the 1-5-6 Penny Press
Transcription
the 1-5-6 Penny Press
P y n en , NV egas V s a L 006 r 15 mbe u e3N m Volu s s e r P JAN 2 Y 5, R A U Betting Against Vegas? See Analysis Page 3 THE PENNY PRESS, JANUARY 5, 2006 PAGE 2 www.pennypresslv.com Penny Press Logotype Pointedlymad licensed from: Rich Gast Credits: Publisher and Editor: Fred Weinberg Circulation: Charlotte Weinberg The Penny Press is published weekly by 5010 Productions, Inc. All Contents © Penny Press 2006 Contributing Editors: Brent Jordan Al Thomas Doug French Bill Here Brent Jordan Pat Choate Bob Jennings Joyce Meyer Letters to the Editor are encouraged. They should be sent to our offices at 418 1/2 S. Maryland Parkway, Las Vegas 89101. They can also be emailed to: [email protected] No unsigned or unverifiable letters will be printed. 702-740-5588 Fax: 702-920-8215 Penny Press LAS VEGAS, NEVADA 16 PAGES VOLUME 3 NUMBER 15 JANUARY 5, 2006 Betting On Vegas Bust May Be Bad Beat By DOUG FRENCH Penny Press Contributing Editor Fifty years ago a Life magazine cover asked – “Las Vegas – Is Boom Overextended?” After all, three hotels had opened in the spring of that year costing a total of $15 mil- Analysis lion and two more were opening that summer including the $5 million Dunes. “Had Las Vegas pushed its luck too far?” Life wondered. Nearly 30 years later, Malcolm Baldrige, while serving as Secretary of Commerce in 1984 was quoted as saying, “the current boom in Las Vegas could last four more years.” But, of course here we are 20 years later, and Sin City continues to boom. What Life Magazine and Poor Malcolm failed to grasp is what really makes Las Vegas – Las Vegas. The town is ground zero for high time preference. People go to Las Vegas to have a good time, blow their money and maybe be a little bit naughty. After all, “what happens in Vegas, stays in Vegas (or according to the Palms casino “didn’t happen at all”)”. Let’s face it you don’t go to Vegas to be civilized or prudent, just the opposite. As Las Vegas Mayor Oscar Goodman told the Denver Post: “People don’t come here from the Midwest to go to an AA meeting,” Thirty-seven million people come to Las Vegas each year to get in touch with their wild sides. And, it appears LV will easily break last year’s attendance record. The city’s convention attendance is up over 13 percent from last year’s record. Hotel occupancy is over 90 percent, with the average room rates 14 percent higher than a year ago. Even The Conservative Weekly Voice Of Las Vegas Inside: News Isn't News Until It's True See Editorial Page 6 car traffic is up 5 percent. High gas prices: Who cares? Of course, tourists come to town to gamble. In fact gaming win topped $1 billion in Nevada for only the third time ever in September. The other two months with over a billion dollars in win? April and May of this year. Gaming win is up over 12 percent from a year ago. But Las Vegas is not all about gambling any more. For example, last month the Rolling Stones played at the MGM Grand (sponsored appropriately enough by those “Sponsors of the American Dream” Ameriquest Mortgage). A seat in the 9th row was being hawked in the secondary ticket market for over $5,500. Even nosebleed seats were fetching over $200. For those looking to enjoy a steak before the concert, Craftsteak in the MGM is just a few steps away from the concert hall where for a mere C-note you can have its 10-ounce Kobe fillet mignon. Yes, Penny Wisdom Every now and then when your life gets complicated and the weasels start closing in, the only cure is to load up on heinous chemicals and then drive like a bastard from Hollywood to Las Vegas ... with the music at top volume and at least a pint of ether. —Hunter S. Thompson Las Vegas has some of the highest steak dinner prices in the world. Bill Bonner recently lamented that a good steak dinner in London costs $28 as opposed to only being $5 in Buenos Aires. Well, finding a good steak dinner for $28 in Las Vegas is mission impossible. Las Vegas Review-Journal gossip columnist Norm recently wrote that $50 steaks are so plentiful on the Strip that he couldn’t count them all. At the top of the price list is