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Reason #6246 Why You Can't Always Believe Most Gaming Biz Reporters

I'm convinced that a majority of folks who write about the gaming business for MSM newspapers are buffoons. Not all, just most. The Las Vegas Sun has a great gaming biz staff (Jeff Simpson, Liz Benston and others) but that's to be expected from the center of the gaming universe - Las Vegas.

Here's the latest shred of evidence, this time found in a piece by columnist Jesse Hogan found in the business section of The Age Australia. It should be noted beforehand that Australian newspapers in general LOVE to tear down Melco Crown Entertainment Limited / Crown Limited honcho James Packer - they view Packer as a fortunate son who's only qualification for doing business is the luck of his birth.

Take it away The Age (bold emphasis is ours):

Overseas, Crown cut 25% from the value of its minority stakes in the Fontainebleau, Stations and Harrah's gaming ventures in the US, all of which are for sale.

1) Fontainebleau, Stations and Harrah's are for sale? Sorry Jesse, check your facts first - none of these are on the market. 2) Crown cut 25% of its US investment value from Fontainebleau, Stations and Harrah's? Uh... no. The real reason for Crown Limited's write down - was the cancellation of the Crown Las Vegas (aka Las Vegas Tower aka) project earlier this year due to loan defaults by the project "owner" Christopher Milam, whom Crown LTD. partnered with mid-stream.

It's shocking that one simple sentence could be so incredibly wrong in so many ways. Measure once, cut twice. Right?

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Comments & Discussion:

True stuff. Some of the "reporting" I've read recently is speculation or rumors reported as though it were already the case.

On a similar topic...

Have you come across this article from the ReviewJournal.com noting that LVS's Four Seasons Macau resort will NOT have a casino??

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"The Four Seasons Macau will not have a casino, but will include a 210,000-square-foot retail space that will attach to the 1.2 million square feet of retail already open at The Venetian Macau. The property, which has been under construction for more than a year, also includes restaurants and a spa."

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Uhh, am i missing something here?

Did the SAR Govt. limit LVS's # of casinos and Cotai Strip plans, forcing them to turn the Four Seasons into a non-gaming resort?

Yeah. I saw that this morning, but thought I'd do a little poking around to see if they had changed plans before posting it. The original plans were for a small boutique casino, plus VIP rooms, plus baccarat tables in the highest roller suites as well.

I hate to add confusion to this conversation, but the construction linking the V with the Four Seasons muddles the matter alot.

Last I was there, it seemed they planned to connect the two by a very large airy hallway (and possibly get rid of that makeshift bellini bar). With such a connection where one property ends and one begins is a little moot IMHO.

I think the Four Seasons will have its own casino with names Plaza Casino. The new casino will have around 170 gaming tables and 210 slot machines as well as an entrance separate from both the hotel and the retail area.

I am very curious whether the casino is really a high end "Four Seaons Casino" (I am referring to the service and the design) or simply a satellite from the more mass market looking Venetian Casino.

There is an aricle about the casino in this months Inside Asian Gaming.
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Bloomberg says this:

Six months after increasing his investment in U.S. operators Harrah's, Station and Fontainebleau Resorts LLC to A$720 million, Chairman James Packer cut their value by 36 percent as cash- strapped U.S. gamblers curb spending and travel to Las Vegas. The writedowns are in addition to the A$44 million written off when his 37.5 percent-owned LVTI LLC venture axed plans to buy land and build the Crown Las Vegas casino resort.

Do I stand corrected?

Chuck, I sent you the link to a few construction photos of COD from August (to the Macautripping gmail account). I thought you might want to take a look at them.

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