When billionaire Phil Ruffin bought Treasure Island last year, speculation swirled about other Las Vegas hotels that could be sold by cash-strapped casino giants.
The name game fizzled, however, as the big corporations chipped away at their massive debts. Banks are helping out by granting extensions and more flexible terms on loans, some in exchange for higher interest rates. And few potential buyers — less than half a dozen entities, by some measures — have Ruffin’s resources and industry background.
For those casino companies that have not fallen into bankruptcy or defaulted on loans, the desire to sell has waned. As long as they can restructure their debts outside the courtroom, they are not going to be eager to unload casinos that are still earning money.
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