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Casinos on the market

Discussion in 'Casino Industry & Development' started by Nittany1, Aug 14, 2019.

  1. Nittany1

    Nittany1 VIP Whale

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    Guessing most people on VMB check out Vital Vegas but thought I would pass on his latest.
    Yesterday he reported on his podcast:
    The Rio is a done deal
    Rumors about Mirage, Cromwell, Cosmo, and PH being on the market. Some of these have been rumored before and ongoing.
    One I had not heard before was Resort World will be getting rid of the Asian theme.

    Just passing it on.
     
  2. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    VV seems to be wrong more often than it is right when it comes to reporting sales of properties. I would wait until something is actually announced before declaring a property on the market
     
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  3. VegasBJ

    VegasBJ VIP Whale

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    Rio and the Cosmo have been on the market forever.

    RW getting rid of Asian theme because they will merge with Wynn ( or vice versa)

    Mirage has also been rumored to be on the market for a while, and even offered to Ruffin so he could have the TI / Mirage marriage again like when it was originally built.

    The VV " rumors" have no substance. All specualtion. Why don't they list the new RIo buyer if it is a "done deal".

    Throw enough shit at the door, and wait for some of it to stick, and declare " look at me, I was right", lol
     
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  4. Nittany1

    Nittany1 VIP Whale

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    I agree.Just thought I would pass it on as I was listening while I was typing.
     
  5. LVRaiders

    LVRaiders Low-Roller

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    I will believe it when I see it
     
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  6. dmr

    dmr Registered Abuser

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    Done deal as being on the market (everything is for sale if the price is right!) or done deal as in really sold?

    If so, does anyone have a cite other than a rumor blog?
     
  7. Nevyn

    Nevyn VIP Whale

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    VV has tweeted their alleged Rio buyer's name previously.

    Their general approach with these things is to throw out any rumor they've heard of anyone investigating doing anything, and then jump on i-told-you-so's on the 2% that actually become something.

    But with Rio I'd say its more rumor than speculation. Whether its done or even happening they do have a specific person in mind.

    https://twitter.com/VitalVegas/status/1121670101676068864?ref_src=twsrc%5Etfw
     
    Last edited: Aug 15, 2019
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  8. stlguy197239

    stlguy197239 High-Roller

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    Yes, that was the name he had back in April but with Eldorado stepping in there is no telling how that sale will go. Eldorado will likely want more money for Rio than CET wanted because they need to make some money to save on the merger (if that is even going to happen now).

    As far as VV goes, he is reporting everything he hears. Some of it as accurate, some is not, but the big property sales are more likely to be wrong because there are always people that step up and claim they want the property, go through the initial process and then figure out they don't have nearly enough funding to buy and run the property at a profit. CET/Eldorado is parting with properties, I think that much is 95% certain. Rio will be the first they TRY to sell but I suspect PHo is the one that is actually sold first. I was surprised to see Cromwell on the 'likely to be sold' list and think it would be a mistake for CET to sell and for anyone to buy it if is still surrounded by nothing but CET properties.
     
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  9. Nevyn

    Nevyn VIP Whale

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    That doesn't really make any sense.

    Sure, eldorado wants lots of money, so did Caesars. But it is a property they have tried to unload for years with little movement. In fact, more motivation to sell actually lowers the price because it is leverage for the buyer.

    And I'm not sure how it would change the buyer, since he was presumably the one willing to pay the most in the first place.
     
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  10. dmr

    dmr Registered Abuser

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    Which is?
     
  11. HoyaHeel

    HoyaHeel Grammar Police & Admin

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  12. dmr

    dmr Registered Abuser

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    Sorry if I come off as a total b*tch here, but just post the fscking name! Don't make me click on yet another link and open yet another window and wade through paragraphs of drek, please!

    (Yeah I know, b*tch b*tch b*tch!) :)
     
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  13. stlguy197239

    stlguy197239 High-Roller

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    Well, the debt that Eldorado has is much higher now with CET in the fold and they will be looking to maximize what they can from any sale of property (it's the reason I think more than PHo on the strip is going to be sold as well). CET could have taken less because their debt was less so they didn't need as much for that property sale. Also, that was April - that buyer has not really be mentioned since then and, with a new owner, the terms of a possible sale might change enough that he is no longer interested.
     
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  14. Nevyn

    Nevyn VIP Whale

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    Again, you have it backwards. More debt makes them more motivated to sell, which lowers their leverage and the price they can get.

    It doesn't matter if a place can AFFORD to take less. No one ever takes less if they don't have to. But the more you need to sell to right the books, the tougher it is to get top dollar.


    What you are suggesting is that Eldorado would walk in, see a done deal sale they need, and risk losing it and having to carry the property by asking for more money.
     
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  15. sinnerman

    sinnerman High-Roller

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    Yeah, unfortunately, Vital Vegas hasn't been as reliable as before. He recently mentioned that Cosmo had been sold and cited a "Guest facing employee" as the source. CET has been trying to sell Rio for years. The question is , who wants to buy a off strip property.
     
  16. Nittany1

    Nittany1 VIP Whale

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    My intention was not to start a controversial back and forth .
    I was just passing on VV podcast which, I agree, usually contains more rumors than anything.
     
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  17. sinnerman

    sinnerman High-Roller

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    Yeah, I enjoy hearing the latest rumors so thanks for the post. CET / Eldorado is definitely trying to sell some strip properties.
     
  18. bobby jones

    bobby jones VIP Whale

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    This is kind of like going to the doctors office and doctor saying i am 100% sure you are going to die , I’m just not sure when.
     
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  19. sinnerman

    sinnerman High-Roller

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    Now that's a perfect analogy
     
  20. UKFanatic

    UKFanatic The Arbiter of Taste Caviar Kid

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    I know you weren't. But that's why I hate VV rumors being repeated here. Too many people take it as fact and it starts these types of conversations. If folks want this info, they know where to find it
     
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