Visual Impact of Bankruptcy in Sin City

TIMELINE of FAILURE 17 27 26 0 Bankruptcies in Sin City CASINOS THAT FAILED The owners of these casinos all filed for Chapter 11 bankruptcy in hopes of restructuring their debt and emerging as a profitable business once again. ALADDIN The Aladdin first opened in 1966 and was sold many times until it came upon a major failure after a disastrous renovation in 2000. The casino was sold in 2003 and rebranded as Planet BANKRUPT: September 2001 Hollywood. TROPICANA The Tropicana first opened in 1957 with the south beach Miami theme it still retains today. The casino filed for bankruptcy in 2008 but emerged, after restructuring its debt, relatively unchanged. BANKRUPT: May 2008 Not a true casino the Trump Hotel sits just off the strip. Developed by real estate mogul Donald Trump the hotel has seen its share of hard times. Trump's projects have seen chapter 11 bankruptcy 4 times but each time have emerged unchanged and in better shape than when they entered. TRUMP HOTEL ™ BANKRUPT: Feb 2009 TERRIBLE'S Terrible's, located just off the strip, is run by the Terrible Herbst Oil Company, a chain of gas stations in the U.S. southwest, The parent company filed for bankruptcy in 2009 with little effect on the casino's operation. BANKRUPT: March ICASINO 2009 The Fontainebleau is a long stalled construction project on the north strip that is slated to become a very high end property if completed. After filing for bankruptcy in 2009 the property was sold to Carl Icahn who has sold off some of the casino's assets and FONTAINEBLEAU ® BANKRUPT: June 2009 has not made plans to finish the building. FRA The Palace Station's parent company Station Casinos owns many smaller casinos in the Las Vegas area. Catering heavily to the locals crowd that prefers smaller establishments. Station Casinos filed for bankruptcy in 2009 and emerged the same family owned business it started as. PALACE STATION® BLUCK BANKRUPT: June 2009 The Riviera opened in 1955 as the first high rise casino on the strip. The casino has gone through 3 bankruptcies including its most recent in 2010. Plans call for restructuring and with the aging property surrounded by new buildings the face of the casino is likely to change. RIVIERA SM BANKRUPT: July EENING LA ChGE 2010 RIVIL Hooters Casino Hotel has been dead in the water HOOTERS® since opening in 2005. Low gambling revenue combined with a cheaper feel than most properties of comparable size forced the property into bankruptcy in 2010. The hotel is not likely to remain Hooters branded if it emerges. BANKRUPT: AuQust 2011 THE COST TO WORKERS The large Las Vegas casinos provide thousands of jobs for the surrounding population. When the casinos are in trouble the workers are as well. NUMBER OF CASINOS TOTAL CASINO ON THE STRIP' ΕMPLOYEES' 2005 109,689 40 2006 112,909 38 2007 109,117 40 2008 114,465 38 2009 98,711 38 2010 102,627 2010 LAS VEGAS UNEMPLOYMENT 14% LOS ANGELES ΜΙΑΜΙ NEW YORK 12% 11% 9% THE RECESSION Disposable income fell sharply in the U.S. in 2008. The casinos felt this too, losing many patrons that didn't have the money to spend on Las Vegas. HOTEL OCCUPANCY 3 2005 2006 2007 89% 89% 90% 2008 2009 2010 89% 85% 83% AVERAGE ROOM RATE $140 $133 $120 $120 illu $120 $104 $100 $94 $96 $80 $60 $40 $20 2005 2006 2007 2008 2009 2010 I gamingunv.edu/teports/ip emp.pd 2 bk.gov/web/metooummak.htm 3 lvcva.com//press/statisticslachvitorstatsjp 4 hvs.com/Content/3088.pdf Mrevealed.com/dealhwalch Mj.com/businessiviero-holdings-cop-ies-for-bankruptcy-98281334.htm