{"id":1341,"date":"2007-04-23T23:36:43","date_gmt":"2007-04-24T06:36:43","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1341"},"modified":"2007-04-23T22:27:42","modified_gmt":"2007-04-24T05:27:42","slug":"more-strip-monopoly-icahn-sells-nevada-casinos","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1341\/more-strip-monopoly-icahn-sells-nevada-casinos\/","title":{"rendered":"More Strip Monopoly: Icahn sells Nevada casinos"},"content":{"rendered":"

More on the theme of Strip Monopoly<\/a>: Billionaire Carl Icahn is selling all of his Nevada casino holdings to Goldman Sachs’ Whitehall Street Real Estate Funds for $1.3 billion<\/a>.<\/p>\n

This is interesting on a number of grounds, taken more or less least to greatest.<\/p>\n

Third, Icahn is going to net out about a billion dollars in profit on the deal. He’ll probably never make as much on casinos as Donald Trump has managed to lose, but a billion bucks is a billion bucks.<\/p>\n

Second, Goldman Sachs is convinced that it bought a Strip-front property in the Stratosphere, along with 17 acres of underdeveloped Strip-front land the Strat has accumulated over the years<\/a>. This is technically incorrect, and it’s an error buyers have made at that location since it was Bob Stupak’s Vegas World.<\/p>\n

The Strip ends at Sahara — where the City of Las Vegas begins. The Strip developed in what is still unincorporated Clark County to avoid the kind of meddling municipal governments are best at. The Strat is not a grind joint like the dumps downtown<\/a>, but it plays at a distinct disadvantage against its bigger, better-bankrolled rivals further south.<\/p>\n

Today’s deal also includes a casino in Laughlin, and the two Arizona Charlie’s casinos in suburban Las Vegas. As with Boyd Gaming’s Sam’s Town properties, these are seen by analysts as being locals casinos, but, in fact, they draw their own segment of the tourist population — think of them as low-rollers with RVs. MGM Mirage’s announcement of the closing of the RV park at Circus Circus may prove a boon to these casinos.<\/p>\n

But: First, if Carl Icahn is selling now, it argues to me that the bloom is off the boom for Strip-fronting (or pretend-Strip-fronting) real estate. MGM Mirage paid over $17.2 million an acre for the 33.4 acres it is acquiring at Circus Circus<\/a>. That land come with a corner premium, to be sure, but is is for now the weakest corner on the Strip Monopoly board. If Icahn is selling, it’s because he believes prices are at their peak for now.<\/p>\n

Is he right? Hide and watch. But with $4 billion in Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

More on the theme of Strip Monopoly: Billionaire Carl Icahn is selling all of his Nevada casino holdings to Goldman Sachs’ Whitehall Street Real Estate Funds for $1.3 billion. This is interesting on a number of grounds, taken more or less least to greatest. Third, Icahn is going to net out about a billion dollars […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6,5],"tags":[],"class_list":{"0":"post-1341","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-marketing","8":"category-real-estate","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2507,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2507\/what-do-you-do-about-a-3-dollar-foreclosure-you-can-take-it-in-stride-or-you-can-squish-it-like-a-bug\/","url_meta":{"origin":1341,"position":0},"title":"What do you do about a $3 billion dollar foreclosure? You can take it in stride — or you can squish it like a bug","author":"Greg Swann","date":"January 17, 2008","format":false,"excerpt":"Foreclosure is normally not a topic for amusement, but the Las Vegas real estate scene is like a brand new Hasbro game show, Monopoly.TV. The news:The developer of the $3 billion Cosmopolitan Resort & Casino says its lender, Deutsche Bank, filed a notice of foreclosure on the property for a\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1325,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1325\/whats-the-hottest-game-in-vegas-strip-monopoly\/","url_meta":{"origin":1341,"position":1},"title":"What’s the hottest game in Vegas? Strip Monopoly!","author":"Greg Swann","date":"April 20, 2007","format":false,"excerpt":"Oh, keep your shirt on... Strip Monopoly refers to that famed Parker Brothers board game (now owned by the soulless Hasbro, alas) as played with the real-life real estate on Las Vegas Boulevard -- a\/k\/a \"The Strip.\" Earlier this week, Kirk Kerkorian's MGM Mirage acquired 33.4 acres of Strip-front real\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10254,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10254\/goldman-sachs-and-gods-work\/","url_meta":{"origin":1341,"position":2},"title":"Goldman Sachs and God’s Work","author":"Sean Purcell","date":"November 9, 2009","format":false,"excerpt":"I guess I haven't reached that point in my life yet when I'm so jaded (or is it cynical) that nothing will surprise me.\u00a0 I say this after reading an interesting little article in the London TimesOnline.\u00a0 They had the chance to interview Lloyd Blankfein, the Chairman and CEO of\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":882,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/882\/real-estate-in-deadwood-how-fremont-street-in-las-vegas-became-a-ghost-town\/","url_meta":{"origin":1341,"position":3},"title":"Real estate in Deadwood: How Fremont Street in Las Vegas became a ghost town . . .","author":"Greg Swann","date":"January 11, 2007","format":false,"excerpt":"My mother gives us money for Christmas every year. This year we used the lucre to buy seasons one and two of Deadwood, the acclaimed HBO television series about gold-mining, lawlessness and profanetasizing -- a condition afflicting screen writers, who pretend to affect to believe that people in the past\u2026","rel":"","context":"In "Enduring Interest"","block_context":{"text":"Enduring Interest","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/enduring-interest\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1616,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1616\/viva-las-vegas-the-monorail-might-be-a-failure-as-a-transportation-system-but-it-is-sin-citys-best-commercial-real-estate-development-tour-bus\/","url_meta":{"origin":1341,"position":4},"title":"Vista on Las Vegas: The Monorail might be a failure as a transportation system, but it is Sin City’s best real estate development tour bus","author":"Greg Swann","date":"July 1, 2007","format":false,"excerpt":"Cathleen and I were married on Independence Day in the Little White Chapel on the Strip in America's Playground, scenic historic Las Vegas, Nevada. 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