The definite article?

Side discussion to the Vdara opening: I heard one PR person reference it as “the Vdara,” and it sounded wrong. It’s funny how some casinos need the definite article in front of them, others don’t, and others sound OK either way. I know there’s a debate about “the Wynn/Wynn,” but you’d pretty much never say, “the Circus Circus,” “the Caesars Palace,” or “the Planet Hollywood,” while you always say “the Hilton,” “the Sahara,” and “the Flamingo.”

It’s kind of like ships in Star Trek. I think on the original show they alternated between calling their ship “the Enterprise” and just “Enterprise.” I’m pretty sure that on Enterprise (the show with Scott Bakula), they mostly called the NX-01 “Enterprise.” On Deep Space Nine, they had the Defiant, and I can’t imagine someone saying, “we’ve got to beam up to Defiant.” On Voyager, though, I don’t think anyone ever talked about getting the Delta Flyer back to “the Voyager” before the subspace anomaly of the day hit. This is a show that took “the” serious: one of the main characters was just “the Doctor.” Using “the” correctly is something small but nonetheless important.

So what’s the correct usage for City Center? Here are my suggestions:

1. City Center
2. THE Harmon
3. THE Mandarin Oriental (funny, I must be giddy from all the art exposure; I first wrote that as “Mondrian Oriental”)
4. THE Crystals
5. Veer
6. Aria

I really, really hope that no one ever calls it “the Aria.” Even in a city defined by moral and linguistic relativism, that’s just wrong.

Billion-dollar musing in the LVBP

In the midst of all the talk about Vdara, I thought I’d mention my latest article in the LVBP:

While doing some research, I recently happened across an article in the July 1997 issue of Casino Executive magazine in which then-Harrah's Entertainment CEO Phil Satre sounds downright oracular.

“If you're the last person to build that last $1 billion project in Las Vegas,” he told the magazine, “you might be wishing you hadn't spent your money that way.”

Today, it seems obvious that he spoke correctly. Many people still come to Las Vegas, but their numbers don't seem as boundless. Those who bet on a constantly expanding market for what Las Vegas offers look to be guilty of irrational exuberance at best, while most of the rest of us are wondering why so few people were betting against that kind of growth.

via Las Vegas Business Press :: David G. Schwartz : The last billion-dollar casino marks end of an era in Las Vegas.

It’s an elaboration of an idea I started in a post here two weeks ago. Interesting timing in regards to two events this week: the opening of City Center and Harrah’s looking to buy Planet Hollywood.

As for my thoughts on the latter, I don’t think that when you look at Harrah’s Entertainment you can say that one of the company’s problems is not having enough hotel rooms on the Strip. On that level, this move just doesn’t make a lot of sense to me. Do having another 2,500 rooms to fill justify taking on additional debt to buy a traditionally troubled property? Since Planet Hollywood is clearly not a “turnkey opportunity” with a guaranteed cash flow, I don’t understand why the company would use this money to buy another Strip property as opposed to expanding a regional operation somewhere else and diversifying their cash flow.

Also, this is a very 1990s type of expansion, in that the company is spending a great deal of money to buy an asset that may produce revenue. Contrast this deal with MGM Mirage’s latest moves, signing development agreements and management contracts overseas that don’t require it to buy any assets but will allow for cash flow. Like I said in my review of Managed by the Markets, this is what companies in other sectors are doing and, within the constraints of today’s markets, seems to be a better strategy for delivering value to shareholders (or bondholders).

And it’s amazing that twelve years ago Harrah’s CEO was so hesitant to buy or build a second property on the Strip, while now the company is charging ahead to buy its tenth casino there. It’s a totally different company.