thestreet.com/story/10871465/mgm-most-kely casino-bankruptcy pol sayshtm lasvegassun.com/news/2009/nov/16/pkanet-holywooch-financia-outiook-worsens/ scoutabout.com/2008/11/las-vega-caino-hotels-palazzo-venetian-tace-bankruptcy kvegasuncom/news/2010/ap/22/company-seeks-bankruptcy-after-elvis-presiey-eesor kasvegassuncom/news/2009/nov/23/vegas-bosed-moiestic-star-caino-seeks-bankuptcy christianpost.com/news/las-vegas-megachuch-lights-foreclosure-seeks-bankruptcy 52268/ dalytinance.com/2010/06/10/the fertitta-brothers-fight-to-bring-station-casinos-outofbank businessweek.com/news/2011-08-02/hoolers-cosino-seaariond-centrallab-awal-bankruptcy.html plaricle/ALeqMShhinukaqDzqduH-VOPmnHnQtdocid=CNG.5Sc50 9 22 18: TIMELINE of FAILURE 17 27 26 0 Bankruptcies in Sin City CASINOS THAT FAILED The owners of these casinos all filed for Chapter 11 bankruptcy in hopes of restructuring their debt and emerging as a profitable business once again. ALADDIN The Aladdin first opened in 1966 and was sold many times until it came upon a major failure after a disastrous renovation in 2000. The casino was sold in 2003 and rebranded as Planet BANKRUPT: September 2001 Hollywood. TROPICANA The Tropicana first opened in 1957 with the south beach Miami theme it still retains today. The casino filed for bankruptcy in 2008 but emerged, after restructuring its debt, relatively unchanged. BANKRUPT: May 2008 Not a true casino the Trump Hotel sits just off the strip. Developed by real estate mogul Donald Trump the hotel has seen its share of hard times. Trump's projects have seen chapter 11 bankruptcy 4 times but each time have emerged unchanged and in better shape than when they entered. TRUMP HOTEL ™ BANKRUPT: Feb 2009 TERRIBLE'S Terrible's, located just off the strip, is run by the Terrible Herbst Oil Company, a chain of gas stations in the U.S. southwest, The parent company filed for bankruptcy in 2009 with little effect on the casino's operation. BANKRUPT: March ICASINO 2009 The Fontainebleau is a long stalled construction project on the north strip that is slated to become a very high end property if completed. After filing for bankruptcy in 2009 the property was sold to Carl Icahn who has sold off some of the casino's assets and FONTAINEBLEAU ® BANKRUPT: June 2009 has not made plans to finish the building. FRA The Palace Station's parent company Station Casinos owns many smaller casinos in the Las Vegas area. Catering heavily to the locals crowd that prefers smaller establishments. Station Casinos filed for bankruptcy in 2009 and emerged the same family owned business it started as. PALACE STATION® BLUCK BANKRUPT: June 2009 The Riviera opened in 1955 as the first high rise casino on the strip. The casino has gone through 3 bankruptcies including its most recent in 2010. Plans call for restructuring and with the aging property surrounded by new buildings the face of the casino is likely to change. RIVIERA SM BANKRUPT: July EENING LA ChGE 2010 RIVIL Hooters Casino Hotel has been dead in the water HOOTERS® since opening in 2005. Low gambling revenue combined with a cheaper feel than most properties of comparable size forced the property into bankruptcy in 2010. The hotel is not likely to remain Hooters branded if it emerges. BANKRUPT: AuQust 2011 THE COST TO WORKERS The large Las Vegas casinos provide thousands of jobs for the surrounding population. When the casinos are in trouble the workers are as well. NUMBER OF CASINOS TOTAL CASINO ON THE STRIP' ΕMPLOYEES' 2005 109,689 40 