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Norm!: Light Group Offering to Buy Monte Carlo

By Chuckmonster on Tuesday, 10th March 2009 2:43pm
  » filed under Las Vegas  comments: 4

   

Here's an interesting tid bit courtesy of Norm! and his infinitely bizarro Twitter postings:

CONFIRMED: Light Group founder Andrew Sasson is in talks with MGM Mirage to buy the Monte Carlo, a rep for the club mogul confirmed today.

Now, before we get our daipers wrapped too tightly, remember that as a public company, MGM Mirage is required to entertain any and all potential offers as part of their duty to shareholders.

Also, remember that Light Group just got screwed in the botched Harmon construction deal... and probably has some cash lying around they were to pour into that project.

My guess is that if this is true and it comes to fruition, this 'sale' of Monte Carlo is MGM Mirage essentially putting it in hock to the Light Group Pawn shop. Should CityCenter prove to be a success over the next few years, MGM Mirage will probably buy it back, or just maybe just buy out the Light Group.

There is also the outside chance that the Light Group wants to get into the big game also, which would put them at competitive odds with their largest partner and host of most of their clubs - MGM Mirage.



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Comments & Discussion:

 TIavEN posted on Tuesday, 10th March 2009 - 4:03 pm

I'm surprised that Vegas's biggest nightclub operator wants to buy the most boring hotel on the strip. Plus, MGM wants that land to expand CityCenter in the future, so I doubt that the sale will happen. I could see Light Group opting for NYNY once this sale doesn't go through.

 dobiezeke posted on Tuesday, 10th March 2009 - 8:09 pm

You realize you just answered your own question. Hmm, why would Light Group "buy" the Monte Carlo when MGM Mirage wants to expand City Center in the future? Perhaps because MGM Mirage will then have to "buy" the Monte Carlo back in order to build on the property to expand City Center...happens all the time.

 RockChickX51 posted on Wednesday, 11th March 2009 - 10:40 am

Right, or because this casino IS so boring, they'll want to spruce it up a little bit, maybe change the names of the restaurants to start? Names like The Cafe and The Buffet don't really have a ring to them.

I think the Light Group also realzed that Monte Carlo is one of the few hotels now that has no nightclub in it, and that needs to change.

 parchedearth posted on Wednesday, 11th March 2009 - 10:53 am

Interesting idea but I can't see an outright sale. The main issue would be Light becoming a casino operator in competition with other MGM properties which have Light clubs/restaraunts. However, Light could become a 50% partner in the property. MC didn't cost that much to build and could probably be had for $500M. Light may have the money already lined up from the Harmon and is already paying on leases for 2 restaurants. The brewpub could be turned into a nightclub. A partial ownership could really benefit both parties.



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