THIEF! The Gutsy, True Story of an Ex-Con Artist

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THIEF! character, Vince Eli

Saturday, March 21, 2009

The Mob: Turning over in its grave!?

Give me the days when the Mob ran Las Vegas like a well-oiled (aka palm-greased) machine. I can hear "Joe Batters" shaking his head in digust over the recent dismal state of the Las Vegas economy. If the skim was still around it would surely take a major hit compared to those lush times during the Mob's heyday.

In February 2009, the Station casinos declared bankruptcy. Apparently, it was a planned bankruptcy spurred on by the amount of debt the casinos have incurred in order to go private. Compounding the problem is the drying up of cash flow because of the current economic environment.

A recent story says Boyd Gaming believes it has the cash and is ready to buy most of Station Casinos. The deal would be nearly $1 billion. Boyd's unsolicited offer stated the corporation can buy the Station casinos for a steal. In a letter to Station Casinos Chairman, President, and CEO Frank Fertitta, Boyd Gaming offered to pay cash for all or part of Stations casinos. The first deal offered $950 million for everything Station Casinos owns, except Boulder, Palace, Sunset Stations and Red Rock Casino.

Half-built Las Vegas Strip properties? Casino bankruptcies? Not so long ago some believed Las Vegas was recession-proof. Think again.


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