Dave McKee from who writes the awesome Stiffs & Georges blog threw out an interesting question on twitter this morning about a Las Vegas strip casino going belly up (or restructuring debt) by filing Chapter 11.
Unidentified Strip resort being put into Chapter 11, scuttlebutt has it. Any guesses? I’m told it’s NOT the Cosmo, right @johnunwinning?
— David McKee (@StiffsGeorges) September 4, 2012
He didn’t say “Company” so you rule out MGM Resorts, Venetian/Palazzo, Wynn or Caesars properties immediately. Duetche Bank has been looking to sell the Cosmopolitan before the end of the year for a while now so you can understand why that’s not in the running. That doesn’t leave many properties to left on the strip for possible Chapter 11.
Who ya got from the remaining strip properties?
- Tropicana
- Casino Royale
- Riviera
- Treasure Island
Unless Phil Ruffin is looking for a tax write off, I don’t see him divesting of Treasure Island so soon and I haven’t heard a peep about Casino Royale ever.
That leaves Tropicana and Riviera as possible casinos to file for Chapter 11. Both have had financial trouble, but after a relaunch of the Tropicana went nowhere and President Tom McCartney left there hasn’t been much positive good talk about the property. In fact, the only real news from Tropicana has been about it’s club not opening.
Meanwhile on the other end of the strip Riviera has been trying to create a niche for itself with constant marketing and promotion. I’m not sure this is working, but it’s difficult to imagine that it’s not helping. Of course, it may not be working which would give cause for Chapter 11.
I don’t think silence is can’t be a good thing here and I’d have to imagine that Tropicana is the strip property about to announce Chapter 11.
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I have to concur with the Tropicana. If the Riv is the one to have done so, it would not bode well considering they exited bankruptcy barely 14 months ago and they really would have had to have screwed the pooch along the way.