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(Some Guy) Misc MGM Mirage reports $750.4 million quarterly loss. Submitter didn't lose quite that much the last time he was at the MGM   (lvrj.com) divider line 54
More: Misc, MGM Mirage, MGM, the Net, Wynn Las Vegas, Chief Executive Officer Jim Murren, margins, champagne, conference call  
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1620 clicks; posted to Business » on 06 Nov 2009 at 1:50 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»   |    Get this fabulous T-Shirt and impress the methane out of your friends! shirt it!



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2009-11-06 10:36:58 AM
I have a bad feeling that the Citycenter project, even if it gets finished and opened, is going to sink that company, especially in this economy. I wouldn't be surprised to see MGM sell off a few properties just to get some case (as they did with TI).
 
2009-11-06 10:51:09 AM
tnpir: I have a bad feeling that the Citycenter project, even if it gets finished and opened, is going to sink that company, especially in this economy. I wouldn't be surprised to see MGM sell off a few properties just to get some case (as they did with TI).

Is that thing done yet? They've been building it for over 2 years already.
 
2009-11-06 11:01:09 AM
make me some tea: tnpir: I have a bad feeling that the Citycenter project, even if it gets finished and opened, is going to sink that company, especially in this economy. I wouldn't be surprised to see MGM sell off a few properties just to get some case (as they did with TI).

Is that thing done yet? They've been building it for over 2 years already.


Try four years. According to the article, the Vdara condo tower and the Mandarin Oriental hotel are due to open in a just a few weeks, with the entertainment sector of the property opening right after that. The big centerpiece - the Aria Hotel & Casino - opens in mid-December, adding another 4000+ really expensive rooms to the strip during a time where gambling revenue is way off.

I have a bad feeling about MGM, but if it translates into selling off some of the strip properties to independent owners, thereby breaking up some of the corporate stranglehold that has run a lot of the charm out of Vegas, I'm all for it. MGM should sell off Luxor, Monte Carlo and Circus Circus to start.
 
2009-11-06 11:08:04 AM
tnpir: MGM should sell off Luxor, Monte Carlo and Circus Circus to start.

But if somebody buys Circus Circus, they might improve the buffet then where will we go for the bad buffet challenge, the boardwalk is long gone. The Sahara is pretty bad, but not as absolutely inedible as Circus Circus.
 
2009-11-06 11:09:51 AM
tnpir: Try four years. According to the article, the Vdara condo tower and the Mandarin Oriental hotel are due to open in a just a few weeks, with the entertainment sector of the property opening right after that. The big centerpiece - the Aria Hotel & Casino - opens in mid-December, adding another 4000+ really expensive rooms to the strip during a time where gambling revenue is way off.

I have a bad feeling about MGM, but if it translates into selling off some of the strip properties to independent owners, thereby breaking up some of the corporate stranglehold that has run a lot of the charm out of Vegas, I'm all for it. MGM should sell off Luxor, Monte Carlo and Circus Circus to start.


Wow... has it been that long? Jeez, time flies. That makes sense, I attended the pre-sales Realtor party for City Center (woo free booze) with my ex-wife, and I separated from her in April '08.

Agreed, it certainly wouldn't hurt to shake things apart a bit on the Strip.
 
2009-11-06 11:23:53 AM
Tom_Slick: tnpir: MGM should sell off Luxor, Monte Carlo and Circus Circus to start.

But if somebody buys Circus Circus, they might improve the buffet then where will we go for the bad buffet challenge, the boardwalk is long gone. The Sahara is pretty bad, but not as absolutely inedible as Circus Circus.


Circus Circus buffet is bad, yes. Sahara buffet is bad, yes. And the Boardwalk buffet was borderline criminal in its badness.

But have you tried Excalibur's buffet? Dear God, I wouldn't feed that crap to my dog.

Next time try the GOOD buffet challenge - Mandalay Bay, Paris, Bellagio.
 
2009-11-06 11:29:44 AM
If Harrah's manages to turn a profit this quarter... you're welcome
 
2009-11-06 11:38:38 AM
tnpir: Tom_Slick: tnpir: MGM should sell off Luxor, Monte Carlo and Circus Circus to start.

