MGM's 1st Quarter Conference Call transcript is available:
Categories: Business of Gaming, MGM Resorts International
Here are a few photos from Detroit of MotorCity Casino's and Greektown Casino's expansions:
Relatively recent pic of Encore's pool area posted on VT&T today. I think Brian Fey went out to LV this week and hopefully will have an updated shot. I assume the main pool is the area up near the tower and a second pool will be around where that white oval thing is in the lower right. Enough pool space for the 2000-room tower?
Photos of Seminole Hard Rock, Hollywood Florida:
Regarding MGM stock price, help me understand something here. Mr. Wynn says he is not driven by Wall Street, and we love him for it, proclaiming "Steve Wynn is in it for the long haul!" Now, Mr. Lanni says "We may have to split into two entities." Clearly this is a play to drive up the MGM stock price. Yet, Mr. Kerkorian owns 52% of the stock, and Dubai World owns 9% or so of the stock. So, my question is, how many people own large percentages of MGM stock, and how much is really in play? I'm guessing less than 20% of all MGM stock can be traded, so why is Mr. Lanni making such statements when clearly the only people who are worried are short-sighted traders who want a quick profit? Surely he isn't trying to drive up the value of his option stocks so he can make some spending money, is he?
Today's WSJ has a front page story on Eichner and Cosmopolitan. I still wonder whether MGM will step in:
Jeff in OKC, there are unsubstantiated rumors today that Kerkorian and Dubai World will take MGM private.
Today's Liz Benston column in the Sun focuses mainly on condo sales and server-based slots, but the juicy bits are at the end with an update on the ongoing dealer drama at Wynn.
Nobody has signed anything yet as both sides have moved like snails to get a contract accomplished, and in the interim management has told dealers that they cannot apply to move to Encore or seek to improve health benefits while there's no agreement in place. So an effort has been launched to decertify the union, with a site at wynnnonuniondealers.com .
The article strongly suggests that Wynn Resorts is merely spectating on all this drama at a safe distance and not actively participating in any of it, but after the last go-round resulted in secret meeting tapes and the inexplicable resignation of a hired union-buster, etc, heaven only knows what's going on behind the scenes.
Casino Design: This is not Vegas-related, but the Miami Herald has a piece on ISLE Pompano's casino with a narrated slideshow on its design. Here are the links to the story and the slideshow:
MGM's 10-Q filings are usually interesting reading. The statement about slot win percentage indicates that the Strip isn't much different than regional casinos.
"...our normal slots win percentage is in the range of 6.5% to 7.5% of slots handle..."
Wynn is suing Charles Barkley for $400,000 in gambling debt.
To quote Mike_ch: "Epic LOLz".
MGM Mirage is clearly keeping its options open with another request to delay a planned hotel and tower on MGM Grand's property. I doubt this will be built for years, if at all.
"The original plans depicted a new guestroom hotel tower and casino to be built on the site of an
existing parking lot of the MGM Grand Resort Hotel, directly north of an existing parking
structure on this site. The plans show a 49 story, 580 foot high, 1,700 room hotel tower with a
casino and other incidental uses as listed above. The plans also show that the lobby level of this
tower will connect to the MGM Grand Conference Center. The applicant states that corporate
priorities have delayed the start of construction of the project. The applicant requests 2
additional years to commence the project."
Liz Benston in the LV Sun has an update on the condo-hotel situation in Las Vegas:
"...But the bloom is off. The market has chilled, buyers are largely evaporating, banks are reluctant to finance the purchases or lend money for new projects because of slackening demand, and developers are questioning the wisdom of the condo hotel concept."
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