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#1
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Why do you have such a strong opinion about a project you admittedly don't know a whole lot about? Its interesting to me. And they aren't charging 82 bucks a night. Thats a big part of the problem. The average nightly rate is about twice that and the weekend rate is over 3.5x that. But what are they going after? Again, success or failure can't be judged in the first quarter. As far as Dubai World being done, surely you don't think that Kirkorian et al is suddenly broke or creditless. Do you? |
#2
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The fact that of the 109 condo units sold so far all have been 100% financed by City center themselves isnt troubling to you? The fact they were planning on $2.7 billion dollars in revenue of condo sales at the height of the market isnt troubling? The fact that when launched the MGM stock prices was $100 a share and it is now at $14 isnt troublesome? That this place was a stretch in the best of times and is assuredly facing something less than that isnt troubling? |
#3
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#4
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![]() The podunk tracks should be limited to two days a week and the big tracks at 3 days a week.
Quite frankly some of these owners, trainers, and jockeys should find another line of work. It's sickening watching these jug blowers (West Virginia) and farmers (Iowa) make good money with a s.hit product. The welfare needs to end. |
#5
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Are you really going to compare gaming stock prices in 2003 to 2010 and blame it on city center? Come on Chuck. They aren't far from profitablity. I can't help that you can't understand that. |
#6
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#7
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They have already marked the condo prices down 30% and they had as many people walk away and give up their deposits as people who bought places. They have to provide all the financing for the few people that do want to buy. Thier centerpiece hotel opened and is 23% off the rest of the strip in occupancy. They have a $500 million dollar construction expense dispute. So virtually no one is buying their condos. As many people walked away as bought. The few that did buy cant get financing anywhere else. No one is staying in their hotel. And you claim that they are close to profitability. I suppose that MGM stock should be a strong buy that $14 then? How much MGM stock do you own since you seem to be closing your eyes and wishing that all the bad news clouds would disappear? I am not saying that City center was the entire reason that the stock tanked but the fact is that companies flush with cash will operate in a different plane than those who are having losing quarters. |
#8
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Aria has actually improved occupancy in each successive month since its open. Remember, the average price per night is $194 vs.97.21 for the rest of the strip. May bookings indicate over 80% occupancy. |
#9
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#10
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Charlestown does well because the horse racing product is just part of the overall package. Borgata does well because the gambling product is just a part of the total package. Both places have done a great job marketing to non traditional gaming demographics and thus have outperformed most everyone else in their respective sectors. Neither Borgata's nor Ctown's rewards programs are any better than their competitors nor are their payouts/takeouts any better. If anything, they are worse. So whats the difference? Aren't there lessons to be learned? |
#11
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__________________
please use generalizations and non-truths when arguing your side, thank you |
#12
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#13
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Bottom of the article. Yes- 75% means they are in the black operationally, obviously they have to have some pretty robust years to recoup the cost of the project.
__________________
please use generalizations and non-truths when arguing your side, thank you |
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