But if somebody buys Circus Circus, they might improve the buffet then where will we go for the bad buffet challenge, the boardwalk is long gone. The Sahara is pretty bad, but not as absolutely inedible as Circus Circus.

Circus Circus buffet is bad, yes. Sahara buffet is bad, yes. And the Boardwalk buffet was borderline criminal in its badness.

But have you tried Excalibur's buffet? Dear God, I wouldn't feed that crap to my dog.

Next time try the GOOD buffet challenge - Mandalay Bay, Paris, Bellagio.


Paris' buffet is overrated. It's good, but not great.
Haven't tried Bellagio or Mandalay Bay so I can't say.

Honestly the best buffets are the mom and pop places offstrip. Like Thai food? Lotus of Siam around noonish. Best. Buffet. Evar.
 
2009-11-06 11:39:15 AM
Don't worry, subby, I made up the difference for you.
 
2009-11-06 11:48:40 AM
tnpir: Circus Circus buffet is bad, yes. Sahara buffet is bad, yes. And the Boardwalk buffet was borderline criminal in its badness.

But have you tried Excalibur's buffet? Dear God, I wouldn't feed that crap to my dog.

Next time try the GOOD buffet challenge - Mandalay Bay, Paris, Bellagio.


I forgot about Excalibur but, the point of the challenge is to see who will make the fewest trips back to buffet. Whoever loses has to pay for dinner at Tony Roma's on E. Sahara. Which is where we were led to believe that Lefty's car blew up.
 
2009-11-06 11:54:05 AM
Tom_Slick: I forgot about Excalibur but, the point of the challenge is to see who will make the fewest trips back to buffet. Whoever loses has to pay for dinner at Tony Roma's on E. Sahara. Which is where we were led to believe that Lefty's car blew up.

If you like good German, try Cafe Heidelberg in the same shopping center. Much better food.
 
2009-11-06 12:16:43 PM
That explains why my friends and I will have to shell out $55 per person to watch the Pac-Man Cotto fight on CCTV at The Mirage.. Yeesh.


tnpir: I have a bad feeling that the Citycenter project, even if it gets finished and opened, is going to sink that company, especially in this economy.


I'm doing another Vegas trip in January, and that's where we're all staying.

/Friend's b-day party.
 
2009-11-06 12:38:47 PM
tnpir: Next time try the GOOD buffet challenge - Mandalay Bay, Paris, Bellagio.

Add in Planet Hollywood. They had some cool stuff I hadn't seen in others, like a middle-eastern station with kabobs, lamb, and hummus. And they had creme brulee at the dessert table.
 
2009-11-06 12:55:31 PM
make me some tea: Honestly the best buffets are the mom and pop places offstrip. Like Thai food? Lotus of Siam around noonish. Best. Buffet. Evar.shiat, go to Lotus of Siam for dinner, it's farking amazing.
 
2009-11-06 01:06:07 PM
aegisalpha: make me some tea: Honestly the best buffets are the mom and pop places offstrip. Like Thai food? Lotus of Siam around noonish. Best. Buffet. Evar.shiat, go to Lotus of Siam for dinner, it's farking amazing.

That too. Though even the buffet is amazing. Best buffet I think I've ever been to before or since.
 
2009-11-06 01:58:53 PM
and the stock goes up because you know .. its better than losing 751 million.
 
2009-11-06 01:59:07 PM
I'm staying at the MGM Signature for all of next week! Hopefully they will REALLY want to make a good impression.
 
2009-11-06 01:59:26 PM
Wow. Their bonds are rated as junk right now and so have a fantastic yield. You might not see your principal back though, even though you're a secured creditor.
 
2009-11-06 02:05:32 PM
Plastic town full of plastic people living in plastic castles.

Adios.
 
2009-11-06 02:09:53 PM
Waaaah!!! for years we've pocketed shiattons of cash...and now it's going away...waaaah!

fark off casinos...ya'll suck anyway. Casinos pray on the stupid and mathematically challenged.

/not implying casinos force anyone to play
 
2009-11-06 02:11:05 PM
I knew they were in trouble last spring when they offered me 3 free weekday nights at the Mirage or 2 free weekend nights, no blackout dates. I would barely register on the comp chart and they were practically begging me to go out there.
 
2009-11-06 02:23:34 PM
hahahahaha
 
2009-11-06 02:28:18 PM
Meanwhile, very close relatives are going to Vegas for a week later this month, and won't have to pay for a single night's stay. Smell the desperation.

Unfortunately for the casinos, they happen to be very controlled, fairly skillful gamblers, so they won't be making much off them.
 
2009-11-06 02:31:43 PM
static.tvguide.com

/Knows where the money is.
 
2009-11-06 02:34:48 PM
ihatedumbpeople: Waaaah!!! for years we've pocketed shiattons of cash...and now it's going away...waaaah!

fark off casinos...ya'll suck anyway. Casinos pray on the stupid and mathematically challenged.

/not implying casinos force anyone to play


5 years ago, i was tempted to invest in a "sin" mutual fund that pours money into places like Vegas, Atlantic City, and Reno. I'm actually surprised that people have cut back on gambling. Shows how severe the recession truly is...

/ Money went into a CD instead.
// Wanted my assets to be more liquid due to layoffs at my company...
 
2009-11-06 02:35:58 PM
PlatinumDragon: fairly skillful gamblers

They either play the nickel slots until the lose their $20, or don't play any serious games at all.

/not convinced any gambler and any "skill", unless of course you're counting cards. There's a reason it's illegal, it's the only way to consistently beat the house.
 
2009-11-06 02:41:19 PM
Gig103: tnpir: Next time try the GOOD buffet challenge - Mandalay Bay, Paris, Bellagio.

Add in Planet Hollywood. They had some cool stuff I hadn't seen in others, like a middle-eastern station with kabobs, lamb, and hummus. And they had creme brulee at the dessert table.


Yes. In my opinion Planet Hollywood and Mandalay Bay have the best buffets on the strip.
 
2009-11-06 02:43:06 PM
I hope it can stick around, at least for a few years. My little girl loves seeing the Lions before we eat at the Rainforest Cafe and head out to Grandma's.

Oh, and thanks to those who mentioned the "Lotus of Siam". Wife and I love Thai so next time we'll try and squeeze it in.
 
2009-11-06 02:52:12 PM
ihatedumbpeople: PlatinumDragon: fairly skillful gamblers

They either play the nickel slots until the lose their $20, or don't play any serious games at all.

/not convinced any gambler and any "skill", unless of course you're counting cards. There's a reason it's illegal, it's the only way to consistently beat the house.


Counting cards is not illegal, and the courts have said as much. That said, if you're caught, the casino has every right to ask you to leave, and they will share your identity with all the other casinos in the state.

I play poker - that truly is a game of skill, way more so than straight up gambling. Hopefully someday I'll actually be, you know, GOOD at it.

And personally, I thought the Paris buffet was really, really good - much better than Planet Hollywood's (though I know that Planet Hollywood's buffet always wins the "Best Buffet In Town" title).
 
2009-11-06 02:53:16 PM
I was in Vegas two weeks ago and @ every MGM hotel they are pushing this big time. Free shows, free rooms, just listen to our sales pitch....
 
2009-11-06 02:54:26 PM
They either play the nickel slots until the lose their $20, or don't play any serious games at all.

Partly accurate; they keep a "casino fund" from extra money they earn, and take no more than a few hundred at a time. Once it's gone, off to the buffet.

I don't think they're card counters, but they do tend to come close to even at blackjack. I don't think they count, otherwise they wouldn't be welcome anywhere, and they do get stuffed about by other players who don't know what they're doing. They've also developed a taste for poker games. Both are quite smart, and one is scary-good with mathematics and statistics (I wish I had his seemingly innate skill with juggling numbers in his head), so they tend not to flame out quickly. Honestly, I just think they understand the laws of probability enough to avoid betting the house on a hit at 16.
 
2009-11-06 02:54:28 PM
Staying in Vegas on pleasure? MGM Signature, hands down. Highly, highly recommended.

Staying in Vegas on business? Excalibur. Low price, so you look good to the bean counters back home, and no weird smells to get in your clothes, so you look good to vendors, colleagues and clients.
 
