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Home » Forums » Questions and Answers » Las Vegas (other than gambling) » The over $72 million per year Casinos in Nevada
The over $72 million per year Casinos in Nevada
| March 31st, 2011 at 10:25:10 AM permalink | |
| buzzpaff Member since: Mar 8, 2011 Threads: 82 Posts: 2835 | Think I read somewhere the loan is interest only for 1st 5 years and about $96 million annual. Probably get more details later at Chapter 11 hearing. LOL Buzz Paff |
| March 31st, 2011 at 4:30:04 PM permalink | |
| pacomartin Member since: Jan 14, 2010 Threads: 547 Posts: 6211 |
So basically someone has already written off half of the $4 billion to build the place, or lost it vanished in the bankruptcy. Goldman Sachs did the same thing with the Stratosphere. It was an interest only loan for several years at 6%. It is still too high to show a profit. But the bank owns the property. They can't foreclose, they just have to keep writing off the losses. It was the same thing with Goldman Sachs at the stratosphere. They are both the business owners and the financing agency. They just keep giving themselves low interest loans to try and show some black ink. Meanwhile Carl Icahn has all the cash from the sale, and he just runs around the country buying properties. Same thing with Phil Ruffin. He bought the Treasure Island with little more than half his revenue from selling the New Frontier. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear |
| March 31st, 2011 at 5:08:53 PM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4829 | Some people hit the top of the market, some hit the bottom of the market. Nowadays, each seems to have creative accountants and press agents. |
| March 31st, 2011 at 5:12:17 PM permalink | |
| pacomartin Member since: Jan 14, 2010 Threads: 547 Posts: 6211 |
Always been true, but the swings are getting wider and wider. Some people are wealthy based simply on market timing. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear |
| April 5th, 2011 at 5:40:56 PM permalink | |
| pacomartin Member since: Jan 14, 2010 Threads: 547 Posts: 6211 | Analysts: Cosmo the hot property of the future I think if you can be effusive enough, you can get away with anything. I mean this property earned less than $1 million per day for it's first two weeks, which probably doesn't place them in the top dozen. Mirage still earns $1.5 million per day after a rough year. The gaming earnings of $250K per day are dismal. I think they were probably beaten out by Flamingo. Listen to this quote: "The Cosmopolitan found an identity," Bain said. "Aria is still trying to find their identity. In my view Aria and CityCenter are trying to be everything to everyone in the luxury market." I found a quote from Steve Wynn that in their first year the Mirage earned $1.1 million a day in gaming and $800K in non-gaming revenue. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear |
| April 11th, 2011 at 1:44:49 PM permalink | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| pacomartin Member since: Jan 14, 2010 Threads: 547 Posts: 6211 | Aliante Station is one of the better known casinos that was expected to be earning more than $72 million per year. Repeating the list with Station properties highlighted:
An SEC document for Station Casinos was released a few weeks ago. It provides details on Aliante Station property. Casino Revenue has been $49,378 for CY2010 ($135,282 per day) $52,709 for CY2009 ($144,408 per day) $11,237 for CY2008 ($220,333 per day) which would have been over $80 million annual rate Other revenue less promotional allowances are roughly $15 million per year. The property took a $466.5 million dollar impairment loss . The Cannery Casino which opened on January 3, 2003 is the only casino in North Las Vegas to make over $72 million. Texas Station is also located in NLV but has dropped out of that category. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| April 11th, 2011 at 1:50:36 PM permalink | |
| gofaster87 Member since: Mar 19, 2011 Threads: 3 Posts: 445 | ..... |
| April 11th, 2011 at 1:59:26 PM permalink | |
| pacomartin Member since: Jan 14, 2010 Threads: 547 Posts: 6211 |
If by "Loss Leader" you mean the casino that lost the most money, then yes they were. A "loss leader" is usually the item that you sell at a loss just to lead people through the front door. Stations has not taken over either property yet. Aliante Casino is it's own separate company now, "Aliante Gaming". I am not sure how those negotiations are going. they may be detailed in the SEC document which comes in at close to 100 pages. I didn't read the entire document. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear |
| April 12th, 2011 at 7:15:40 AM permalink | |
| gofaster87 Member since: Mar 19, 2011 Threads: 3 Posts: 445 | ..... |
| April 12th, 2011 at 8:08:54 AM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4829 | So its not really a destination for low rollers, its mainly a community congregating space? Sort of a mall with a variety of stores and restaurants and clubs that also happens to have a casino? I wonder just how far a locals casino can extend its "reach"? Is it simply the surrounding area or do players go the extra distance if they really want to? Whats the difference between a ten minute drive and a fifteen minute drive? I assume there is some decision making going on as to one casino versus an adjacent or nearby property. |
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