From Gaming, General, News, News & Notes

Divorce Las Vegas Style — Splits and Separations

Steve and Elaine Wynn head for divorce court again.

Steve and Elaine Wynn head for divorce court again.

While this isn’t a Las Vegas news site so to speak, I do keep up on — or try to keep up on — what’s happening in Las Vegas and when it’s something I think readers would be interested in, I do like to mention it here.

What has struck me as interesting lately is all the news about “splits” — both corporate and personal — happening these days in Las Vegas.  Here’s a quick rundown on what’s caught my eye lately:

Split #1 — Steve and Elaine Wynn filed for divorce.  While no one on the outside can ever know what’s going on within a marriage, this news made me sad.  I would think that having a string of successful properties, stock prices that haven’t tanked like the rest of the industry, and what would appear to be a “wynning” working relationship would allow them as a couple to sit back, relax and enjoy their family and what they have built together.  And it’s not like this is their first trip to the courthouse — they divorced once before and got remarried.  But, again, that’s just my opinion.  Read more about the Wynn divorce here.

Split #2 — “Cannery Casino Resorts and Crown Terminate Merger Agreement; Crown to Make Investment Into CCR” is the headline on a press release I received this week.  Also verbatim from the release, “Cannery Casino Resorts LLC (“CCR”) today announced that it has entered into an Agreement with Crown Limited (ASX: CWN) under which CCR will receive $370 million from Crown, which will consist of a $50 million cash fee and a $320 million non-voting investment in CCR, subject to appropriate regulatory approvals. The Agreement terminates the previously announced Cannery Purchase Agreement whereby CCR was to be acquired by Crown.”  (The $50 mil is basically a penalty for canceling the merger deal.)  So it looks like beleaguered billionaire™ (and aren’t they all these days?) James Packer is “packering” up his bank book and heading back to Australia.  Read more about Mr. Packer, his casinos, his stock, his ranches and more here.

Separation #1 — In the “it might happen” category is this news that MGM MIRAGE may be willing to part with its Bellagio property for the right price.  Yeah, I know you’re saying “Well, duh! — Anything is for sale for the right price.”  And you’d be correct.  Considering the massive financial burden of building the CityCenter project, MGM needs to come up with some cash, especially after negotiations with Deutsche Bank fell through earlier this month.  Selling Treasure Island earlier this year is a good start but with the credit markets still nailed down tight, the Company needs to find funding elsewhere and selling assets may be the only option.  It sure didn’t help their cause to have Moody’s downgrade some of their ratings this week.

Seems to be a good month to be just a casino player, not a casino owner.

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  1. Chris Moran Says:

    Nice writing style. Looking forward to reading more from you.

    Chris Moran

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