Friday, May 18, 2012

Daily Vegas News Round-up - May 18

After a break for 4 awesome night in the City of Sin, the Vegas News Round-Up is back!

Cosmopolitan and Wayne Newton sued
The Cosmopolitan Las Vegas was sued by a former worker who says she was told she was fired for saying "Bye Bye" instead of "Good Bye." She claims in her suit that the real reason was because she was pregnant, which sounds far more plausible. I have to believe that if a company was looking for bullshit to cover for discrimination, it would be a better excuse that saying "Bye Bye."

Also having a bad legal hair day was Mr. Vegas himself, Wayne Newton. Plans to turn is estate into a museum/tourist trap have run around with various accusations being thrown around by the Newtons and the company that bought the right to build the place. Just another day of business in Las Vegas!

Boyd's Latest Acquisition
Boyd's Gaming (BYD) announced late yesterday that it intends to purchase Peninsula Gaming, a midwest operation of casino, for $1.45B. The deal was received with mixed reaction with some seeing it as a positive going forward while others concerned about adding additional debt to an already leveraged company. Count me with the latter as I tend to believe that a company that derives a vast portion of its revenue from the Las Vegas locals & downtown markets really shouldn't be taking on more debt right now.

SLS Las Vegas Preview
On the one year anniversary of the closing of the Sahara, the people behind the proposed transformation to "SLS Las Vegas" did a dog and pony show with fancy models. The Stiffs and Georges blog at Las Vegas Advisor has a good recap of the plan as well lists the many missteps this ownership group has made.

I couldn't agree more that the amount praised heaped on SLS principal owner, Sam Nazarian is completely unwarranted. He may have had success in Beverly Hills and Miami but so far in Vegas, he has done zero except put more people out of work and turn the north Strip into more of a ghost town and his plans to create Cosmo North show that he hasn't learned anything either. Good luck dude.

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