner, Dubai World through its Infinity World financial subsidiary.  dubaiworld

Analysts said the lawsuit filed Sunday casts a damaging dark cloud over the project and sends more negative signals on the overall financial health of MGM Mirage.   According to the lawsuit, Dubai World, a 50-50 joint venture partner in the CityCenter project, is seeking unspecified damages and wants to be relieved of its obligation under the companies’ agreement, which was struck in August 2007. 

Dubai World, a world-leading business conglomerate suffering from a two-thirds drop in their oil prices – leading some to question if the lawsuit is merely trying to sever their joint venture agreement or simply gain more project control – said MGM Mirage, which is CityCenter’s managing partner, is responsible for mismanagement and cost overruns with the project.  Dubai World further contends that statements by the MGM Mirage in the company’s financial filings last week with the Securities and Exchange Commission constitute a breach of the joint-venture pact and has put the project at risk. 

The lawsuit took the MGM Mirage reportedly by surprise, but theirspokespeople responded vehemently yesterday that they are doing everything they can do and are ready, willing, and more than able to meet all financial obligations and debt holder payments. 

Despite the lawsuit, CityCenter still plans to open in stages, starting in October with Vdara, a nongaming condominium and hotel tower, and Aria, CityCenter’s centerpiece 4,004-room hotel-casino, scheduled to open on December 16.  

MGM Mirage continues to accept job applications, having over 90,000 job applications for the CityCenter project and planning to hire 10,000 employees to boost the staganant Las Vegas economy. 

However, MGM Mirage and Dubai World are still seeking the remaining $1.2 billion in financing to finish the project. 

MGM Mirage received from its lenders last week a two-month waiver to avoid violating its loan covenants.   Some financial analysts believe that MGM Mirage might have to file a Chapter 11 bankruptcy to restructure their $13.5 billion in debt.

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Tourism Leaders Want Stop to Las Vegas Business Travel Bad-Mouthing

Enough of the business event convention bashing say the leaders for the U.S. Travel Association.  They are fighting back against a severe tourism tumble in a new advertising campaign launched Wednesday to fight negative publicity brought about by the recession and made worse by bad-mouthing from a handful of members of Congress and President Obama. 

While those remarks were aimed at trips taken by companies that have accepted federal bailout dollars, tourism leaders say the fallout is pervasive and has spread throughout the corporate world.  “A climate of fear is killing (destination) communities, and it has to stop,” says Roger Dow, president of the U.S. Travel Association. 

The result has been millions of dollars in meetings and events are being cut back, canceled or merely being left in the planning stages. 

Las Vegas is a major victim, expecting to lose $20 million in trips from Fortune 500 clients alone. 

A recent survey by Meetings and Conventions Magazine showed that more than 20 percent of companies that have not received bailout money have canceled their events, with fear of bad publicity reportedly a big factor.  “What has occurred is we have a witch hunt mentality, and this has a huge cost, not just in dollars, but for the people who work in the industry,” says Dow. 

“Stop bad-mouthing Las Vegas and stop telling businesses and major companies to stay away from Las Vegas.  You are hurting our economy, you’re forcing major layoffs of employees in the hotel industry,” says Rep. Shelley Berkley, D-Nev.  

The new advertising campaign by the U.S. Travel Association is aimed at toning down the rhetoric and to detail punitive bills.  One such bill proposed last week by Sen. John Kerry, D-Mass, would prevent bailed out banks from “hosting, sponsoring, or paying for conferences, holiday parties, and other entertainment events.”

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