Thursday, February 21, 2013

Tragic Car Chase Shooting on the Strip

A car chase and shooting reminiscent of an action movie ended in tragedy early this morning.

An SUV was reportedly chasing and shooting at a sports car when the sports car was hit and veered out of control near the intersection of Las Vegas Boulevard and Flamingo right in-front of the closed Bill's Gamblin' Hall.

Unfortunately an innocent taxi cab was caught up in the accident and the driver was killed, along with a passenger. The driver of the sports car was also killed in the accident.

The Strip was closed to traffic for a good part of the day as police investigated.

Wednesday, February 20, 2013

Parts of CityCenter could be For Sale

MGM Resorts International would consider selling off parts of CityCenter in order to reduce the project's huge debt load.

During MGM's earnings call this morning, CEO Jim Murren said the Crystals mall was particularly attractive for a possible sale, and even mentioned that the shopping complex was built with a plan to sell it off eventually. Not sure I'm buying that part.

The company isn't going to sell Aria, but would be also be open to take offers on the non-gaming Vdara and Mandarin Oriental hotels.

The biggest downside I can think of with selling Crystals would be MGM's loss of that part of the Strip and the ability to funnel people back to Aria. On the other hand they are building a huge Aria marquee that should help with that, and I assume the eventual buyer of Crystals would have some kind of agreement to be Aria pedestrian friendly.

Monday, February 18, 2013

Chris Paul Celebrates All Star MVP in Vegas

Right after being named MVP at the NBA All Star game in Houston, Chris Paul and his entourage hopped on a plane and headed to Las Vegas. He celebrated at Lavo along with his brother CJ, who was celebrating his 30th birthday.

The most impressive thing about this story is the timing. I think the game ended at around 10:30 central time, and he was able to be in Vegas at the club by 1:00 am pacific. It must be pretty sweet to jet off to Vegas on a moment's notice (although he was probably planning on going even if he didn't win the MVP).

Sunday, February 17, 2013

UNLV Now Stadium faces Challenges

The new proposed stadium on the campus of UNLV, commonly known as UNLV Now is facing challenges. MGM Resorts International was a key early supporter of the project, but now that support is wavering as they have publicly questioned the expensive cost of the project.

A new stadium at UNLV is a great idea on paper. It would provide great new facilities for university athletic teams, along with providing a new, larger arena for some of the biggest events in Vegas like the National Finals Rodeo, UFC and concerts. It would also open up Las Vegas to possibly hosting premiere events like the Final Four and Super Bowl.

The price tag for the stadium is a large $800-900 million. Even though the community should benefit from the new stadium, the budget might be a little too big. I think if the stadium is going to get off the ground that number might have to come down a little bit.