2006 112,909 38 2007 109,117 40 2008 114,465 38 2009 98,711 38 2010 102,627 2010 LAS VEGAS UNEMPLOYMENT 14% LOS ANGELES ΜΙΑΜΙ NEW YORK 12% 11% 9% THE RECESSION Disposable income fell sharply in the U.S. in 2008. The casinos felt this too, losing many patrons that didn't have the money to spend on Las Vegas. HOTEL OCCUPANCY 3 2005 2006 2007 89% 89% 90% 2008 2009 2010 89% 85% 83% AVERAGE ROOM RATE $140 $133 $120 $120 illu $120 $104 $100 $94 $96 $80 $60 $40 $20 2005 2006 2007 2008 2009 2010 I gamingunv.edu/teports/ip emp.pd 2 bk.gov/web/metooummak.htm 3 lvcva.com//press/statisticslachvitorstatsjp 4 hvs.com/Content/3088.pdf Mrevealed.com/dealhwalch Mj.com/businessiviero-holdings-cop-ies-for-bankruptcy-98281334.htm thestreet.com/story/10871465/mgm-most-kely casino-bankruptcy pol sayshtm lasvegassun.com/news/2009/nov/16/pkanet-holywooch-financia-outiook-worsens/ scoutabout.com/2008/11/las-vega-caino-hotels-palazzo-venetian-tace-bankruptcy kvegasuncom/news/2010/ap/22/company-seeks-bankruptcy-after-elvis-presiey-eesor kasvegassuncom/news/2009/nov/23/vegas-bosed-moiestic-star-caino-seeks-bankuptcy christianpost.com/news/las-vegas-megachuch-lights-foreclosure-seeks-bankruptcy 52268/ dalytinance.com/2010/06/10/the fertitta-brothers-fight-to-bring-station-casinos-outofbank businessweek.com/news/2011-08-02/hoolers-cosino-seaariond-centrallab-awal-bankruptcy.html plaricle/ALeqMShhinukaqDzqduH-VOPmnHnQtdocid=CNG.5Sc50 9 22 18: TIMELINE of FAILURE 17 27 26 0 Bankruptcies in Sin City CASINOS THAT FAILED The owners of these casinos all filed for Chapter 11 bankruptcy in hopes of restructuring their debt and emerging as a profitable business once again. ALADDIN The Aladdin first opened in 1966 and was sold many times until it came upon a major failure after a disastrous renovation in 2000. The casino was sold in 2003 and rebranded as Planet BANKRUPT: September 2001 Hollywood. TROPICANA The Tropicana first opened in 1957 with the south beach Miami theme it still retains today. The casino filed for bankruptcy in 2008 but emerged, after restructuring its debt, relatively unchanged. BANKRUPT: May 2008 Not a true casino the Trump Hotel sits just off the strip. Developed by real estate mogul Donald Trump the hotel has seen its share of hard times. Trump's projects have seen chapter 11 bankruptcy 4 times but each time have emerged unchanged and in better shape than when they entered. TRUMP HOTEL ™ BANKRUPT: Feb 2009 TERRIBLE'S Terrible's, located just off the strip, is run by the Terrible Herbst Oil Company, a chain of gas stations in the U.S. southwest, The parent company filed for bankruptcy in 2009 with little effect on the casino's operation. BANKRUPT: March ICASINO 2009 The Fontainebleau is a long stalled construction project on the north strip that is slated to become a very high end property if completed. After filing for bankruptcy in 2009 the property was sold to Carl Icahn who has sold off some of the casino's assets and FONTAINEBLEAU ® BANKRUPT: June 2009 has not made plans to finish the building. FRA The Palace Station's parent company Station Casinos owns many smaller casinos in the Las Vegas area. Catering heavily to the locals crowd that prefers smaller establishments. Station Casinos filed for bankruptcy in 2009 and emerged the same family owned business it started as. PALACE STATION® BLUCK BANKRUPT: June 2009 The Riviera opened in 1955 as the first high rise casino on the strip. The casino has gone through 3 bankruptcies including its most recent in 2010. Plans call for