2nd course at Shadow Creek scraped?

[Joel_Stewart]

I was reading the annual report for MGM Mirage tonight and noticed that the company has sold 315 acres of land next door to Shadow Creek.   The price was $55 million which resulted in a pretax gain of $37 million.

I know the company had hired Tom Fazio to build a 2nd course but now, probably because of the water situation that appears to be doomed.

I can't imagine what could go there except for commercial buildings.

[Steve_Roths]

I was shocked when I was reading Time magazine last night about the new Wynn Casino that they are going to bulldoze the Wynn Golf Course sometime in the next 10 years.  I assume he will build off site another course.  Hopefully he will let Doak take a crack at it.  

[Tom_Doak]

Not very likely unless Tom Fazio has retired.

What I need is a DIFFERENT casino company to hire me and push Mr. Wynn toward even better golf courses.

Joel:  Perhaps Mr. Wynn has bought the land for his off-site course from MGM/Mirage?

[Joel_Stewart]

What I need is a DIFFERENT casino company to hire me and push Mr. Wynn toward even better golf courses.

Joel:  Perhaps Mr. Wynn has bought the land for his off-site course from MGM/Mirage?

They different disclose who bought the land but the thought of Steve Wynn buying the land is interesting.  I doubt that anyone at MGM Mirage would sell let alone speak to Steve Wynn.

Tom, I think Steve Wynn is one of those people that enjoys modern architecture so I'm not sure even you could show him the way.

[Tom_Doak]

Joel:

I spent an hour or two with Mr. Wynn when Shadow Creek was still brand new.  He seemed to appreciate classic golf architecture more than you think; he talked a lot about some of the courses which inspired him to build the place, including Pebble Beach, Pine Valley, and Bel Air.  And it's not like we could build Pacific Dunes in Vegas, even with an unlimited budget.

[Patrick_Mucci]

Tom Doak,

I agree, Steve Wynn understands it and gets it.

I wonder if he'd be able to fill his casinos with a customer base of GCA.com'ers  

I also thought that Wynn had an exclusive with Fazio in Las Vegas, or, was that a corporate committment to the Mirage ?
My sense is that Fazio's loyalty is to Wynn, and noone else.

[Joel_Stewart]

Pat:

That rumor that Fazio had a exclussive with Wynn was just a rumor.  The MGM/Mirage actually signed a contract with Fazio for the 2nd course at Shadow Creek about 4 to 5 years ago.  Since then, things have changed and the project was scrapped.   I am a little surprised the MGM management hired Fazio since they were actually happy with Rees Jones at Cascata before the merger happened and the "tied at the hip" apperence of Fazio & Wynn?

[Patrick_Mucci]

Joel,

Wasn't Wynn still with the Mirage 5 years ago ?

[Joel_Stewart]

Joel,

Wasn't Wynn still with the Mirage 5 years ago ?

Possibly my dates may be slighlty off.  I'm saying that the MGM/Mirage management (after the buyout and sale of Cascata to Park Place) signed Fazio.

[Larry_Rodgers]

I believe Mr Wynn and Mr Fazio have a gentleman's agreement that Mr. Fazio will only work in Southern Nevada with Mr Wynn.

Both Mr Wynn and Mr Fazio are men of their word and they both have plenty of smart people around them. During a Shadow Creek site visit I remember Mr Fazio telling me how Steve Wynn is offering us the opportunity that may only come once in a lifetime to create Shadow Creek. He was right

The land values are escalating in Las Vegas and it makes sense to take advantage of them by selling the land next to Shadow Creek.