You Readed It Here First!
Started by JeffinOKC on Tuesday, 22nd January 2013 9:02 pm
Because of my advanced knowledge of the business of sports and casinos, I have divined an exciting new development that will energize the Board: The Maloofs are buying LVH!
Reliable gossip says that LVH owner Goldman-Sachs would rather sell it than roll it into their group of casinos that include the Strat, Arizona Charlie's and Aquarius for a price of around $250 million. The Vegas International name is ready to go with it.
The Maloofs will clear a couple hundred mil after they cash out their part of the Sacramento Kings NBA team. They have sold off all their other businesses in a failed attempt to keep the Plams, and George is dying to get back into the game and redeem himself. I don't think there is a non-compete keeping George out of Las Vegas. And if there was, I think his low profile the last year might have been his fulfilling it. At the Pamms, George had the perfect plan of mixing locals during the week and SoCal beautiful people on weekends. That day is gone, but George is smart enough to work a formula of conventioneers during the week and boomers on the weekend.
Remember- you read it here first!
stevecovington responded on Tuesday, 22nd January 2013
Thanks for the Mega tip. Great news for LVH. I wonder what kind of changes this will bring. Do they even The Palms anymore??
Romaman responded on Wednesday, 23rd January 2013
Awesome news....just incredible....I'm sure Chuck will have a pretty big nerdgasm after he reads this haha
Chuckmonster replied on Wednesday, 23rd January 2013
nerdgasm, takes one to know one.
levans responded on Wednesday, 23rd January 2013
If they do will Dana White get a huge credit line there as an apology for then cutting his line at the Palms?
parchedearth responded on Wednesday, 23rd January 2013
This would be great news. I hope an older and wiser George can tailor his style to a different type of property. I don't know that it would work to turn it into a new Palms with HRH, Cosmo, and Wynn as competition. Although, it would be a great location for a new Playboy club.
A purchase like this would likely tap-out the Maloofs. I agree with your dollar estimates and just hope they have enough to make it work.
adztheman responded on Wednesday, 23rd January 2013
Perhaps they could restore actual working electricity to the SpaceQuest portion of the LVH casino before somebody runs headlong into a wall looking for the monorail..
MeltYrselfDown responded on Wednesday, 23rd January 2013
well, i know where i'll be staying next trip.
been meaning to check out the old hilton anyways.
i always liked the vibes at the plams. `specially during the matador records birthday weekend.
jinx73 responded on Wednesday, 23rd January 2013
I can't say I would be sad to see George Maloof back with a casino and as I've followed the Kings saga, I can't say it hasn't crossed my mind, I just wonder whether it winds up being LVH.
I hope it comes to pass, but I'd put as much money on the Rio as LVH, of course that depends on how much they can put together in addition to the sale.
JeffinOKC replied on Wednesday, 23rd January 2013
I would knock the Rio theory for 2 reasons, sir: 1. The Palms & Rio ownership groups are so closely aligned that neither of them would allow George to independently own & operate across the street. And, 2: The loan covenants from the Harrah's/Caesars LBO state that the Rio can't be sold for less than $500 million.