The basic plan looks like this (I am no expert on these matters so take this with a big grain of salt).
so here goes anyhow…MGM Mirage is going to offer at least a Billion Dollars worth of common stock. With this money they are going to retire soon to be due MGM-Mirage corporate bonds. In addition they will also float new bonds which will be due 5 years or more down the road. Interesting part is, these new Bonds are to be secured by “quote” first priority lien on substantially all of the assets of Bellagio Hotel and Casino and The Mirage.
So basically this means a big-time restructuring of MGM-Mirage’s balance sheet.
I hope they pull it off because nobody in this town wants the alternative.
Why? because Rick’s understands to increase your traffic flow and thus your bottom-line, you must reward your best sales people..namely Taxi Drivers.
Rick’s about a month ago decided to up the bounty paid to taxi drivers beyond what other strip club operators were paying out. This move has created all manner of upset including lawsuits and harassment in the media by hired guns such as attorneys Al Marquis and his muckraking sidekick Mark Fierro.
Here’s a couple of Forum posts right here on this website with more info:
HOUSTON- (May 6, 2009) – Rick’s Cabaret International, Inc.[NASDAQ-GM:RICK], premier operator of upscale gentlemen’s clubs, said today its sales in April climbed to a record $7.37 million, a 44.6 percent gain over April 2008 revenues. "Our newest acquisition in Las Vegas is becoming a powerful contributor with sales of $1.86 million in April, as our aggressive marketing approach has made us one of the top adult entertainment destinations in Vegas," said Eric Langan, President and CEO of Rick’s Cabaret.
So Las Vegas Taxi Drivers have been accused of Extortion. We have been told we are killing business and the bottom lines of these Adult Entertainment operators.
To all that all I can say is BULLSHIT.
The truth is there is plenty of business for everybody. The customer who maybe goes to Rick’s may have just been at Bada Bing’s club and was talked into continuing his night by a helpful cabbie. The customer at Rick’s, because of the marketing done by a cabbie, spent some time there and less standing around doing little back at his hotel.
To the believers in SCARCITY, I say wake the hell up people.
So the odds makers had it 100% correct, Manny Pacquiao would easily defeat Ricky Hatton in last Saturday’s Boxing match at the MGM Grand. I doubt however even these sharpies figured Hatton would barely mount a whimper and sans the clock in the first round, be knocked out for good in round 2.
Most who attended this JOKE, paid between $500 and up to of $20,000 to sit and be taken to the cleaners basically. Even Paquiao fans could hardly be thrilled with watching their guy beat the living crap out of somebody who had no business facing off against him.
Now I do not claim to be any expert on Boxing or even remotely a follower, but it is pretty obvious these Boxing Matches are just a big show. What I mean is these matches are largely rigged, outcomes known. The hype is immense. So with that said, did somebody forget to tell Manny P he was suppose to “play around” for say 5-6 rounds, give the suckers a show, and then end it?
I mean who doubts Paquiao was in utter control of this farce from the get-go? This was no boxing match between two of equal skill, hell no. This was a farce. Most attendees in the audience could have probably put-up more of a “fight” than this over-classed boxer from Manchester England did.
Here’s a hint, next time the promoters of these silly events needs to make sure the two stooges understand exactly what their role is, what they are expected to accomplish, and how long it is supposed to last. These matches are a product and people expect value for their money.
If Paquiao vs Hatton was supposed to be legitimate (which it turned out to be funny enough), why would anybody buy a ticket to an ass-kicking like that? Truth is boxing is rigged and manny fucked up. maybe it was a language issue
So word is Floyd Mayweather, fresh off having his Crib cleaned out for TV, is UNretiring to “fight” Manny real soon. Gee I can hardly wait, snore.
Sunday thru Thursday, Flamingo Blvd from Interstate 15 to Koval lane which crosses the Las Vegas Strip becomes an annoying traffic construction zone.
The project has it’s own website since actually the project is being privately financed by the Harrahs Company. The website is FlamingoPowerLines.com
The purpose of the project is to take the power lines which now run thru Hotel properties like these between Bill’s Casino and the Flamingo Hotel, and move them underground, under Flamingo blvd.
By doing this Harrahs, which owns Bill’s, the Flamingo, and Caesar’s Palace down Flamingo and across the Las Vegas Strip from the other two, adds value to these properties. Views will be cleaned as guests will no longer have ugly electrical transmission lines out their hotel windows.
The Historical angle to all this involves a young Steve Wynn, a very old Howard Hughes, a savvy banker named E. Parry Thomas, and Caesar’s Palace. In 1971, Valley Bank, at Parry’s urging, lent $1.2 million to Steve Wynn, which Wynn used to buy a narrow strip of land next to the Caesars Palace, right on the major thoroughfare, Flamingo Road. Earlier Parry had tried to sell the land to Caesars Palace but they weren’t interested. Wynn then announced plans to build the world’s narrowest casino, motivating Caesars to buy the land for $2.25 million. With none of his own money invested, Wynn made $1 million on the deal. This gave Wynn enough money to buy a significant interest in the Golden Nugget Hotel in downtown Las Vegas and soon take over the company. Many cite this deal as the start of Steve Wynn’s long and illustrious connection to Las Vegas.
