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?