Word: mgm
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Vegas doesn't have to give anything away right now. It's so hot, even the people who own the town are spending money here. Last month, 87-year-old multibillionaire Kirk Kerkorian cut a deal to merge his MGM Mirage with Mandalay Resort Group to form the world's largest gaming company--until last week, when Harrah's Entertainment agreed to buy Caesars Entertainment in a $9.25 billion deal (including cash, stock and debt) that would create an even bigger company. Sheldon Adelson, the 70-year-old owner of the Venetian, is contemplating an IPO to score some cash...
...Japan and South Korea. International air service to Vegas' McCarran Airport has more than doubled in the past year. Last week, Britain's bmi airline announced that, from Oct. 31, it will fly nonstop three times a week to Vegas from Manchester, England. So it's no surprise that MGM Mirage announced last week that its second-quarter profits nearly doubled from 2003. According to Joseph Greff of Fulcrum Global Partners, room rates in top hotels on the Strip are up 40% from the same period last year, but the increase didn't stop occupancy from zooming...
...they spend most of their time at the clubs, which have sprung up like stripper poles. Every hotel has at least one disco and an ultralounge, the Vegas term for a Eurotrash bar with overpriced drinks. "The clubs are now carrying Vegas," says Cy Waits, vip manager at MGM's Tab? bar. "Young people are more reckless with their money." The clubs are a big draw for women, who outnumber the men. "We give women some empowerment," says Jennifer Worthington, 32, who co-owns Coyote Ugly, BiKiNiS and Tangerine. "Let them dance on a table and feel like a star...
...view," says casino owner Lorenzo Fertitta from the presidential suite at the Green Valley Ranch. "The Strip is the beach and the water." "We're going through the reverse of what so many cities have suffered through, this flight out of the city," says Jim Murren, president of MGM Mirage and a longtime Vegas resident. Two weeks ago, the city unveiled a $650 million monorail that runs the 6.5 km from the convention center up the Strip to the MGM Grand. Turnberry and CENTRA Properties plan to build a 112,000-sq-m mall near the Mandalay Bay, which will...
...being bombarded with billion-dollar investment offers from the same companies that made a strip of Nevada desert synonymous with over-the-top entertainment. The sudden urge to export Vegas-style casinos stems as much from regulatory reform abroad as from limited growth opportunity in the States. Indeed, after MGM Mirage announced plans last month to build a casino in Macau, Merrill Lynch predicted that the development would add five times more value to the company than its proposed mega-merger with the Strip-centric Mandalay Bay. So far, Vegas casino operators are placing their biggest bets on China, where...