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MGM, Wynn Resorts heads make case for Las Vegas projects; Trump Taj Mahal closes


Essential IR Insights Newsletter Fall - 2023


Master of Risk | Episode 6: Masters of Risk-Jennifer Reynolds


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MGM, Wynn Resorts heads make case for Las Vegas projects; Trump Taj Mahal closes

Commercial real estate

* Howard County, Md., is considering a $90 million public financing deal in efforts to spur development in downtown Columbia, The Baltimore Sun reported. Howard Hughes Corp., which is developing MedStar Health System's headquarters in the downtown area, is seeking the tax increment financing to aid infrastructure works in an undeveloped parcel dubbed "the Crescent," the report said.

The report noted that the financing deal being considered is similar to the one approved for Under Armour CEO Kevin Plank's $5.5 billion Port Covington project in Baltimore.

* Howard Hughes named David O'Reilly CFO, effective Oct. 17. He replaces CFO Andrew Richardson, whose tenure ended Oct. 5.

* Regency Centers Corp. said its shopping centers along the East Coast sustained only minor damage from Hurricane Matthew, adding that there is no major structural damage to report, based on an initial inspection.

* The Honolulu City Council approved Salem Partners' $700 million tower project in Honolulu, Hawaii. The 36-story Mana`olana Place will span 505,000 square feet, including a 125-room luxury hotel and 109 condominiums, along with retail, dining and public space.

Construction is expected to begin in 2017 and completion is slated for 2020.

* Accounting firm Deloitte's digital advertising unit Deloitte Digital signed a 37,358-square-foot office sublease at 330 Hudson St. in Manhattan, N.Y.'s Midtown South, The Real Deal reported, citing unnamed sources. The sublease at the 19-story building was signed with educational publisher Pearson, the report said.

* National Real Estate Investor reported that private investors are showing increased interest in single-tenant net lease assets in 2016 while institutional buyers are pulling back from the property type.

Citing data from Real Capital Analytics, the report said private investors accounted for 66% of net lease retail asset deals year to date in 2016, up from 55% in 2015. For net lease industrial asset deals, private investors accounted for 41%, up from 31% in the previous year.

* According to data from the National Investment Center for Seniors Housing & Care, occupancy levels at nursing homes in the U.S. hit a five-year low of 82.2% in the second quarter, National Real Estate Investor reported. National Investment Center officials said the low occupancy rate signals fundamental changes in the seniors housing industry, according to the report.


* Wynn Resorts Ltd. Chairman and CEO Steve Wynn and MGM Resorts International Chairman and CEO Jim Murren were among those supporting the case for public financing to partly fund a $1.9 billion domed football stadium planned in Las Vegas and the expansion of the Las Vegas Convention Center. The casino moguls were testifying at Nevada Gov. Brian Sandoval's special legislative session, the Las Vegas Review-Journal reported.

A room tax increase is being proposed to finance $750 million for the project, and the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson has pledged $650 million for the project, along with coverage of any overrunning costs. The National Football League's Oakland Raiders have committed $500 million, the report said.

The week-long session's agenda also includes public financing for a $1.4 billion expansion of the Las Vegas Convention Center.

* The Trump Taj Mahal casino in Atlantic City closed down Oct. 10, after billionaire Carl Icahn failed to reach a deal with striking union workers, CNN reported. The union had been on strike since July 1. Five casinos have closed down in Atlantic City since 2014, and two of the seven remaining casinos have filed for bankruptcy protection, the report noted.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng dropped 1.27% to 23,549.52, and the Nikkei 225 was up 0.98% to 17,024.76.

In Europe as of midday, the FTSE 100 was up 0.25% to 7,115.42, and the Euronext 100 had climbed 0.32% to 890.05.

On the macro front

The NFIB Small Business Optimism Index, the Labor Market Conditions Index and Redbook are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription. Articles and links are correct as of publication time.