Tag Archives: Las Vegas casinos

Lots of Las Vegas Casinos for Sale

If so, maybe now’s your time– IF you have the scratch!  

With Las Vegas continuing to face a stiff economic recession – primarily based on a sharply declining gambling economy where fewer players are wagering less money and staggering, near nation-leading unemployment – it’s significantly reduced a majority of Las Vegas-based company revenues and their ability to refinance their debt.   

Caught up in the financial maelstrom are Station Casinos owners, and brothers, Frank Fertitta III and Lorenzo Fertitta.  Station, which mainly runs casinos targeted toward residents of the Las Vegas area and has been struggling with managing debt ever since it finished going private in November 2007,  are now embarked on a quick mission to sell their 14 casinos in Las Vegas while keeping a minority 46 percent stake in four others. 

Their plan was disclosed last Thursday in a Securities and Exchange Commission filing by the Las Vegas-based casino operator calls for mortgage lenders holding debt to become the new majority owners of the Red Rock Casino Resort Spa, Palace Station, Boulder Station and Sunset Station. Station Casinos Inc. said the outstanding debt secured by the four casinos was $1.8 billion. 

Palace Station and Red Rock are the company’s two largest properties, with more than 1,800 hotel rooms combined. 

Station said the reorganization plan was filed with a federal bankruptcy court in Reno, Nev., where the privately held company’s case was originally filed last July. 

Under the new proposed plan, the Fertitta brothers will pay $85.6 million in cash for a 50 percent stake in the four casinos, and then sell a 4 percent share to Colony Capital LLC. 

The Fertittas would continue to manage the properties under a long-term deal, according to the plan. 

The casinos to be sold include Santa Fe Station, Texas Station, Fiesta casinos in two Las Vegas suburbs, and 50 percent stakes in Green Valley Ranch Resort Spa Casino and Aliante Station, among other properties. Seven of the properties do not have hotel rooms. 

The company said it hopes a judge will approve its plan by this summer so the casino operator can emerge from bankruptcy before the end of the year. 

Marc Falcone, chief financial officer for Fertitta Gaming, said the Fertittas would also try to buy the assets to be sold. 

As would be expected, rivals backed with significant financial resources are entering the Las Vegas casino feeding frenzy, aggressively pursuing the acquisition of the diminished valued assets.

One such rival, Las Vegas-based Boyd Gaming Corporation, reiterated its interest in buying all of Station’s casinos.

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Nevada’s $6.8 Billion Casino Loss in ’09 the Largest Ever

As a result of declining gaming revenues, reductions in hotel rates and reduced consumer spending, Nevada’s highest-grossing casinos generated a net loss of almost $6.8 billion in fiscal year 2009- the largest ever for Nevada. 

The huge loss resulted from a total revenue of more than $22 billion including money spent by customers on gaming, hotel rooms, food, beverage and other attractions.

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Lake Las Vegas Continues Death Throes

Casino MonteLago, which opened in 2003 – the only gaming location inside the upscale, now bankrupt Lake Las Vegas, located approximately 50 miles south of Las Vegas – has announced it will close on March 14, eliminating in its wake 177 jobs. 

The 40,000 square foot casino has 635 slot machines, a dozen gaming table games, a race and sports book, and two restaurants. 

This venue casualty follows a notice a week ago of the impending shutdown of the Ritz-Carlton in Lake Las Vegas, planned for May, costing an additional 350 jobs. 

Two of the three luxury golf courses have already been shut down during the community’s prior Chapter 11 bankruptcy proceedings. 

Lake Las Vegas already has more than $700 million in liabilities- and growing. 

The only holdout, for now, is the 493-room nongaming Lowes Lake Las Vegas and the MonteLago Village retail center. 

Come June, the environmentally pleasing alternative to the fast-pace and glitter of the Las Vegas Strip, will be largely transformed into a gem of a ghost town.

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Fountainbleau Hotel-Casino on Life Support in Las Vegas

At least one unidentified potential buyer is negotiating to take over the bankrupt Fontainebleau hotel-casino development in Las Vegas. 

But significant hurdles still remain for the resort to be sold and its construction completed, including difficulties a buyer may have in obtaining financing.

Stung by substantial losses on Las Vegas casino and real estate deals, banks and investors have been wary about investing in Las Vegas during the recession — especially with a growing over-supply of hotel rooms on and around the Las Vegas Strip. 

Fontainebleau also indicated it’s less likely it will succeed with efforts to force Bank of America and other big banks to continue financing the $2.9 billion resort on Las Vegas Boulevard. 

Fontainebleau, however, cautioned the sale of the project would be a complex transaction complicated by its inability to include the resort’s separately-financed retail component in the bankruptcy and “the difficulty that any purchaser will face in the current credit environment obtaining financing to complete the project.” 

Besides these factors, any sale would be subjected to scrutiny by bank and investment company lenders, bondholders and contractors — groups each owed hundreds of millions of dollars. 

While the potential buyer for Fontainebleau has not been identified, the companies most mentioned as being interested in the deal are Penn National Gaming, which has been looking for an opportunity to expand to Las Vegas; and deep-pocketed Apollo Management L.P. — one of the companies that controls Harrah’s Entertainment Inc.

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Drunken Debauchery in Las Vegas Lands $500,000 Casino Fine

Do you think what happens in Las Vegas, stays there?  Think again. 