restructuring and with the aging property surrounded by new buildings the face of the casino is likely to change. RIVIERA SM BANKRUPT: July EENING LA ChGE 2010 RIVIL Hooters Casino Hotel has been dead in the water HOOTERS® since opening in 2005. Low gambling revenue combined with a cheaper feel than most properties of comparable size forced the property into bankruptcy in 2010. The hotel is not likely to remain Hooters branded if it emerges. BANKRUPT: AuQust 2011 THE COST TO WORKERS The large Las Vegas casinos provide thousands of jobs for the surrounding population. When the casinos are in trouble the workers are as well. NUMBER OF CASINOS TOTAL CASINO ON THE STRIP' ΕMPLOYEES' 2005 109,689 40 2006 112,909 38 2007 109,117 40 2008 114,465 38 2009 98,711 38 2010 102,627 2010 LAS VEGAS UNEMPLOYMENT 14% LOS ANGELES ΜΙΑΜΙ NEW YORK 12% 11% 9% THE RECESSION Disposable income fell sharply in the U.S. in 2008. The casinos felt this too, losing many patrons that didn't have the money to spend on Las Vegas. HOTEL OCCUPANCY 3 2005 2006 2007 89% 89% 90% 2008 2009 2010 89% 85% 83% AVERAGE ROOM RATE $140 $133 $120 $120 illu $120 $104 $100 $94 $96 $80 $60 $40 $20 2005 2006 2007 2008 2009 2010 I gamingunv.edu/teports/ip emp.pd 2 bk.gov/web/metooummak.htm 3 lvcva.com//press/statisticslachvitorstatsjp 4 hvs.com/Content/3088.pdf Mrevealed.com/dealhwalch Mj.com/businessiviero-holdings-cop-ies-for-bankruptcy-98281334.htm thestreet.com/story/10871465/mgm-most-kely casino-bankruptcy pol sayshtm lasvegassun.com/news/2009/nov/16/pkanet-holywooch-financia-outiook-worsens/ scoutabout.com/2008/11/las-vega-caino-hotels-palazzo-venetian-tace-bankruptcy kvegasuncom/news/2010/ap/22/company-seeks-bankruptcy-after-elvis-presiey-eesor kasvegassuncom/news/2009/nov/23/vegas-bosed-moiestic-star-caino-seeks-bankuptcy christianpost.com/news/las-vegas-megachuch-lights-foreclosure-seeks-bankruptcy 52268/ dalytinance.com/2010/06/10/the fertitta-brothers-fight-to-bring-station-casinos-outofbank businessweek.com/news/2011-08-02/hoolers-cosino-seaariond-centrallab-awal-bankruptcy.html plaricle/ALeqMShhinukaqDzqduH-VOPmnHnQtdocid=CNG.5Sc50 9 22 18: TIMELINE of FAILURE 17 27 26 0 Bankruptcies in Sin City CASINOS THAT FAILED The owners of these casinos all filed for Chapter 11 bankruptcy in hopes of restructuring their debt and emerging as a profitable business once again. ALADDIN The Aladdin first opened in 1966 and was sold many times until it came upon a major failure after a disastrous renovation in 2000. The casino was sold in 2003 and rebranded as Planet BANKRUPT: September 2001 Hollywood. TROPICANA The Tropicana first opened in 1957 with the south beach Miami theme it still retains today. The casino filed for bankruptcy in 2008 but emerged, after restructuring its debt, relatively unchanged. BANKRUPT: May 2008 Not a true casino the Trump Hotel sits just off the strip. Developed by real estate mogul Donald Trump the hotel has seen its share of hard times. Trump's projects have seen chapter 11 bankruptcy 4 times but each time have emerged unchanged and in better shape than when they entered. TRUMP HOTEL ™ BANKRUPT: Feb 2009 TERRIBLE'S Terrible's, located just off the strip, is run by the Terrible Herbst Oil Company, a chain of gas stations in the U.S. southwest, The parent company filed for bankruptcy in 2009 with little effect on the casino's operation. BANKRUPT: March ICASINO 2009 The Fontainebleau is a long stalled construction project on the north strip that is slated to become a very high end property if