A leading expert within the gaming industry says plenty of Las Vegas casinos may result with a transformation in ownership because the economy continues to plague the gambling world. William Eadington of the University of Nevada, Reno, says the multi-casino companies like Harrah's, MGM Mirage, and Las Vegas Sands are affected by financial distress, and should be forced to sell resorts to the top bidder."Ownership is probably going to switch with some of the major companies," Eadington told the Las Vegas Review-Journal. "We're prone to see spinoffs at Harrah's, Las Vegas Sands and MGM Mirage."
The first of the equity sales occurred last year, when Phil Ruffin arranged to shop for the Treasure Island Casino from MGM Mirage for $775 million. Since then, MGM properties was rumored to be up on the market.
Company officials have said they'd like to sell casinos in Biloxi or Detroit, but will let a Las Vegas Strip property go on the right price. Even the tony Bellagio have been shopped to peer what interest might rise if the valuables were available.
Rumors have had the Rio All-Suite Hotel and Casino on the market by owner Harrah's. If Harrah's were to sell a Vegas casino, it could make sense that the Rio will be the one, as Harrah's other hotels all form a continual section at the Strip, excluding Caesar's Palace, around the street from the rest.
Eadington noted that some potential buyers, equivalent to Penn National Gaming, is also waiting too long to make their move, hoping the market will drop even further.
"The impression I'VE is they're looking forward to the fee to get awfully on the subject of zero," he said. "They're looking ahead to a giveaway. If they're looking ahead to The Mirage or another property to get right down to a worth that may be ludicrous, at that point, other buyers are going to be around."
Published on May 10, 2009 by PrestonLewis
Read More... [Source: MGM Casinos in the News]
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