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The New Name Of Monte Carlo

By Chuckmonster on Tuesday, 1st September 2015 9:06am
  » filed under Las Vegas  comments: 19

   

Late last week, MGM Resorts International CEO James "Jimbo" Murren took to the airwaves of channel 3 to chat about everything under the sun, including loudly and clearly to all within earshot of Securities and Exchange Committee's Securities Exachange Act of 1934 Section 10b Rule 10b-5 Item C that The Mirage is not for sale.

For those unfamiliar with laws, rules and stuff like that, CEOs and officers of publicly traded companies are bound by these rules to protect shareholders from potential fraud.

It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange,

(a) To employ any device, scheme, or artifice to defraud,

(b) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or

(c) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security."

Let's just say that... if the Mirage were sold, and Jimbo said it wasn't, he would be purposefully lying to shareholders, scheming to defraud them by making untrue statements in connection to the purchase or sale of MGM stock. If convicted, Jimbo goes to prison. Anybody remember Enron? Laws, rules and ethics are important.

Anyways, Jimbo also stated that Monte Carlo will be rebranded and given a new name later this year.

The Final Monte Carlo Las Vegas Casino Chips

When I was in town over the weekend I did a little research... I walked around Monte Carlo and asked half-dozen employees from a cross section of different departments the big question:

Do you know what are they going to rename this place?

The first answer: "Oh oh... I know... uhm." (thinks hard) "Victoria something."

Secret? Victoria Secret? An underwear themed joint? Oh... something as in you don't know. Ok.

I'm sure the ears of every Vegas casino history nerd reading this perked up just as mine did upon hearing 'Victoria.' Victoria Partners, for those who don't know, was the original corporate name for the partnership between Mirage Resorts' Steve Wynn and Gold Strike Resorts' Glenn Schaeffer to build the very same Monte Carlo. I truly doubt MGM will want to resurrect this obscure piece of their history and paste it on to the front of their gleaming repainted hotel.

And then I thought about the Central Park narrative and found this:

Monte Carlo las Vegas Victorian Gardens

Victorian Gardens is a small seasonal amusement park located inside the south eastern corner of New York's Central Park. Would MGM Resorts name their casino after an amusement park located inside of a park? Knowing CEO Jim Murren's unabashed fascination for parks, pocket and otherwise... I wouldn't bet against it.

The name Victorian Gardens just sounds like something designed to compete with The Cromwell and Cosmopolitan. The name also plays well with existing architectural filigree and probably wouldn't require much more than a fresh color palette, some hip colored Weatherbeater and a sleek new sign to rebrand into.

A long shot, but reasonably compelling.

The other five answers employees told me were nearly identical. After the "they haven't told us yet, but everyone is saying that it will be called" disclaimer, they all came up with a permutation of The Park Avenue, some tacking on hotel, casino or resort to the end. They all cited the same rationale for the name - proof they see every single day they come to work.

Monte Carlo Las Vegas Park Avenue Hotel

MGM Resorts International changed the name Rue de Monte Carlo to Park Avenue.

Lightbulb.

Now I feel stupid... all this time and the answer has been hanging right in front of our faces. Why would MGM Resorts name the street Park Avenue and then name the hotel something else?

SLS Way. Wynn Way. Echelon Place. Paris Drive. Bellagio Drive. City Center Place. Mandalay Drive. Excalibur Way. Mandalay Bay Rd. Four Seasons Drive. Tropicana Blvd. Flamingo Road. Why WOULDN'T they call it The Park Avenue?

Because, Teen People is already taken.



Tagged: monte carlo   the park   park avenue   





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Comments & Discussion:

My sources say its going to be called: THE Jim Murren Teen People Grand World Casino and Resort on Park Avenue, an MGM Resorts International Resort, Designed by Victoria Partners

Either that or The Park

¯\_(ツ)_/¯

^ I like that!

From "named after a Chevrolet" to "named after a Buick." Wonderful.

^ i love that. so funny

How about The Harmon?

That's not .. a Buick!

I think they are going to call it the Park. Park Avenue suggests the place would then get a New York theme which has already been taken.

Park Place. Thought it all along.

why not Newark Newark?

Why not just The Park? After all, other casinos aren't called The Bellagio Drive or The Tropicana Boulevard.

But I'm wondering if they named the road after the outdoor complex being built between Monte Carlo and NYNY, instead of whatever the casino/hotel will be named. Sort of like how Linq Lane was named for the Linq complex before the casino/hotel was renamed from Quad to Linq.

That said, I like your idea of Victoria Gardens. Or, combining the two, Victoria Park.

but then nothing done with the exterior windows of the sad looking prison resort. And as much as I'm not an architecture kind of guy, I really do hate those windows.

Just got a chance to listen to The Admiral with The Five Hundites neat discussion about this on the latest FHBM. Admiral gets my fuzzy Monte Carlo history facts correct.

http://www.fivehundybymidnight.com/fhbm/2015/08/29/las-vegas-podcast-518/

I will be disappointed if the name is Park Avenue or some variation. Talk about playing it safe. Jim Murren made it sound like Monte Carlo is going to become this high energy conduit for millenials between the arena, Citycenter, the new theater, and all the new offerings in the Park. So why name it "Park Avenue", which to me brings to mind either rich old ladies walking their poodles, or the snootiest address on the monopoly board? I'm going to go out on an optimistic limb and think the plan to rename Rue de Monte Carlo pre-dated the plan to rebrand the hotel, and so therefore the street name is not a clue.

The original name was going to be the Victoria Grand, but MGM got their knickers in a bunch, so the name was shortened to the Victoria before being dumped for the Monte Carlo name.

I'm thinking that the renaming of Rue De Monte to Park Avenue has more to due with The Park (and the arena) as opposed to the new name for the Monte Carlo, especially since The Park is tied in more with NYNY than the Monte Carlo.

First of all, as a man who knows more than a thing or two about securities law and corporate transactions, I couldn't disagree more about your interpretation of rule 10b-5. "The Mirage is not for sale" does not mean "I will not sell the Mirage if somebody offers me a high enough price." All publicly listed companies have a fiduciary duty to their stockholders to take the right bid, whether it be for an asset or the entire company. The MGM register is crawling with hedgies, they're under pressure from Jon Litt still, and doing the REIT spin really requires an asset sale or some other debt-reducing activity. Plus the Kerkorian Estate should be keen to see value creating activities occur while they prepare to dispose of their interest.

Secondly, given the way they're building that park in front of NYNY and Monte Carlo, I think the Park Ave name makes a ton of sense

Hedged - i didn't say what you think I said. Murren reiterated that Mirage wasn't for sale at that moment, deal in process or completed, there is no transaction. Of course if someone comes with a check tomorrow, he can easily sell it. But he can't knowingly have a done and in his pocket and lie to investors that there is no deal.

I am in the camp that the Park Ave renaming actually has two meanings...one because of the park they are building and two because it goes by NY,NY as in Park Ave in Manhattan. Murren is infatuated with all things New York. Now, it would actually make some sense to rename Monte Carlo to actually have something to do with the park, so I am not saying it won't be "The Park', like CZR eventually did with "The Linq Hotel".

Is there any chance the Victoria reference is actually the Grand Victoria like their 50/50 riverboat outside of Chicago? That would be a horrible idea, btw.

Given Murren's infatuation with NYC I do like your extrapolation of the Victorian Gardens or Victorian Park.

KickedBoar591 - "Newark, Newark" - that was hysterical!

Maybe it will be Rock in Park...I mean Rock in Rio is totally awesome, right?

what about The Montecito?

How about the Monty Python? Sure, it wouldn't be cheap, but imagine the possibilities....



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