User profile: harske

Regarding Stations, I really don't think the Fertittas have done anything other than make bad business decisions. Given the scrutiny they went under when they went private, and the audits they went through for these latest proceedings, I would have a hard time believing that they're that dumb. A touch greedy, maybe overly egocentric yes, but not enough to try to pull anything illegal. But remember, in business in a capitalistic society... there are all kinds of things that are just this side of illegal that people do every day. I'm sure the Fertittas are no different than most of the guys on Wall Street who got away with all kinds of stuff that's acceptable in business.

And regarding the other companies you named... none of them are in very good shape. LVS is only still around as we know it because Sheldon dipped into his own pocket to keep things running. He's still talking expansion worldwide, so I really don't think he's quite learned yet... so I wouldn't trust that company just yet. MGM has been in a financial decline for the last few years and may not make it through. Don't forget, they managed to lose $212 million in the second quarter this year. Not many companys have that just laying around. We'll see how their management "rearrangement" goes over the short term. Harrah's is in probably the best shape, but they have their own challenges. If you take away the huge one-time gain they were able to take in the second quarter this year, their numbers are right in line with everyone else.

All the companies in town are in the same boat. Losses are starting to pile up. I don't care who you are... you can only endure losses for so many quarters before they become real.

neiman... Glad to see that in this world of ever changing things, we can count on at least one constant. The good news for you is that if you keep saying the same thing long enough you increase your chances of it being relevant and making sense.

chazbean... I'm sure that makes sense in your head, but how on earth is Boris not coming here helping our economy? The whole Vegas thing revolves around people coming here, and face it... they're not. You cemented Boris' point perfectly about not knowing how to treat the out-of-town guests.

The writing on the wall has been around for quite some time. Stations fell right in line with everyone else who thought everything would be up, up, up forever. I'd love to see if there was even one bean counter over the last ten years in this entire town who had the actual thought... "Hmmmm, maybe we should put some of this obscene profit away for slower times instead of continuing to spend like it's burning a hole in our account."

Bottom line is, this town is in trouble. It's worse than people want to believe, and it will likely last longer than people want. But it's no different than most other metropolitan areas in the country. Sure, unemployment is higher, but that's consistent with the industry that drives this place. Nevada is and will be for quite some time one of the leaders in foreclosures. But what do you expect when 4 out of every 5 homes sold from 2001 to 2006 were sold to people who couldn't afford it or were speculators with no vested interest?

Las Vegas is a product of it's environment. It's transient, it's superficial, it's low on natural resources, and it's based on recreation and luxury that most people can live without. Vegas had it's chance to keep people coming, but chose to rape them instead with tight slots and low payouts, reduced middle class amenities, and exhorbitant prices for the privelege of staying here.

Sadly, Stations is reaping the negative rewards of what it's sown for the last few years. Used to be cool, but then it tried to be something it's not and shot for a larger piece of an industry segement it has no business being in. The decisions made by the Fertitta's are directly responsible for the position that they're in. In my humble opinion, the lenders that forced this latest development are due some blame too. Instead of taking a relatively small piece of something, they're probably going to end up with a smaller piece of something smaller, if much at all. It really tells you all you need to know about this organization when instead of hiring local attorneys to represent them here, they hire out-of-towners to represent them. And they're hoping this whole thing happens in Reno! The friggin nerve of these guys!

Stations should have taken Boyd up on the offer they made. You watch... Stations as we know it will not look anything like it does now in 3 years. And that may be the only chance the good people at Stations have at righting the ship.

Even an Applebee's is dicey right now...

Best wishes to all these guys. Someone has to make it!

What do you expect from a guy who teaches... <wait for it.....> Beer and Wine!

Seriously? That's a credited course? Even at a party school? How do you take someone seriously that has that gig?

Encore is doing ok, but nothing like anticipated. Been there a couple of times now and it's been so-so. But, given the economic climate and where Vegas is nowadays, it could be worse. I'm sure it will pick up.

Love him or hate him, the camera loves Steve Wynn and he has a definite presence. Las Vegas could do alot worse than have Steve as its face. I know they've had some work done, but both he and Elaine look great. It's nice to see him gain some humility too. All credit due, he's finally recognized that he doesn't need quite all of the attitude he's famous for. Dare I say mellowing with age? :-)

I wouldn't be surprised to see Wynn make a play for a few of the upcoming properties. Once MGM-Mirage figures out what it can and can't keep, I would bet a weeks salary that Steve takes a few properties off their hands.

Regardless of what happens with ownership though, I hope all of Vegas pulls through. I know it will... I just hope it's as painless as possible.