Las Vegas Casino Ownership May Change Hands
William Eadington of the University of Nevada, Reno, states the multi-casino corporations like Harrah’s, MGM Mirage, and Las Vegas Sands are suffering from financial difficulty, and may be forced to sell resorts to the highest bidder.
A leading specialist in the casino gambling industry says a number of Las Vegas casinos may end up with a change in ownership as the economy persists to upset the gambling world.
“Possession is likely to change hands with a number of the major corporations,” Eadington toldhe Las Vegas Review-Journal. “We’re likely to see spinoffs at Harrah’s, Las Vegas Sands and MGM Mirage.”
The first of the equity sales happened last year, when Phil Ruffin orchestrated to buy the Treasure Island Casino from MGM Mirage for $775 million. Since then, MGM properties have been said to be up for sale.
Corporation representatives have said they would choose to sell casinos in Biloxi or Detroit, but will allow a Las Vegas Strip property go at the right price. Even the Bellagio has been shopped to see what interest might rise if the property were available.
Rumors have had the Rio All-Suite Hotel and Casino for sale by owner Harrah’s. If Harrah’s were to sell a Vegas casino, it would make sense that the Rio would be the one, as Harrah’s other hotels all form a continuous section on the Strip, except for Caesar’s Palace, across the street from the rest.
Eadington noted that some prospective buyers, such as Penn National Gaming, may be waiting too
long to make up their minf, hoping the market will slope even deeper.
