Good Bye Circus Circus

FordPickup92

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I'm sure yall have heard the news, but if not...

FROM THE LAS VEGAS ADVISOR ONLINE!

September 14, 2019 07:37 VitalVegas Bombshell: Circus Circus Sold: Scott "Doubt Our Sources at Your Own Peril!" Roeben of VitalVegas.com reported late yesterday that MGM Resorts International has sold Circus Circus, plus the Las Vegas Festival Grounds next door -- an extraordinary 102 acres with a Strip frontage of more than a quarter-mile. Scott writes, "We have it on good authority the sale of Circus Circus casino is a done deal. It’s unknown when an official announcement of the sale will be made." As for the buyer, he adds, "While we can’t share the name of the buyer at this time, it’s a known player in Las Vegas (and not an outside entity like Oyo, which purchased Hooters, or a private-equity firm)." Could it be Boyd? Phil Ruffin (of Treasure Island)? Tilman Fertitta (of Golden Nugget)? Or (dare we say) Steve Wynn?
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ReallyGoodUsername

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Only place I’ve stayed in Vegas (fam trip). Good thing for current circus circus chip owners though!
 

BarrieJ3

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Nevada reg requires the chips be destroyed (98% sure on that)
So what I’m hearing is that we need to start a “casino chip destruction company”. We can “destroy” chips for only .01 a chip!

Who does/how do they destroy them anyway?
 

BarrieJ3

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Google was pretty easy. They go back to manufacturer for destruction.

What a horrible job. Listening to the screams of millions of chips pleading for their loved ones, as a simple press of a button ends their existence, as if they never were. I wonder if they’re missed...
 

FordPickup92

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Google was pretty easy. They go back to manufacturer for destruction.

What a horrible job. Listening to the screams of millions of chips pleading for their loved ones, as a simple press of a button ends their existence, as if they never were. I wonder if they’re missed...
That's literally so sad....

So whose going to get job with the manufacturer and 'destroy' them by sneaking them out.....
 

BarrieJ3

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That's literally so sad....

So whose going to get job with the manufacturer and 'destroy' them by sneaking them out.....
We talking like oceans eleven ploy, now you see me tricks, the inside man job, an elegant ruse a la the prestige, or just a lock, stock, and two smoking barrels bum rush? I’m in for all of he above. Maybe sprinkle in some the rock “chiconnery”.
 

saleen121212

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I've been saying it for a while but we need someone who's retired and doesn't need money to take a job with GPI. Produce 1 million chips for us without getting caught and "accidently" lose all chips that are sent in for destruction.
 

FordPickup92

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We talking like oceans eleven ploy, now you see me tricks, the inside man job, an elegant ruse a la the prestige, or just a lock, stock, and two smoking barrels bum rush? I’m in for all of he above. Maybe sprinkle in some the rock “chiconnery”.
Count me in for all of the above lol they're all worth a shot, there should be a no chip left behind movement
 

allforcharity

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I've been saying it for a while but we need someone who's retired and doesn't need money to take a job with GPI. Produce 1 million chips for us without getting caught and "accidently" lose all chips that are sent in for destruction.

Yes, but won't they get suspicious if we'll say we'll work for free, or actually pay for the privilege of working there? And we always ask to drive the truck?
 

Poker Zombie

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Sale of Circus Circus confirmed today to an affiliate of Treasure Island.

More shocking was the sale of Bellagio.

Should be interesting to see what the landscape looks like in a couple years.
 

skylines

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Sale of Circus Circus confirmed today to an affiliate of Treasure Island.

More shocking was the sale of Bellagio.

Should be interesting to see what the landscape looks like in a couple years.
Supposed to be a "long term" leaseback for Bellagio so not sure they would really have any major plans with it. MGM certainly needed the cash. Hopefully they pump some into player comps, ha ha ha
 

Poker Zombie

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I'm not sure that "MGM certainly needed the cash" (last quarter they were sitting on 1.1 billion in unused cash), but they have noted a high probability of another recession with the current presidential policies (i.e. the trade war is affecting expendable income) and wanted to buff up their cash as a safety measure. They are also leaning toward an "Osaka First" strategy, with Japan recently legalizing casinos there. Sands Corp has said they will focus on Tokyo and Yokohama (20 miles apart), leaving Osaka (250 miles away) untouched virgin territory.

I don't expect a rebrand for Bellagio - it's name is just too great currently. Circus² on the other hand is a 50 year old relic that has little to no renovations done since 1999. Situated right next door to the (soon to be) brand new Resorts World, Circus² has little to no chance of survival in its current state - even if the north strip becomes a thing again.
 

skylines

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I'm not sure that "MGM certainly needed the cash" (last quarter they were sitting on 1.1 billion in unused cash), but they have noted a high probability of another recession with the current presidential policies (i.e. the trade war is affecting expendable income) and wanted to buff up their cash as a safety measure. They are also leaning toward an "Osaka First" strategy, with Japan recently legalizing casinos there. Sands Corp has said they will focus on Tokyo and Yokohama (20 miles apart), leaving Osaka (250 miles away) untouched virgin territory.

I don't expect a rebrand for Bellagio - it's name is just too great currently. Circus² on the other hand is a 50 year old relic that has little to no renovations done since 1999. Situated right next door to the (soon to be) brand new Resorts World, Circus² has little to no chance of survival in its current state - even if the north strip becomes a thing again.
Debt to equity 2.25x. 15 billion in debt. Not the worst (ratio) but still. Didn't work out great for Caesars.
 

Poker Zombie

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Not saying I would invest, but MGM/Caesars/Wynn/Sands have all historically run with a huge debt to equity ratio. In corporate business, it is considered acceptable to maintain that seemingly terrible debt while growing in other markets. After all, the CEO, board, and all the execs are pulling in millions every year for maintaining "growth". Selling is worrisome and the stock has taken a minor thump today on the news.

Moreover, since MGM board is primarily run by a real estate group now, it seems to indicate that they have less hope in the future of Las Vegas.
 
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Most jurisdictions require the chips to be destroyed i.e. driling a hole through the chips, melting, pouring them in the concrete of a foundation etc. But does this include closed casinos? How did people get their hands on dunes chips etc. ?
 

Highli99

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Most jurisdictions require the chips to be destroyed i.e. driling a hole through the chips, melting, pouring them in the concrete of a foundation etc. But does this include closed casinos? How did people get their hands on dunes chips etc. ?

dunes chips were discovered buried when they dug out the foundation for Bellagio.
 
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dunes chips were discovered buried when they dug out the foundation for Bellagio.
Oh nice. I was told there are quite a few rare/ vintage chips in lake mead. Back in the day they believed dumping chips in the lake would prevent anyone from recovering them. I guess they didn't expect the current to wash them ashore.
 

FordPickup92

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Oh nice. I was told there are quite a few rare/ vintage chips in lake mead. Back in the day they believed dumping chips in the lake would prevent anyone from recovering them. I guess they didn't expect the current to wash them ashore.
Man I'd love to invest in diving... chips in lakes chips in oceans....probably ruined but still awesome nostalgia
 

skylines

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Oh nice. I was told there are quite a few rare/ vintage chips in lake mead. Back in the day they believed dumping chips in the lake would prevent anyone from recovering them. I guess they didn't expect the current to wash them ashore.
Wew. Leaded chips in the drinking water? :D
 
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