completed. After filing for bankruptcy in 2009 the property was sold to Carl Icahn who has sold off some of the casino's assets and FONTAINEBLEAU ® BANKRUPT: June 2009 has not made plans to finish the building. FRA The Palace Station's parent company Station Casinos owns many smaller casinos in the Las Vegas area. Catering heavily to the locals crowd that prefers smaller establishments. Station Casinos filed for bankruptcy in 2009 and emerged the same family owned business it started as. PALACE STATION® BLUCK BANKRUPT: June 2009 The Riviera opened in 1955 as the first high rise casino on the strip. The casino has gone through 3 bankruptcies including its most recent in 2010. Plans call for restructuring and with the aging property surrounded by new buildings the face of the casino is likely to change. RIVIERA SM BANKRUPT: July EENING LA ChGE 2010 RIVIL Hooters Casino Hotel has been dead in the water HOOTERS® since opening in 2005. Low gambling revenue combined with a cheaper feel than most properties of comparable size forced the property into bankruptcy in 2010. The hotel is not likely to remain Hooters branded if it emerges. BANKRUPT: AuQust 2011 THE COST TO WORKERS The large Las Vegas casinos provide thousands of jobs for the surrounding population. When the casinos are in trouble the workers are as well. NUMBER OF CASINOS TOTAL CASINO ON THE STRIP' ΕMPLOYEES' 2005 109,689 40 2006 112,909 38 2007 109,117 40 2008 114,465 38 2009 98,711 38 2010 102,627 2010 LAS VEGAS UNEMPLOYMENT 14% LOS ANGELES ΜΙΑΜΙ NEW YORK 12% 11% 9% THE RECESSION Disposable income fell sharply in the U.S. in 2008. The casinos felt this too, losing many patrons that didn't have the money to spend on Las Vegas. HOTEL OCCUPANCY 3 2005 2006 2007 89% 89% 90% 2008 2009 2010 89% 85% 83% AVERAGE ROOM RATE $140 $133 $120 $120 illu $120 $104 $100 $94 $96 $80 $60 $40 $20 2005 2006 2007 2008 2009 2010 I gamingunv.edu/teports/ip emp.pd 2 bk.gov/web/metooummak.htm 3 lvcva.com//press/statisticslachvitorstatsjp 4 hvs.com/Content/3088.pdf Mrevealed.com/dealhwalch Mj.com/businessiviero-holdings-cop-ies-for-bankruptcy-98281334.htm thestreet.com/story/10871465/mgm-most-kely casino-bankruptcy pol sayshtm lasvegassun.com/news/2009/nov/16/pkanet-holywooch-financia-outiook-worsens/ scoutabout.com/2008/11/las-vega-caino-hotels-palazzo-venetian-tace-bankruptcy kvegasuncom/news/2010/ap/22/company-seeks-bankruptcy-after-elvis-presiey-eesor kasvegassuncom/news/2009/nov/23/vegas-bosed-moiestic-star-caino-seeks-bankuptcy christianpost.com/news/las-vegas-megachuch-lights-foreclosure-seeks-bankruptcy 52268/ dalytinance.com/2010/06/10/the fertitta-brothers-fight-to-bring-station-casinos-outofbank businessweek.com/news/2011-08-02/hoolers-cosino-seaariond-centrallab-awal-bankruptcy.html plaricle/ALeqMShhinukaqDzqduH-VOPmnHnQtdocid=CNG.5Sc50 9 22 18: TIMELINE of FAILURE 17 27 26 0 Bankruptcies in Sin City CASINOS THAT FAILED The owners of these casinos all filed for Chapter 11 bankruptcy in hopes of restructuring their debt and emerging as a profitable business once again. ALADDIN The Aladdin first opened in 1966 and was sold many times until it came upon a major failure after a disastrous renovation in 2000. The casino was sold in 2003 and rebranded as Planet BANKRUPT: September 2001 Hollywood. TROPICANA The Tropicana first opened in 1957 with the south beach Miami theme it still retains today. The casino filed for bankruptcy in 2008 but emerged, after restructuring its debt, relatively unchanged. BANKRUPT: May 2008 Not a true casino