Las Vegas casinos mergers and acquisitions are a trend looking strong in the coming year.
Some of the big deals in Las Vegas include buyouts of Stations Casinos, Aztar Corp. and Harrah’s Entertainment.
Analysts favor Boyd Gaming Corp. as an object of a takeover attempt. Las Vegas-based Pinnacle Entertainment is also included in the attempts.
Harrah’s successful effort to obtain the Barbary Coast from Bill Boyd, had to trade Stardust Las Vegas land rather than make a cash transaction. That land probably won’t be sold until Echelon Place Las Vegas redevelopment of the Stardust casino opens in mid 2010.
Pinnacle is another company with a casino in Lake Charles, LA., is building what will likely be two of the best in and around St. Louis, and real estate in Atlantic City, the site of the closed Sands. Dan Lee is the CEO of Pinnacle and is both disciplined and imaginative.
After the bidding for Tropicana Las Vegas parent Aztar grew too expensive, Lee withdrew the offer and paid $45 million in fees.
Harrah’s pending $27.8 billion purchase by private equity firms Apollo Management LP and Texas Pacific Group is expected to slow down the Imperial Palace casino implosion plans and the older Bally’s hotel tower.
Harrah’s management says it will continue its redevelopment plans for the center Strip real estate, but likely to develop some of its substantial real estate holdings east of the Strip before investing the billions to replace and implode hotels.
Pansy Ho might become MGM Mirage’s partner in Macau. MGM Mirage Chairman Terry Lanni has promised a “CityCenter East” development on real estate the company owns next to the Borgata resort it co-owned with Boyd Gaming.
If New Jersey regulators say that MGM Mirage’s partnership with Ho would be unsuitable as half-owner of Borgata, that might make MGM Mirage sell its interest in Borgata and land. Source: LV Sun
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Las Vegas casino mergers and acquisitions is a strong trend for 2007.