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PLANET HOLLYWOOD: Privé loses license
COMMUNITY — By MainStreetMantra Desk on July 23, 2009 at 7:36 pm
LAS VEGAS NIGHTLIFE
Planet Hollywood Resort today paid a $500,000 fine after the Nevada Gaming Commission commended the resort for steps it has taken since the hotel-casino accepted responsibility for not adequately controlling illegal activity that was taking place at the resort’s Privé nightclub, which is owned by a third party.
Hours after the hearing, the Clark County Department of Business License denied the liquor license applications for the nightclub. They are being forced to end all business operations by next week.
The gaming commission unanimously approved the fine that was recommended by the Gaming Control Board for a nine-count complaint “for failing to maintain sufficient control over a nightclub.”
Nevada Deputy Attorney General John Michela, whose office brought the complaint, told the commission resort’s failure to maintain oversight of the nightclub “led to numerous incidents which reflect or tend to reflect poorly on the reputation of gaming” in Nevada and that could act as a detriment to the development of the gaming industry.
Planet Hollywood Resort agreed to pay the $500,000 fine. The agreement with Planet Hollywood could result in an additional $250,000 fine if another similar complaint is filed against the hotel-casino before July 31, 2011.
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41 Comments
This article has no substance for a public that wants to hear all the dirt. We the public want to know the “down & dirty” details of what illegal activity was going on in the night club.
It may seem surprising to be talking about hot property markets just nine months after the Financial Tsunami smashed investor confidence into tiny fragments, but history will tell us that what the event did was to bring about a sudden price correction in assets that had become overvalued. As with other investment markets, property has seen a “flight to quality”, as valuations in the world’s major economies fell back into more affordable price brackets.Now is the time that opportunistic investors are moving in to buy undervalued assets.One of the hottest markets right now is the UK, where we are seeing something close to panic buying of London flats priced from ?200,000 to ?300,000. This was driven first by international investors cashing in on sterling weakness and lower prices, and is now being fuelled further by domestic buying.Weekend property seminars in London and Asia are packed with cheque-book waving investors queuing to sign reservation forms and mortgage applications, and whole development phases are selling out in just two days. This is prompting some developers to release new phases early, which in turn is bringing construction schedules forward.That is some turn-around, so don’t be surprised to see shiploads of cranes heading from the Persian Gulf to the Thames Estuary!Such buyer behaviour is typical when a ‘window of opportunity’ is perceived by the broad investment community. So as momentum threatens to turn into panic it pays to take a few moments to hover above the pushing and shoving and pick out what is really going on. Taking our current hot property market as a working example we can see:1.Is there is real value behind the hype? Valuations are 15-20% down from their peaks and sterling is giving international property investors a further 20% discount on 12 months ago. Good sales turnover is proving that London’s current valuations are robust, while some distressed selling is inhibiting price rises.2.Is demand sustainable in the long term? Demand for accommodation in London remains high from multi-national companies, international students and a wealthy local population. New housing starts have dropped by around 60%, so supply will remain short, keeping rentals at high levels.3.What is being overlooked? Investors tend to focus on just two or three factors when making a decision on what to buy. In London these are “Where is the nearest underground station?” and “Is the price per square foot less than ?400?” Good questions, but ones that need to be supplemented by a good, hard look at future rental demand. Check the location carefully. If it is a regeneration area, understand exactly what that means for the years ahead and what alternatives there are. If the area has really strong rental demand and restricted future supply it could well be worth paying far more than ?400 per square foot. Price follows yield, so look at yield first!4.Consider whether a new development is being built and finished to a standard appropriate to the type of demand in that area. Make sure that is neither being built just to achieve a low price point, nor too swanky and therefore unnecessarily expensive. Search for existing rental properties in the immediate area and use these as your reference point.5.If buying a new development, check the reputation and track record of the builder and stay with household names. That will give you one less thing to explain when you come to re-sell.6.Look for value in existing housing stock. Owners wanting to sell now are prepared to consider lower offers, and you can confirm the value either from existing rental income accounts or from other comparable properties. Negotiate a discount and award yourself the comfort of some free equity!During the early stages of a recovery or growth cycle you can buy almost anything and do very well in the long term. However, a little digging for the best opportunities will enable you to add in the reassurance of some tangible short-term value too.
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