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After more threats of extinction than anyone could remember, the New York City Off-Track Betting Corporation unexpectedly made good on a threat of its own and closed the doors to its parlors on Tuesday night. ... About 50 parlors around the city were shuttered. Some 1,000 employees lost their jobs. And a revenue stream that had funneled tens of millions of dollars a year to breeders, track owners and related businesses dried up. Another piece of gritty old New York had gone the way of the Automat and the Times Square peep show.
posted by Joe Beese on Dec 9, 2010 - 35 comments

Tomorrow in Las Vegas, a mixed hotel/condominium called Vdara will open for business on the spot once occupied by the unlamented Boardwalk Hotel and Casino. It is the first stage of the CityCenter complex, the largest privately financed development in the United States, which has already cost $8.5 billion and six lives. Even before the recent debt-restructuring woes of 50% stakeholder Dubai World, there was concern over CityCenter's impact on the struggling local economy. (previously) [more inside]
posted by Joe Beese on Nov 30, 2009 - 54 comments

Trump Entertainment is about to run out of the third extension of its debt payments. Station Casinos is offering its investors as little as 10 cents on the dollar in a pre-packaged bankruptcy. Wynn Resorts is cutting staff hours and bonuses to avoid layoffs. MGM Mirage may see a default rate of 30% on its City Center condominiums. Harrah's long-term debt has doubled. There are no more traffic jams on the Strip. Oh... and the Borgata Hotel in Atlantic City had to settle a $70 million sexual harassment lawsuit brought by its beverage servers. In short: times are tough.
posted by Joe Beese on Feb 9, 2009 - 61 comments