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The Big Corporations managing the Las Vegas Strip

Uninsulated from the effects of the current economic condition in the US, even some casino owners are suffering and as a result, ownership is shifting in the Las Vegas Strip. Gone are the days of yore when shady money and illegal profits dominated The Strip. As the mega-resorts became more popular and each new casino opening needed a new gimmick, the venues just became bigger and more grandiose. Corporations wanted a piece of this major tourist attraction and the earnings that went with the territory.



One question that many people invariably ask is “who owns the casinos”? Although there are still some individuals who own either all or parts of a casino, the bulk are now owned by corporations. According to the MGM Mirage website, they are a significant holder of gaming properties and resorts, both owning the property exclusively and fifty percent part ownership. Outside sources indicate that MGM owns at least one quarter of all venues on the Las Vegas Strip. Despite other venues closing and declaring bankruptcy, MGM recently announced that “CityCenter, an unprecedented urban metropolis on the Las Vegas Strip scheduled to open in late 2009, is a joint venture between MGM MIRAGE and Infinity World Development Corp, a subsidiary of Dubai World”.

While Harrah's Entertainment, Inc (founder William F. Harrah) claims to be the “world's largest provider of branded casino entertainment through operating subsidiaries”, it is said that they own about one-eighth of all properties on The Strip. Having been involved with The Strip since the first investment in River Boat Casino, Inc in 1980, The Strip has already seen a power shift when Harrah's was acquired in 2008 by affiliates of equity firms TPG Capital and Apollo Global Management.

According to Station Casinos, Inc's website, they are “the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada” owning several properties on the Las Vegas Strip and participating in the Las Vegas casino business since 1976.

As recently as the beginning of 2009, several developments have occurred, however, to change the structure and landscape of The Strip.

• Station Casinos Inc. proposed filing on February 3, 2009, although there are rumors that they may be bought out. Recent rumblings suggest they may still file.
• Trump Entertainment Resorts, Inc. filed bankruptcy on February 17, 2009 only having opened Trump International Hotel & Tower in 2008
• Herbst Gaming Inc. filed for Chapter 11 U.S. bankruptcy protection on March 22, 2009
• The Tropicana filed bankruptcy on May 5, 2009
• Banks have taken over the Cosmopolitan project from Hilton Hotels Corp.
• Harrah's may be breaking off portions of its holdings as newspaper reports suggest that Penn National Gaming might be interested in at least one property
• MGM Mirage has indicated that any of their assets would be open to sale if the right negotiations come along
• Many of the large corporations are either in some form of protection or close to filing as a result of defaulting on large chunks of debt.

Interestingly, the ownership has shifted from shady characters to major corporations and now to many banks.