I'm always a little reluctant to post links to WSJ articles since you have to subscribe to read it. Still, I love the Journal and check it out every day and we've got a section piece on Boyd and Station today that's interesting so I'm posting it.
The concept is looking at Red Rock and South Point (South Coast) and how these investments didn't produce the returns they wanted... Station missed this quarter for the first time in a looong time.
From the article:
"Two companies whose casinos are better-known to Las Vegas locals than to the tourists who flock to the bright lights of the Strip have spent well over $1 billion turning nondescript gambling halls into glitzy resorts. So far, their bets haven't worked out as they hoped.
Station Casinos Inc. and Boyd Gaming Corp., which are family-founded and family-run, have long catered to people who live in town, including the bartenders and dealers who work in the major casinos. Boyd posted an unexpected loss for the third quarter, largely because of the sale of a poorly performing new casino. Station reduced its fourth-quarter and 2007 full-year guidance, after 18 straight quarters of meeting or exceeding estimates."