• Boardwalk slated to
close Jan. 9 2005 to make room for Project
CityCenter
•
•
Casino owner MGM Mirage,
placing greater value on the land under the
Boardwalk than the casino itself, said Tuesday it
will shutter the beachside midway-themed resort on
Jan. 9.
•
•
The Boardwalk's 749
employees learned of the pending closure Friday,
the company
said.
•
•
MGM Mirage is working to
transfer those affected to similar roles within its
other properties. Those placed elsewhere will keep
their existing hire dates as related to benefits
and accrued vacation
time.
•
•
Long rumored for a date with
a wrecking ball, the Boardwalk's fate was sealed in
November when MGM Mirage announced it would clear
the site to make room for Project CityCenter, a $5
billion development slated to rise on a largely
vacant 66-acre parcel between Bellagio and Monte
Carlo. It will include a 60-story, 4,000-room
hotel-casino; boutique hotels; a major shopping
mall; and 1,640 luxury condominium
units.
•
•
Spokesman Gordon Absher said
Tuesday MGM Mirage is midway through a 20-month
design phase for Project CityCenter; construction
will require an additional 40 months, with opening
day targeted for late
2009.
•
•
The Boardwalk is on about
eight acres at 3750 Las Vegas Boulevard South,
northeast of the Monte Carlo and across the street
from MGM Grand. Despite being close to some of the
city's best-known resorts, it enjoyed a relatively
nondescript
existence.
•
•
Clark County land records
show the 200-room hotel-casino in back of the
boardwald was built in 1968, and in later years the
venue was affiliated with the Holiday Inn
chain.
"Viva Las
Vegas" -- says brainbooster about the Jockey Club.
The Jockey Club itself, is located at 3700 Las
Vegas Boulevard South - Las Vegas, Nevada 89109 -
United States. The
355 room Jockey Club condo unit is located in
between the Monte Carlo, the Boardwalk's, and the
Bellagio Hotel, in the heart of the world famous
Las Vegas Strip. MORE STORY ABOUT THE OWNERS
SHOWING THE JOCKEY CLUB
DEED.
•
•
Chris Jones of the Las Vegas
Tribute, reported that the late Norbert Jansen
parlayed control of a small on-site gift shop into
a role as the Boardwalk's executive vice president
in 1988, and in the mid-1990s, he opened a
16-story, 450-room tower. Boardwalk eventually
became a publicly traded company, which Mirage
Resorts purchased in
1998.
•
•
MGM Mirage acquired the site
when it purchased Mirage Resorts in
2000.
•
•
More recently, locals have
associated the Boardwalk with a series of campy
Surf Buffet commercials featuring rotund boxer Eric
"Butterbean" Esch, while free shows by the Prince
tribute band Purple Reign have developed a strong
following among Las Vegas visitors.
3.
Editor's Photo Note / •Jockey
Club MGM Loan Default Mar 2009. - MGM Mirage
Auditors on March 17th
2009 raise doubts
about the casino operator ability to pay off
JockeyClub MGM Loan Default, which had a
$1.15-billion 2008 loss. •••
Auditors raised "substantial doubt" about
MGM Mirage's ability to continue, the largest
casino owner on the Strip said on March 17th 2009,
in a regulatory filing. The company also reported a
$1.15-billion fourth-quarter loss after writing
down properties because of shrinking gambling
revenue.
•••
Casino Operator MGM Mirage who's in charge of the
Jockey Club - Las Vegas City Walk project, won a
two-month bank court reprieve to restructure its
debts.
••• The
auditors' comments increase the likelihood that MGM
Mirage will seek bankruptcy protection. Banks
granted waivers on the $7-billion bank-loan
facility until May 15. The company said March 3
that it was in talks to avert a potential breach of
covenants.
••• In
exchange for the temporary covenant waivers, MGM
Mirage is prohibited from prepaying or repurchasing
other long-term debt or selling assets. The company
will also repay $300 million of the fully drawn
revolving loan, and it accepted a 100-basis-point
increase in the interest rate.
••• MGM
Mirage, controlled by billionaire Kirk Kerkorian,
can also fund construction of its Las Vegas City
Center - Jockey Club project only if partner Dubai
World also finances its half of the costs, the
company said in the filing. The casino company
reiterated Tuesday that it would finish the project
on schedule.
•
Jockey
Club MGM, Deutshe Bank City Walk Project 2009 -
MGM, Deutsche talks said to
fail
- March - 2009 MGM Mirage and Dubai World
failed to reach agreement with Deutsche Bank and
talks on a $1.2-billion loan to complete the Las
Vegas CityCenter project collapsed, according to
five people with knowledge of the
matter.
•••
Deutsche Bank was seeking equity and debt stakes in
the $11.2-billion development on the Las Vegas
Strip in return for the loan. MGM Mirage and Dubai
World are now holding talks with other parties, one
of the people said. -- times wire
reports
MGM
CEO, Terry Lanni, stepped aside in Nov 2008, just
as questions continued to swirl about his
resume.He leaves as MGM
Mirage and other casinos struggle with the
worst financial crisis since the Great Depression.
Its shares have plunged 87% this year as it has
tried to get enough cash to cover loans and finish
the $11.2-billion CityCenter project on the Las
Vegas Strip.
••• MGM
Mirage, the casino firm majority-owned by
billionaire Kirk Kerkorian, said Chairman and Chief
Executive Terry Lanni retired in November as
questions about his resume surfaced. Lanni says the
USC business degree listed on his company bio is
honorary.
•••
"It's time for a younger generation to take
over," Lanni said in a telephone interview. He also
cited a desire to spend more time with his family.
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FOR MORE CITY WALK JOCKEY CLUB
NEWS
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Construction outside the Jockey Club in Las
Vegas