Planet Hollywood Resort & Casino in Las Vegas found themselves in hot water with Nevada gaming officials this week over illegal activity that has been taking place outside a nightclub. The club is privately owned and leased from Planet Hollywood, but the resort is being hit with a large fine nonetheless. drunkendebauchery

The club is accused of hiring employees with criminal records, allowing minors inside the club and permitting underage drinking, drug use, taking dangerously drunk customers and dropping them off unattended in the casino. Physical and sexual assault by nightclub employees has also taken place at the club, according to officials. 

Apparently, the level of prostitution increased around the club and no one did anything to discourage or change the situation, according to Gaming Control Board officials.  

Planet Hollywood, as a result, has agreed to pay $500,000 to Nevada gambling regulators for failing to police and control problems at the Prive nightclub inside of Planet Hollywood.   They have also agreed to pay out an additional $250,000 in a year’s time if changes are not made in the operation of the nightclub.  The Nevada Gaming Commission must still vote on whether or not to approve the fines. 

Planet Hollywood is the first Las Vegas resort to ever acknowledge it was at fault for problems inside a nightclub that it doesn’t own. 

The trendy resort is now being used as an example by regulators for the rest of the gaming industry. Hopefully, the sanction will send a strong message up and down the Las Vegas Strip for casinos to exercise stronger control over their party venues, even those operated by outside vendors. 

The fine is large, even by gaming industry standards, but Planet Hollywood feels the penalty fits the crime. 

“We didn’t execute proper supervision and we’re the message being sent to the rest of the industry,” said Planet Hollywood’s lawyer, Frank Schreck 

Meanwhile, the current property lease between Planet Hollywood and Prive has had to be changed and rewritten and the Planet Hollywood security officers can now enter the nightclub without being accompanied by a club employee. This is done in an aim to reduce illegal activities in their own property. 

Jacqueline Hollaway, Director of Business License for Clark County, released a statement that reads in part: 

“…Privè has been operating on a limited license, which expires July 28. We are evaluating whether to extend that license or not. If there is no extension, Privè will be forced to close its doors since it cannot legally operate without a business license…” 

Planet Hollywood’s fine is large but is not the largest issued by the Gaming Control Board. In 2003 MGM Mirage was fined $5 million for a problem with currency transaction reporting. In 1988 Imperial Palace was fined $1 million for building a private suite celebrating Hitler. 

Now, the added kicker:  Many other Las Vegas hotel-casinos are also now under active investigation over the activities happening inside their nightclubs and other entertainment venues. 

Perhaps it is best to take some checkers and other board games with you when traveling to Las Vegas- just in case.

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Hey, Buddy: Please Buy Our Cheap Las Vegas Casino Land!

It’s going from bad to worse for developer Andrew Lai and bankrupt land owner Spring Mtn. Wynn Investments:  Nobody bid on their prime casino land in Las Vegas. 

Despite only requiring a $1 million deposit and a minimum bid of $27.5 million for the prime 22-acre Las Vegas casino land site currently appraised at $174 million, or $7.9 million per acre, not one person was willing to take a chance and shell out cash at the May 16 auction. 

The dream of developer Lai was to develop and open in 2010 the Asian-themed Dragon City Casino and retail center, including a 31-story, 386-room hotel, employing at the facilities between 6,000 and 8,000 workers, appealing to middle-market Asian visitors to Las Vegas.

Even as the economy sputtered in 2008, in February Crowne Plaza still hailed the planned development, located on the prime property located at the edge pf the Chinatown district on Spring Mountain Road, a real gem, promising to bring “tens of thousand of visitors a year, making [it] a great location for an upscale meeting-savvy brand like Crown Plaza,” according to a statement last year from Gina LaBarre, vice president of brand management for the hotel chain.  But, a few months later, the economy was in the toilet and all plans were squashed. 

Now, the property is being split up with three of the nine total parcels on the site – amounting to 9.4 acres in the smack dab “filet mignon” center of the property, owned by the Community Bank of Nevada as collateral for prior loans (currently used as a staging area for the defunct Cosmopolitan) – going up in a foreclosure sale on June 26, as agreed in a prior deal reached with Spring Mtn. Wynn Investments.

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Barbie Spotted Hanging Out in a Las Vegas Casino!

If you have a lonely $4,000 sleeping in your pocket that’s waiting to be spent, you might consider plunking down the green for a night of nostalgic bliss at the Palms Casino & Hotel in Las Vegas and stay in their new Barbie suite.  Barbie

Sooner or later you’d expect Mattel’s iconic doll-of-a-woman to resurface, but in a Las Vegas casino?  Now, she’s grown up (really grown up) and debuting at the resort’s first redesign of their 2006-vintage Fantasy Suites.  The folks at the Palms have rededicated their former “Pink suite,” transforming it into the new “Barbie suite.”  More than a mere new logo on the floor and a collage-walled entry, there are Barbie-cloth upholstered chairs with lace-up backs and tutu skirts, a Barbie dining set, a vintage-Barbie mirror and art canvases, silver lame ottomans, foil-print wallpapers, Pucci-print pillows.  

If you like pink everywhere and have a lust for the perfect gal, you’ll surely have a nirvana experience like no other. 

Part of a global marketing “celebration” of Barbie’s 50th anniversary, the suite  was decorated by Jonathan Adler, based on the actual “Malibu Dream House” he staged for an event earlier this spring.  

The suite will exist for a year; the management is mum on what will happen to the suite after that.  So, if you’d like to have a grand botox, hair extension, or some other similar party with your girlfriends at someplace that has true Las Vegas kitsch, you best make your reservation early.

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