the Trump Hotel sits just off the strip. Developed by real estate mogul Donald Trump the hotel has seen its share of hard times. Trump's projects have seen chapter 11 bankruptcy 4 times but each time have emerged unchanged and in better shape than when they entered. TRUMP HOTEL ™ BANKRUPT: Feb 2009 TERRIBLE'S Terrible's, located just off the strip, is run by the Terrible Herbst Oil Company, a chain of gas stations in the U.S. southwest, The parent company filed for bankruptcy in 2009 with little effect on the casino's operation. BANKRUPT: March ICASINO 2009 The Fontainebleau is a long stalled construction project on the north strip that is slated to become a very high end property if completed. After filing for bankruptcy in 2009 the property was sold to Carl Icahn who has sold off some of the casino's assets and FONTAINEBLEAU ® BANKRUPT: June 2009 has not made plans to finish the building. FRA The Palace Station's parent company Station Casinos owns many smaller casinos in the Las Vegas area. Catering heavily to the locals crowd that prefers smaller establishments. Station Casinos filed for bankruptcy in 2009 and emerged the same family owned business it started as. PALACE STATION® BLUCK BANKRUPT: June 2009 The Riviera opened in 1955 as the first high rise casino on the strip. The casino has gone through 3 bankruptcies including its most recent in 2010. Plans call for restructuring and with the aging property surrounded by new buildings the face of the casino is likely to change. RIVIERA SM BANKRUPT: July EENING LA ChGE 2010 RIVIL Hooters Casino Hotel has been dead in the water HOOTERS® since opening in 2005. Low gambling revenue combined with a cheaper feel than most properties of comparable size forced the property into bankruptcy in 2010. The hotel is not likely to remain Hooters branded if it emerges. BANKRUPT: AuQust 2011 THE COST TO WORKERS The large Las Vegas casinos provide thousands of jobs for the surrounding population. When the casinos are in trouble the workers are as well. NUMBER OF CASINOS TOTAL CASINO ON THE STRIP' ΕMPLOYEES' 2005 109,689 40 2006 112,909 38 2007 109,117 40 2008 114,465 38 2009 98,711 38 2010 102,627 2010 LAS VEGAS UNEMPLOYMENT 14% LOS ANGELES ΜΙΑΜΙ NEW YORK 12% 11% 9% THE RECESSION Disposable income fell sharply in the U.S. in 2008. The casinos felt this too, losing many patrons that didn't have the money to spend on Las Vegas. HOTEL OCCUPANCY 3 2005 2006 2007 89% 89% 90% 2008 2009 2010 89% 85% 83% AVERAGE ROOM RATE $140 $133 $120 $120 illu $120 $104 $100 $94 $96 $80 $60 $40 $20 2005 2006 2007 2008 2009 2010 I gamingunv.edu/teports/ip emp.pd 2 bk.gov/web/metooummak.htm 3 lvcva.com//press/statisticslachvitorstatsjp 4 hvs.com/Content/3088.pdf Mrevealed.com/dealhwalch Mj.com/businessiviero-holdings-cop-ies-for-bankruptcy-98281334.htm thestreet.com/story/10871465/mgm-most-kely casino-bankruptcy pol sayshtm lasvegassun.com/news/2009/nov/16/pkanet-holywooch-financia-outiook-worsens/ scoutabout.com/2008/11/las-vega-caino-hotels-palazzo-venetian-tace-bankruptcy kvegasuncom/news/2010/ap/22/company-seeks-bankruptcy-after-elvis-presiey-eesor kasvegassuncom/news/2009/nov/23/vegas-bosed-moiestic-star-caino-seeks-bankuptcy christianpost.com/news/las-vegas-megachuch-lights-foreclosure-seeks-bankruptcy 52268/ dalytinance.com/2010/06/10/the fertitta-brothers-fight-to-bring-station-casinos-outofbank businessweek.com/news/2011-08-02/hoolers-cosino-seaariond-centrallab-awal-bankruptcy.html plaricle/ALeqMShhinukaqDzqduH-VOPmnHnQtdocid=CNG.5Sc50 9 22 18: