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Inside Gaming Column: Partners Untie the Corporate Knot

LAS VEGAS -- Scuttlebutt is that Mandalay Resort Chairman Mike Ensign and Vice Chairman Bill Richardson are getting the corporate equivalent of a divorce. That's why they dumped their holdings in Mandalay Resort Group, which they founded and managed together. Sources say in mid-2003, the two decided they had to go their separate ways. Contracts required selling off holdings in tandem. The key question now is how long they'll remain co-leaders and what succession plan is being developed. More to come.

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After a period of mergers and acquisitions, Wall Street now is stomping its feet for project development. Investors are demanding a higher blend of bond financing backing individual projects, rather than more equity or bank financing. Word out of the high-yield world is that this will drive development at the New Frontier, Boardwalk, Tropicana and Sahara sites in Las Vegas. And competition is supposed to be hottest getting in on Phil Ruffin's New Frontier site because of its proximity to Fashion Show mall and Wynn Las Vegas.

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Planned obsolescence. Always conscious of status, Steve Wynn has picked only the best for his new resort. For television viewing, in your room and around the property, he's buying approximately 7,000 customized Gateway-branded plasma television sets in one of the largest-ever TV transactions. Two to four sets will be in each suite, with his and her sets in most baths. The only problem is that plasma TVs reportedly can wear out in as little as two years. No word yet on whether there'll be sets in the Ferrari Maserati dealership.

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In NBC's hit television series "Las Vegas" last week, former "Saturday Night Live" star Jon Lovitz played a gambler who tried to jump off the Montecito's tower, but was pulled back by series stars James Caan and Josh Duhamel. After Lovitz, playing a lovable loser, told rescuers he had no money, Duhamel comped him a room and Caan handed over cash to enjoy in the casino, one hand at a time. By the end of the show, the once-suicidal gambling novice had been serenaded by Paul Anka, reunited with an ex-girlfriend and walked away with more than $6 million. Apparently it doesn't take much to be a winner.

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"Queer Eye for the Straight Guy" started the makeover trend. Las Vegas Mayor Oscar Goodman gave it steam. And Harrah's Entertainment is signing on with a $100,000 home makeover promotion in February. Harrah's partner in style is Katie Brown, the new diva of domesticity who succeeded Martha Stewart. Other partners include Calico Corners, Bed Bath & Beyond and Lowe's. Customers and Web site visitors stand to land more than $1 million in home makeovers, home improvement gift cards, cash and prizes.

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.

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