The impediment of these lots has always been unsightly power lines running above. This has not stopped development of these parcels as Caesars has two towers on their side called Octavius Tower (still under construction) and the Augustus Tower. Bill’s, formerly the Barbary Coast, and the Westin Casurina further east on Flamingo Blvd all contend with these transmission lines. Those days are about to end.
The power lines can be seen toward the bottom of the photo.
Harrahs obtained the Barbary Coast, renamed it Bill’s Gambling Hall, from Coast Casinos/Boyd Gaming in a swap for land Harrahs controlled next to the since imploded Stardust Hotel. Boyd, needed the land as part of their Echelon Project which is going in where the Stardust used to be.
artist rendering of Echelon Las Vegas.
So there you go, what may appear to be a normal road project is actually another significant twist in a long saga of Las Vegas history.
I post this here because the actions of these 2 organizations, the Las Vegas Convention and Visitor’s Association and their Advertising firm R&R Partners, is directing related to why the streets of Las Vegas are flooded with twice as many cabs as there is business to support. This is my opinion based on 6 years of driving taxi in Las Vegas and witnessing the ridiculous obession by these people concerning the Convention Center.
If one adds in the equally shadowy McCarran Airport Authority and the silent hand of certain Casino operators, is it any wonder the Taxicab Authority, itself ethically questionable, is a rubber stamp for the desires of these 3-4 powerful forces?
quotes from the report: Given the central role the LVCVA plays in Southern Nevada’s economy, the Nevada Policy Research Institute decided to take a close look at the LVCVA’s finances and operations. NPRI hired investigative reporter John Dougherty (InvestigativeMedia.com) to obtain and conduct an analysis of LVCVA internal records.
The LVCVA is a political subdivision of Clark County but operates as if it is a Fortune 500 corporation. LVCVA top officers travel in first-class luxury and its president, Mr. Rossi Ralenkotter, is paid $320,000 in salary and bonus incentives. State and county travel regulations require employees to minimize travel costs – a policy that is ignored by the LVCVA for its top executives. For example, LVCVA Vice President of Marketing Terry Jicinsky in April spent more than $11,500 for a weeklong trip to Dubai, including $9,000 in first-class airfare.
Mr. Ralenkotter also enjoys frequent first-class travel, including a trip last spring to Maui. Of greater concern is Mr. Ralenkotter’s willingness to accept free travel from companies that have business with the LVCVA. For example, Mr. Ralenkotter may have accepted airfare and hotel expenses from HNTB, a Kansas City design and construction company that has a contract to remodel the convention center. Accepting travel expenses from a company that has business with a public agency violates the state Ethics in Government law.
Extravagant spending and cozy relationships with contractors set the stage for more serious issues, particularly in the LVCVA’s relationship with its largest subcontractor, R&R Partners. The powerful public affairs and advertising firm has received $398 million from the LVCVA over the last five fiscal years. R&R Partners’ five-year contract expires June 30, 2009. The contract can be extended by five years on written approval by the LVCVA prior to March 1, 2009. R&R Partners has had the LVCVA advertising contract since 1980.
R&R Partners is the largest non-governmental beneficiary from the room tax. The LVCVA will pay R&R Partners approximately $87 million in FY2009 for its advertising campaign and other services. This is equal to the combined room tax revenue received by Clark County, Las Vegas, Boulder City, Henderson, North Las Vegas and Mesquite and significantly more than the $76 million received by the Clark County School District.
Had the opportunity to take a fare down to the opening of the M Resort Hotel and Casino last Monday at about 10pm. While stuck in traffic, we were able to watch the entire 10 minute or so Fireworks show kicking off the resorts opening.
M is located right off the Interstate 15 at the St. Rose exit.
I was able to secure a ride back to the Las Vegas Strip from M which went to Mandalay Bay, the taxi fare was $30, door-to-door. M could prove to be a really good money maker for Las Vegas cabbies.
M was built and is run by the same family who originally did the same with the now famous Rio Hotel in Las Vegas, the Marnell’s. While nobody can fault Steve Wynn for being the king of the high-end, the Marnell Family can be called the kings of the Middle Market I think it is safe to say.
M Resort features 390 Suites, 92,000 square feet of Gaming, a 100,000 signature Pool and entertainment area, 23,000 square of Spa type amenities and over 60,000 sq. ft of Conference space.
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I-Team: Cabbies and the Cabaret
Las Vegas From a Cabbie
Crazy Juggling Taxi Driver Las Vegas
