[Poshua]

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MGM was supposed to do an AC project with the Mashantucket Pequots from Foxwoods. Foxwoods backed out and opted to do a Poconos project. MGM decided to go it alone. Pinnacle is looking to get out already. They've used the excuse that if AC rezones Bader Field for Wynn they won't build. New projects won't mean more gamblers. It will just take players from the dwindling pool at the other dumps. The enclosed smoking areas haven't even been implemented yet. That and new casinos and slot parlors in nearby states guarantee the decline continues. Hmm...AC..or the Poconos? Where to go? You can't make a silk purse from a sow's ear.

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There are a whole bunch of projects on the books in AC, at least including Revel, CityCenter East, Pinnacle, and Wynn. It's likely that at least one will not get built the near term, because that would be an awful lot of development at once. This is not because it's a dying market; indeed, the upscale properties continue to perform well. Slot revenues are down but table games and hotel room rates continue to get better for operators. AC has a strong future that will involve shifting from a local casino model to a destination casino model.

Proposed casino projects get scuttled all the time in Vegas (the W Hotel, for example). Is that a sign that Vegas is a dying market?