2009-11-06 03:27:01 PM
Gig103: tnpir: Next time try the GOOD buffet challenge - Mandalay Bay, Paris, Bellagio.

Add in Planet Hollywood. They had some cool stuff I hadn't seen in others, like a middle-eastern station with kabobs, lamb, and hummus. And they had creme brulee at the dessert table.



I almost puked on their breakfast buffet during a bachelor party. (Fortunately, I made it to the bathroom on time.)

BTW, I second the motion that The Bellagio has an awesome buffet.
 
2009-11-06 03:28:42 PM
3825968: Staying in Vegas on pleasure? MGM Signature, hands down. Highly, highly recommended.

Staying in Vegas on business? Excalibur. Low price, so you look good to the bean counters back home, and no weird smells to get in your clothes, so you look good to vendors, colleagues and clients.


I stayed at the Excalibur once. It smelled like they had disinfected an ebola laden crime scene in there with a year's supply of clorox.

And in terms of Buffet, the Wynn buffet for the win.

Go on a sat/sun morning and get the champagne brunch. They had bacon carved to order.

My friend and I drank so much champagne that they got tired of filling it and left a bottle on the table.
 
2009-11-06 03:32:03 PM
3825968: Staying in Vegas on pleasure? MGM Signature, hands down. Highly, highly recommended.

Staying in Vegas on business? Excalibur. Low price, so you look good to the bean counters back home, and no weird smells to get in your clothes, so you look good to vendors, colleagues and clients.


As I stated in my post above, I will be staying there all next week. Any words of advice?
 
2009-11-06 03:43:39 PM
Teknowaffle: I stayed at the Excalibur once. It smelled like they had disinfected an ebola laden crime scene in there with a year's supply of clorox.


You're one of many to complain about that funk ass smell at Excalibur.
 
2009-11-06 03:45:56 PM
3825968: Staying in Vegas on business? Excalibur. Low price, so you look good to the bean counters back home, and no weird smells to get in your clothes, so you look good to vendors, colleagues and clients.


Meh...and the end of the day, does that really matter if you work for a large company?

A couple of years ago, two coworkers in my old group attended a training seminar in Vegas. They stayed at The Venetian (separate rooms). To this day, I'm still a little jealous...they go to Vegas, and my boss sent me to Long Beach, CA.

/Staying at Venetian next weekend.
 
2009-11-06 03:47:45 PM
I second the Wynn buffet. It's great. Sounds like the Bellagio buffet will need to be tried out on the next trip.
 
2009-11-06 05:05:42 PM
The_Sponge: Teknowaffle: I stayed at the Excalibur once. It smelled like they had disinfected an ebola laden crime scene in there with a year's supply of clorox.


You're one of many to complain about that funk ass smell at Excalibur.



That place has smelled for YEARS! I was always a fan of mandalay's and luxor's used to be pretty good. And Circus Circus just needs to get nuked from orbit. Thats the pit from hell on the whole strip.
 
2009-11-06 05:35:49 PM
The Angry Hand of God: As I stated in my post above, I will be staying there all next week. Any words of advice?

Advice? Not really. Just relax and enjoy everything. The service is incredible, and that's when everything goes smoothly. If there's a farkup somewhere (for example, our TV was on the fritz), they start pretty much worshipping you. Just bring some good walking shoes, 'cause it's a hike to the monorail, casino, and restaurants.
 
2009-11-06 05:38:29 PM
The_Sponge: Meh...and the end of the day, does that really matter if you work for a large company?

I'm a very junior guy at a not-large company, so I don't know if it makes a difference. I know that our executive VPs get to stay at nice places and fly first class, but I'm still working on that value proposition for myself.
 
2009-11-06 05:41:17 PM
The_Sponge: Teknowaffle: I stayed at the Excalibur once. It smelled like they had disinfected an ebola laden crime scene in there with a year's supply of clorox.

You're one of many to complain about that funk ass smell at Excalibur.


Excalibur has gotten better since MGM took it over. They renovated about a quarter of the rooms and cleaned the stanky carpets.

