Marshall,
What exactly have you heard?I read the last 6 months of entries on Stratospere at Reuter's (www.investools.com).Sounds like mismanagement and a power struggle between Lyle and the chairman and that Lyle finally got the upper hand.But in the previous months sounds like everything that could go wrong did.King Kong ride still doesn't work,construction of 1000 rooms behind schedule,opening of the mall stores behind schedule,earning estimates crashing,bond rating getting lowered,analysts rating dropping,150 workers laid-off,share price down from 10+ to 3+.Chaairman selling shares,Lyle lends 48 million,chairman resigns,Lyle takes over and same day announces advertizing and marketing campaign,free shuttle buses from south end of Las Vegas,2-4 million in changes to casino floor ,and better odds at the craps tables.30 of 35 stores in mall will open in Sept.Then 30-40 more stores will open at the end of the year.Hopefully,Lyle will turn things around ASAP.
Patiently,
Dennis |
