Hooters Hotel-Casino reported another loss in the 4th Quarter and said bankruptcy is a possibility. Hooters is the old San Remo on Tropicana.
Hooters Narrows Loss, Says Bankruptcy Possible
The development of CityCenter was notable for all sorts of reasons - a massive, expensive new development on The Strip is always a big story.
By now, everyone knows about the problems, most notably what happened with the stunted Harmon Hotel tower. Well, it seems that since the project is now up and running, it's time for the lawsuits to start flying.
As the Sun says - it could get ugly.
Station Casinos, currently working their way through bankruptcy, unveiled a reorganization plan that would sell off a large portion of the company's assets.
This would leave the Ferttita's in control of Red Rock, Sunset Station, Palace Station and Boulder Station, properties dispersed across the Valley.
Given that Boyd Gaming has tried at various times in the past 18 months to purchase some or all of these assets, it would follow that they would be able to unload these properties if they so chose.
Curious what would happen with Aliante and Green Valley, which are 50% owned by the Greenspun family. Do they have the financial means to buy the other 50%? Would they be serious bidders?
I'm starting a contest and giving away an Apple iPad as the prize!
The more reviews you submit, the more chances you have to win. It's that simple.
Have some opinions after your last trip? Share 'em - win a prize...
Full details after the jump.
NOTE: This contest is now closed.
Wynncore today announced some additional details about the Encore Beach Club project. Since several folks asked on Twitter, I posted the release here in full.
Read it after the jump...
Last Friday, Apple told developers that in order to be considered for the App Store at the launch of the iPad on April 3rd, we had until this coming Saturday, the 27th, the get our apps in to even be considered for Day Zero. I wasn't sure if I was going to have something ready but there's nothing like a deadline to get your ass in gear.
I've been working on iPad concepts since the device was announced in January. For the first three weeks, I doodled and fiddled but didn't really produce much and wasn't sure what direction my apps would take. I've always known I wanted to do something along the lines of Vegas Mate but it wasn't clear how that would translate to the larger display - a significant user interface adjustment.
Well, I'm, happy to announce that v1.0 of Vegas Mate for iPad has been submitted to Apple for review. I can't tell you if it will be in the App Store on 4/3 but we've got a good chance.
Continue after the jump to learn more and see what the thing looks like.
Mike's adventures continue: Encore Las Vegas, Bellagio, Aria, The Crystals and a stop at Valentino Grill @ The Venetian.
Click through to read the complete text. Photo gallery is here:
Last month, several renderings (since removed) of the exterior of the Switch Beach Club at Encore were revealed. They didn't offer much in the way of a surprise - escalators, sweeping stairs and arches, all in the Wynn D&D aesthetic, matching their recent work.
Today, the sleuths at VegasTripping.com turned up a few more renderings - this time sketches of potential interiors. My first impression: hmmmmmm.
Roger Thomas, my vote for one of the best interior designers on the planet (and the best casino designer ever), talked a bit about his intentions on a recent episode of The Strip Podcast. These renderings match that conversation pretty well, lending them additional validity.
These leaks have tempered my excitement about the project's design. Granted, a pool day club is not my personal idea of a good time but I was expecting more. Something special - to match Encore's spa, restaurants, casino and guest rooms, all of which are A+.
I was hoping that whatever came next would at least make me forget losing the beautiful tree-lined, flower ringed atrium that Encore opened with.
Is it possible these aren't final? Yes, it is. The source is solid though - this guy has worked with Wynn D&D and it's predecessor Atlandia Design for years. Perhaps the structure, as built, will be a stunner. I plan to be there opening day to see for myself (Mike E is letting me borrow his Speedo).
Will this project end up being a bit of a dud, at least in terms of the 'evoca-tecture' that Thomas is known for? I hope not... but now I'm a bit worried.
Thomas' work is about creating moments - I hope this is a good one.
Macau's new Chief Executive, Fernando Chui, gave his first policy address March 16. He had been expected to announce stringent plans to slow the overheated gaming market in the Chinese region and announce steps to diversify Macau's economy. Gaming revenues increased almost 70% in the first two months of this year compared to 2009. Gambling accounts for about three-quarters of government revenue for Macau However, his comments appear to have resulted in a sigh of relief by major casino operators who already have a presence in Macau such as Wynn and Las Vegas Sands.
Reuters reports that Chui intends to limit the building of new casinos. This could help current operators' profits by protecting the market from oversupply of new casinos. Wall Street will give its opinion when the NYSE opens this morning.
To read Reuters:
Macau government to regulate the building of casinos
Wall Street Journal initial story (subscription may be requred):
Macau Gambling Industry Awaits Chui's Speech
Update: RJ's Howard Stutz weighs in.
Macau Curtailing New Casino Construction
Update #2: The market liked WYNN and LVS today. Wynn +4.48% and LVS +7.33%.
The process for MGM Mirage to divest itself of its 50% share in Atlantic City's Borgata is starting to become clear:
Boyd is the obvious buyer as they own the other half. Who else though? Have recent developments scared off Atlantic City investment? It will be an interesting barometer.
Las Vegas Sands - Net Income: -$113.9 million (loss) Revenue: $1.28 billion LV Sun
MGM Mirage - Net Income: -$434 million (loss) Revenue: $1.45 billion LV Sun
Harrah's Entertainment - Net Income: $295.6 million Revenue: $2.09 billion LV Sun
Wynn Resorts - Net Income: -$5.2 million (loss) Revenue: $809.3 million More Info
Boyd Gaming - Net Income: -$1.0 million (loss) Revenue: $384.9 million More Info
This thread will be updated as other companies report.