With US consumers struggling to pay mortgages, pay off credit cards and fill up their gas tanks, there appears to be little left over for discretionary spending. Goldman Sachs applied this reasoning to the casino sector, cutting its price targets on several big name gambling-related companies. "We would acknowledge that in a consumer-led recession casinos’ top lines will come under pressure, but we do not think consumers will stop completely...
Johannesburg (Reuters) - South African casino operator Gold Reef Resorts said on Monday it had failed to win approval from gambling authorities for a proposed private equity buy-out by Friday's deadline, ending the 9.85 billion rand (USD 1.32 billion) deal. Gold Reef said in September last year a consortium known as Bidco, including South African private equity firm Ethos Private Equity and Goldman Sachs, will pay 34 rand per share for the group.
The USD 1.3 billion sale of the Stratosphere’s parent company to an affiliate of Goldman Sachs was approved Thursday by the state Gaming Commission. Whitehall Street Real Estate Funds is buying Entertainment Properties, a gaming subsidiary controlled by billionaire corporate raider Carl Icahn. American Casino is the parent company of both Arizona Charlie’s casinos and the Aquarius in Laughlin.
Las Vegas (AP) - A Goldman Sachs investment fund came closer to putting a USD 1.3 billion bet on the Las Vegas Strip, as it was approved Thursday to buy the iconic 1,149-foot-tall Stratosphere tower and casino-hotel, a mid-market property that caters to budget travelers. Managing director Jonathan Langer of Goldman Sachs & Co. told members of the Nevada Gaming Commission that the investment giant believed high-end developments on the north end of the Strip could leave some tourists out in the cold.
April 23 (Bloomberg) -- Carl Icahn agreed to sell the Stratosphere, three other Nevada casinos and 17 acres on the Las Vegas Strip to Goldman Sachs Group Inc.'s real estate funds for USD 1.3 billion. Goldman's Whitehall Street Real Estate Funds will buy the Arizona Charlie's Decatur and Boulder casinos off the Strip and the Aquarius Casino Resort in Laughlin, Nevada. Icahn's American Real Estate Partners LP will see a gain of USD 1 billion from the sale of the properties he began buying just eight years ago, the Mount Kisco, New York-based company said today in a statement.