My last stay at the Tropicana smelled like someone had soaked the carpet in that hand sanitizer crap, and I don't even set foot in the Sahara anymore (wayyyyyy too much smoke).
 
2009-11-06 06:15:25 PM
I would have been better news if that was enough to send them into bankruptcy. We'd all be better off if the entire Las Vegas gambling economy went under.
 
2009-11-06 06:23:15 PM
If you're serious about doing a cheap Vegas trip stay on Fremont St. Golden Gate has the best dice game in town and cheapo rooms. (If you don't mind smoke and don't have kids, that is.)
 
2009-11-06 07:02:22 PM
I went to Vegas with an open mind, hoping for a better vibe. The casinos on the coast are hopeless depressing dens of misery. Full of little old ladies with holes in their throats, an oxygen bottle on their wheelchairs, endlessly stuffing nickles into the slots and cigarettes into their throat holes hoping for the miracle. The only difference I saw in Vegas was they shoved cigars into their throat holes. Casinos are the most depressing places. If it weren't for the Palms with the endless procession of plastic slutty whores around the pool, I would have left after the first day.

/from orbit.
//just to be sure.
 
2009-11-07 02:27:28 AM
ForTom_Slick: But if somebody buys Circus Circus, they might improve the buffet then where will we go for the bad buffet challenge, the boardwalk is long gone. The Sahara is pretty bad, but not as absolutely inedible as Circus Circus.

I've not had them, but I hear that Imperial Palace is pretty bad, and if you're willing to include downtown, the Fitz might even be worse.
 
2009-11-07 09:06:08 AM
Yeah I am sure that bouncer charging $50 in a handshake to cut line, then the $50 per person cover charge paid to the casino, then the bottle service fee, then the $10 pack of smokes and the $18 beer have nothing to do with business being down...

In the old days none of the casinos really had any dance clubs. You could go offsite to a meat market like 'the beach' and pay somewhat reasonable prices for a club dance atmosphere. The second the casinos got in on it there was a oversaturation of dance clubs tao,light,etc etc and all over them now collectively suck.

Las vegas needs to find a new gig because all these 'balling' 22 year olds with their popped collars and chip on their shoulder are not helping las vegas. They put their prices up to gouge status and their trust in some 22 year old guidos from jersey. Thats a massive fail and they deserve it.las vegas is played out
 
2009-11-07 11:06:16 AM
Victoly: ForTom_Slick: But if somebody buys Circus Circus, they might improve the buffet then where will we go for the bad buffet challenge, the boardwalk is long gone. The Sahara is pretty bad, but not as absolutely inedible as Circus Circus.

I've not had them, but I hear that Imperial Palace is pretty bad, and if you're willing to include downtown, the Fitz might even be worse.


IP is hideous. But it's got cheap tables and you can learn poker there in a very friendly atmosphere.
 
2009-11-07 02:22:11 PM
tnpir: make me some tea: tnpir: I have a bad feeling that the Citycenter project, even if it gets finished and opened, is going to sink that company, especially in this economy. I wouldn't be surprised to see MGM sell off a few properties just to get some case (as they did with TI).

Is that thing done yet? They've been building it for over 2 years already.

Try four years. According to the article, the Vdara condo tower and the Mandarin Oriental hotel are due to open in a just a few weeks, with the entertainment sector of the property opening right after that. The big centerpiece - the Aria Hotel & Casino - opens in mid-December, adding another 4000+ really expensive rooms to the strip during a time where gambling revenue is way off.

I have a bad feeling about MGM, but if it translates into selling off some of the strip properties to independent owners, thereby breaking up some of the corporate stranglehold that has run a lot of the charm out of Vegas, I'm all for it. MGM should sell off Luxor, Monte Carlo and Circus Circus to start.



I'm intrigued by your thoughts, and would like to sign up for your newsletter.
 
2009-11-07 10:09:53 PM
Tom_Slick I forgot about Excalibur but, the point of the challenge is to see who will make the fewest trips back to buffet. Whoever loses has to pay for dinner at Tony Roma's on E. Sahara. Which is where we were led to believe that Lefty's car blew up.

According to this website, Lefty was actually eating at the Marie Callender's next to Tony Roma's

Link (new window)
 
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