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Inside Gaming Column: Digging Deep to Find Progress13 September 2004The north end of the Strip around Spring Mountain Road is turning into a bottomless pit for foundation excavations -- or will be soon. The Venetian, for example, is moving full speed ahead with excavation for its $1.6 billion Palazzo development, even without its building permits in hand. Former Sen. Richard Bryan, who represents the resort's holding company, told the Clark County Commission last week work is well under way on the big dig to create a crater for the project's subterranean parking garage. *** Industry insiders also say a joint venture partnership is in the works that will give New Frontier owner Phil Ruffin the wherewithal to finally break ground on his $1 billion megaresort project -- also on the Strip's north end. Meetings with partners were intense in August and are going on this month. In doubt is whether it will be San Francisco-themed as originally announced, but look for the introduction of a new big-name, joint-venture partner as operator in the near future. *** Word also is D.E. Shaw Group's appetite to buy the Riviera was whetted by the Missouri Gaming Commission's choice of Pinnacle Entertainment to develop two casinos around St. Louis. The Riviera rejected a $12 a share bid as too low when it still hoped to win the Missouri project. The purchase price may go down, but the value of the acquisition is going up for the $8 billion New York-based investment firm since the deal seems to be largely a real estate play for what is fast becoming some of the most valuable land in the United States. *** Sources close to Boyd Gaming Corp. say the die is cast to build "Borgata West" on the Stardust site, also at the Strip's north end. Word is it'll be a $1 billion to $1.5 billion, 3,000-room megaresort with the kind of razzle-dazzle that Boyd properties in Las Vegas have never had before. Sources say plans and financing will be complete well before Wynn Las Vegas opens April 28. Boyd Chairman Bill Boyd, however, says his lips are sealed on details until Wynn opens his resort. Time will tell if Boyd can withstand public curiosity. *** At long last, MGM Mirage is poised to unveil its new Cirque show at MGM Grand, previously promised in May. The flash for businesses is the $180 million investment in the new showroom alone. That's double the cost of the Colosseum built at Caesars Palace for Celine Dion. With Steve Wynn's new show at Wynn Las Vegas and "Phantom of the Opera" coming to The Venetian, Wall Streeters are wondering if operators can get solid returns on the huge investments. MGM Mirage Chairman Terry Lanni, however, has no doubts -- every show his company does yields substantial margins for investors, he says. The Inside Gaming column is compiled by Gaming Wire Editor Rod Smith. You can contact him by phone at (702) 477-3893, fax (702) 387-5243 or e-mail at rsmith@reviewjournal.com. Copyright GamingWire. All rights reserved. |