Posted on 01/14/2020 1:55:23 PM PST by C19fan
MGM Resorts International is selling the Mandalay Bay and MGM Grand resorts and casinos on the Las Vegas Strip to a joint venture for about $2.5billion.
The buyers include include private-equity and real estate company Blackstone Group and MGM Growth Properties LLC.
MGM Resorts anticipates to make approximately $2.4billion in the deal.
(Excerpt) Read more at dailymail.co.uk ...
I always think of the closing scene of “Casino”
The town will never be the same. After the Tangiers, the big corporations took it all over. Today it looks like Disneyland. And while the kids play cardboard pirates, Mommy and Daddy drop the house payments and Junior’s college money on the poker slots.
In the old days, dealers knew your name, what you drank, what you played. Today, it’s like checkin’ into an airport. And if you order room service, you’re lucky if you get it by Thursday.
Today, it’s all gone. You get a whale show up with four million in a suitcase, and some twenty-five-year-old hotel school kid is gonna want his Social Security Number. After the Teamsters got knocked out of the box, the corporations tore down practically every one of the old casinos. And where did the money come from to rebuild the pyramids .......Junk bonds.
Never been to Vegas, and never intend to.
Casino gambling is for the mathematically impaired.
WC Fields,in an attempt to show his disdain for the city,once said "I spent a week in Philadelphia one night".
I feel exactly the same about Vegas.
It’s the most plastic, phoney place on the planet.
In the 80s, I used to love going there. Now, you couldn’t pay me to go there.
I used to go in the 1990’s and 2000’s. Mostly for the shows, food, and pretty limited gambling.
Best deal in Vegas is free beer with a $1 tip to the waitresses.
Damn, I hate Las Vegas.
It’s an entire metropolis full of broken people.
MGM Resorts selling to MGM Growth Properties? Is that selling something to yourself on paper? Or just adding more partners?
They need to do documentary on how many gambling addicts these casinos make of their employees. It is horrible, the addiction is do prevalent even to those not working in casinos. The house always wins.
Essentially, what happened was more an “accounting trick” move to possibly reduce tax liability.
Left Vegas in 2008 when the bubble burst. Having grown up in the West Texas oil fields,I knew the housing boom couldn’t last with too many people in way over their heads but when it hit you could see the crash overnight. Haven’t been back since. Always hated the Strip.
Good
Now fumigate those rooms.
They stink
and quit spraying that cologne in the casinos...
“for $2.5bn”
I’ll give em fo fitty.
With gambling popping up in more and more places, you don’t have to go solely to Vegas anymore to get your gamble on.
Dumping liabilities on a straw firm to boost up the book value for some other venture would be my guess as to what MGM Resorts is doing.
“Free enterprise” is wonderful.
LV is a Democrat run town. The power center of NV which is Clark County.
Selling Mandalay Bay for $2.5 billion.
Do I hear $1 million?
Do I hear $10,000?
Do I hear $3 dollars?
How about a trade for a cup of coffee, but did anybody clean up the blood stained floors yet?
Went back in '98 and didn't recognize the place. People were like an extension of LA, no thanks.
2.5 billion... laundering book value. ;)
I had the misfortune of visiting Laughlin, Nevada, once. Bargain basement casinos. The RV's were lined up in the parking lots and casinos were full of retirees, gambling away their pensions and social security. One of the most depressing places I've been.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.