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...city," says Jim Murren, the president and CFO of MGM Mirage and a longtime Vegas resident. The city last week unveiled its own public transportation system, a $650 million, privately funded monorail that, for $3 a ride, runs the 4-mile stretch from the convention center up the Strip to the MGM Grand, and someday is supposed to connect all the way from the airport to downtown. Turnberry and CENTRA Properties plan to build a 1.2 million-sq.-ft. outdoor mall near the Mandalay Bay, which will further the invasion of stores such as Saks, Macy's, Neiman Marcus...
...other casino impresarios have brought sophistication to the new Las Vegas, MGM Mirage majority shareholder Kirk Kerkorian, 87, has supplied the scale. On three separate occasions over the past 35 years, the low-key billionaire investor has built the world's largest hotel on the Strip, most recently the mammoth 5,034-room MGM Grand in 1993. In the past five years, Kerkorian has ushered in a wave of consolidation, snapping up Steve Wynn's Mirage Resorts in 2000 and just last month agreeing to buy Mandalay Resort Group for $7.9 billion, including debt. A World War II pilot...
...catering to big spenders, he has focused Harrah's on the small-time, frequent gamblers who come to play the slots at his many riverboat and Indian casinos around the U.S. He's betting that he can draw many of those people to his newly acquired properties on the Strip. Loveman still commutes to Vegas from Boston, and he doesn't care much for gambling himself. But, as he put it recently, "I love what I'm doing because fundamentally it's mathematics." And so far at least, the numbers keep adding up. --By Laura A. Locke/Las Vegas
Vegas' first significant poker room opened in 1949 at the Golden Nugget casino. In the early 1960s, the big action shifted from downtown to the Strip, where casinos such as the Dunes and the Stardust offered a variation of the game called Seven-Card Lowball, also known as Razz. Then came the boom in blackjack and the beginning of poker's decline. By the late '80s and early '90s, during Las Vegas' ill-fated attempt to turn itself into a family destination, tourists seemed to have lost patience with the game's sleazy Wild West flavor. With revenues declining, several...
Look out, seedy vice dens, Las Vegas is going global. Macau, Britain, Thailand and even squeaky-clean Singapore--which until this year had banned the G-rated business of selling chewing gum--are being bombarded with billion-dollar investment offers from the same companies that made a strip of Nevada desert synonymous with over-the-top entertainment. The sudden urge to export Vegas-style casinos stems as much from regulatory reform abroad as from limited growth opportunity at home. Indeed, after MGM Mirage announced plans last month to build a casino in Macau, Merrill Lynch predicted that the development would...