tag:blogger.com,1999:blog-8841356013250880291.post4928054237743029876..comments2024-03-15T17:03:45.018-07:00Comments on Las Vegas Blog: Steve Friess' VEGAS HAPPENS HERE: MGM Mirage Firesale Begins!THE STRIP PODCASThttp://www.blogger.com/profile/03593322167326380577noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-8841356013250880291.post-9037414902073421302008-12-16T18:06:00.000-08:002008-12-16T18:06:00.000-08:00Phil got himself a great deal. Elad overpaid for r...Phil got himself a great deal. Elad overpaid for raw land. Phil got a casino with good location that has been reworked and probably can generate some profits over time. I would not be surprised to see him take on mirage. MGM is kaputnick. They would not be selling at a market bottom if they did not really need the money. That City Center is a money pit.-and the biggest bust in history.robertw477https://www.blogger.com/profile/07002101375290117489noreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-91592729545968363922008-12-16T12:30:00.000-08:002008-12-16T12:30:00.000-08:00MGM Mirage is loosing its best buffet with the T.I...MGM Mirage is loosing its best buffet with the T.I.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-32747046888005169922008-12-15T17:15:00.000-08:002008-12-15T17:15:00.000-08:00Interesting... Just as vegas seemed to be all comb...Interesting... Just as vegas seemed to be all combining into one or two merged casinos, it's fracturing again. That's a good thing for the consumer, surely, as they fight harder for our dollars.<BR/><BR/>I like the TI... Wynn may say it was done on the cheap, but it still feels as welcoming as most properties Wynn has had a hand in, which is no bad thing.<BR/><BR/>Not stayed there though, but would happily play poker and craps there all day.Anonymoushttps://www.blogger.com/profile/02936358163391574831noreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-55747194510386242692008-12-15T15:24:00.000-08:002008-12-15T15:24:00.000-08:00MGM says the exact acreage of the transaction hasn...MGM says the exact acreage of the transaction hasn't been settled upon yet. Jake Fuller, of Thos. Wesel Partners has placed an approx. $15 million/acre valuation on the deal, for whatever that's worth, but --as you note -- it's a rough measure, however you slice it.<BR/><BR/>DMcAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-81295747620420245322008-12-15T14:48:00.000-08:002008-12-15T14:48:00.000-08:00Dave: Maybe so, but the New Frontier was sold simp...Dave: Maybe so, but the New Frontier was sold simply for the land. The TI was sold with a profitable, operating business that's not going anywhere right now. So it's Apple-to-Apples to compare the prices and acreage, but the since Ruffin's buying the hotel, too, he's getting a helluva deal. You sure couldn't build something like the TI for less than $1b.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-31701467419987640632008-12-15T12:47:00.000-08:002008-12-15T12:47:00.000-08:00The Mirage and Treasure Island are bundled togethe...The Mirage and Treasure Island are bundled together, for tax-assessment purposes, as one 84-acre parcel (plus another 14 acres of parking back on Industrial). Even with those addt'l acres, The Mirage occupies much the larger half of the two parcels combined. So I'd hazard that Ruffin paid, at a generous estimate, around $19 million/acre -- less than half the rate Elad Properties paid him for the ex-New Frontier.<BR/><BR/>David McKeeAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-76643127857444097732008-12-15T09:16:00.000-08:002008-12-15T09:16:00.000-08:00Doubtful on MGM Grand. Maybe Circus Circus? Didn't...Doubtful on MGM Grand. Maybe Circus Circus? Didn't Feldman say C-C is one of the biggest losers? But they own it free and clear. If someone implodes it and puts up something better, that's a much better "gateway" to CityCenterII, if that ever happens, to the north there.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-68329627683224961852008-12-15T08:12:00.000-08:002008-12-15T08:12:00.000-08:00THE Treasure Island? Kind of like people who say "...THE Treasure Island? Kind of like people who say "the Wynn" (I admit to doing that.)<BR/><BR/>I'd say what's next is either the MGM Grand or Mandalay Bay. Obviously, due to Kerkorian's contracts if the Grand is sold then the name isn't necessarily coming along for the ride, though they've been willing to lease it to other operators.<BR/><BR/>If Kerkorian was protective of his studio name, I'd suggest the company sell the place and then put some heavy renovations/re-theming in Mandalay (a very similar property) and then re-name Mandalay to MGM Grand. But we know that he's not, and Big Green sits on the wrong side of the Strip from what they're focusing on.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8841356013250880291.post-60069821463632771792008-12-15T08:08:00.000-08:002008-12-15T08:08:00.000-08:00re: Monte Carlo. Not sure if they would want some...re: Monte Carlo. Not sure if they would want someone else to own the property so close to the new crown jewelAnonymousnoreply@blogger.com