 | MGM Resorts Chairman Jim Murren says Strip land is now valued at $9 million per acre and called the deal for the Frontier site a "bullish sign for investors that want to come into the market."
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The SLS Las Vegas will be christened the Strip's newest resort in a lavish VIP reception this Friday night, with the property unveiled to the public shortly after midnight Saturday. The new property could even provide a needed revival to the northern part of the Strip.
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Before downtown became the canvas for Tony Hsieh's creative marketing and real estate vision, Benny Binion defined the Fremont Street experience.
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The Strip resort said it lost $13.6 million in the quarter that ended June 30 compared to a $25.2 million loss in the same quarter a year ago.
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The company turned a profit of $105.5 million on revenue of $2.6 billion in the second quarter, leading the investment community to praise MGM and its expansion opportunities in the U.S. and Macau.
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The Las Vegas-based company saw its cash flow fall 28.8 percent to $12.7 million for the period that ended June 30.
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American Casino said increases in revenue from hotel and restaurant operations offset a 2.4-percent decline in gaming revenue.
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Company CFO Marc Falcone said visits to Station's properties are stable, but Station is "still not seeing the levels of discretionary income we saw in the past."
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Frank Scoblete: 
