Fontainebleau outlook dim
Las Vegas casinos continue to struggle.
Two more big casino companies have taken negative turns in Las Vegas' economic slowdown. Two weeks ago, the unfinished Fontainebleau megaresort on the north Strip disclosed that it needs another $1.5 billion to open. While rumors fly about takeover possibilities, F'bleau's prospects of opening anytime in the near future are grim. And last week, the locals giant Station Casinos filed Chapter 11 in U.S. Bankruptcy Court to restructure $5.7 billion in debt, most of it stemming from financing the company's buyout nearly 21 months ago.
Station has announced that it's still business as usual at its 18 casino properties and that the bankruptcy will not affect the Boarding Pass reward-points system.
TOPLESS POOL CLOSES: The great experiment of merging a strip club and a casino pool may be over. Sapphire Topless Pool, the collaboration between the Rio and Sapphire Gentlemen's Club, has been closed amid allegations of various improprieties. What a shock.
HARD ROCK TOWER OPENS: The Hard Rock quietly opened its new 490-room Paradise Tower last week, one week ahead of schedule. A second, the 375-suite Harmon Tower, is due to open in December.
POKER ON TV: Coverage of the 2009 World Series of Poker is now running Tuesdays on ESPN. This year's coverage is limited to three events: the $40,000-buy-in anniversary tournament, Annie Duke's "Ante Up for Africa" charity event, and the Main Event. The Main Event coverage will be comprehensive, culminating with the airing of the final on Nov. 10.
Q. What's the status of the Cosmopolitan Casino on the Strip?
A. The 2,998-room megaresort that was the first big project to run into financial trouble remains on pace for what has now been pegged as a September 2010 opening.
The cost of Cosmo is now quoted at $3.9 billion, which is interesting, given that the original estimated cost was $1.5 billion (with an original opening date of late 2007).