To celebrate the first anniversary of his cold-blooded, premeditated murder of the Sahara, nightclub owner Sam Nazarian trotted out 
models (no, not of the runway ilk) and even a rendering that one can find on the SLS Las Vegas 
Taking a gander at the model, the most striking aspect of the new Sahara, er, SLS LV is how much it resembles the old Sahara. If you’re fond of the onion-dome porte-cochere or the neon marquee, haveQuote of the Day
“Human beings should be allowed to make their own choices in life.” — North Carolina state Sen. Tom Apodaca (R), offering some radical advice to prudes who oppose adding table games to Harrah’s Cherokee’s repertory .
Trouble in Wayne’s World
Dedicated to Mr. Charles Monster:
Wow, I totally didn’t see this coming … not! See our May 1 “Question of the Day” on Casa de Shenandoah for some ominous foreshadowing of The Wayner’s latest financial pickle. Wayne Newton’s contractor “claims the family unreasonably delayed the project to ensure it never opens.” Newton counterclaims that aforesaid contractor was running way behind schedule and is telling “salacious lies” (my favorite kind!). Whatever the reason, the conversion of Newton’s estate into a museum — which had riled neighbors and would have required the Newtons to move to a smaller house on the grounds — has suffered several unexplained delays. This latest unpleasantness could push completion years into the future, if not kibosh it entirely. So if you were looking forward to seeing The Wayner’s Fokker jet on your next visit to Las Vegas, it’s my sad to duty to report that you’ve been fokked.
Boyd takes Peninsula, punts Echelon (again)
Ever since a highly quixotic and even nonsensical attempt to take over most of Station Casinos, the cards have been played very, very close to the vest at Boyd Gaming. However, like another second-tier major, Ameristar Casinos, it’s showing renewed signs of aggression. Like Caesars Entertainment, it’s extending its presence into new (f0r Boyd) markets. Unlike Caesars, it’s doing so without significant capex expenditures. First came the acquisition of IP Biloxi, which has been performing up to expectations and arguably above them.
Then, in the gloaming of yesterday, Boyd disclosed that it had committed $1.4 billion to obtaining Peninsula Gaming, a riverboat-and-racino outfit concentrated in Midwest and South. So eager is Peninsula to be bought out that it’s actually loaning Boyd $144 million to close the deal. Boyd will draw another $1.2 billion from its line of credit, in addition to paying Peninsula $200 million upfront. In light of Peninsula’s $109 million cash flow last year and boffo early numbers from its Kansas casino (above), Boyd expects the purchase to begin paying for itself straightaway, increasing EBITDA 35%.
My hunch is that Continued >>
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