the Shintaro in Bellagio, their 10-ounce Washugyu Kobe tenderloin goes for $190. People everywhere complain about $2 to $5 ATM fees. But, at Scores Las Vegas gentlemen’s club the ATM fees are ten percent of your withdrawal amount. And don’t think you can take out just $10 for G-string stuffing. Your withdrawal choices range from $100 to $500. Strip club patrons are so coveted in Las Vegas that the clubs pay bounties to cab drivers of up to $100 PAT CHOATE FRED WEINBERG DOUG FRENCH BILLHERE AL THOMAS PATRICK NOHRDEN JOYCE MEYER BRENT JORDAN PET OF THE WEEK Continued on page4 PAGE 5 PAGE 6 PAGE 7 PAGE 8 PAGE 10 PAGE 11 PAGE 12 PAGE 14 PAGE 15 THE PENNY PRESS, JANUARY 5, 2006 PAGE 4 Bet Against Las Vegas At Your Own Peril Continued from page 3 per head (even higher than the $60 per head figures mentioned in newspaper reports), allowing cab drivers like Dana Lane to live in the upscale gated community of Seven Hills. “I don’t live in Seven Hills because the cab company pays so well,” Lane told the Review-Journal. Las Vegas is now one of the shopping capitals of the world. The Venetian sold its half a million square foot Grand Canal shops for $1.5 billion last year. Those shops average nearly $900 per square foot in sales each month. Speaking of retail, the labor market is so tight in Las Vegas, that retailers are worried they won’t have enough help for the upcoming holiday shopping season. Headhunters from Citibank actually pretend to be shopping in the malls for big-ticket items like sofas or chairs, when in fact they are trolling for potential employees for the bank’s credit card–processing center. Vegas restaurants are also struggling to find employees. One café owner in town pays his employees $150 if they bring someone in with them that gets hired. And he says he has to fend off Wynn Resorts, which has representatives that scout for potential employees in local restaurants. But the delightfully tacky Hooters has no trouble attracting job applicants. The company will be opening their Las Vegas hotel in February of next year, and last month they held a casting call for Hooters Girl positions: 800 young women waited in line over two hours vying for only 200 spots. Even UNLV sees the handwriting on the wall. Forget higher learning, the university is partnering with Cendant Timeshare Resort Group to develop a full-scale timeshare program. UNLV already has 125 students enrolled in timeshare courses, offering an introductory class in marketing and a capstone course in strategic management issues, but a class in timeshare sales will be offered next spring and there are plans to expand the program into a major within the next few years. Conspicuous consumption, as Thorstein Veblen called it, is what Las Vegas is all about. Even Mayor Goodman embraces the attitude, quickly admitting to anyone, including third graders he spoke to not long ago that he’s addicted to Bombay Saphire Gin and sports betting. Former FBI agent Rick Baken says Goodman is “the poster child of being able to rationalize immorality.” Downtown, the only area where Mayor Goodman has any control (the strip is County land), Las Vegas is now battling with High Point, North Carolina to be the furniture capital of the world. The World Market Center in downtown Vegas opened for business this summer with over 1.3 million square feet of home furniture display space. Phase two, adding 1.6 million square feet is under construction with a scheduled opening in January 2007 and a phase three was just announced that will add another 2 million square feet in 2008. By 2015, the project will ultimately total 8 buildings with 12 million square feet on 57 acres. Even though High Point already has 12 million square feet of display space they should give the Furniture Capital crown up now. Attendance at High Point’s fall show was way down, and one salesman said; “If Vegas had a bigger facility, I don’t know if anyone would turn out to High Point.” Of course furniture vendors would rather come to Vegas. Just for emphasis Mayor Goodman told the press that if he had to live in High Point, North Carolina, he’d kill himself. In addition to capturing the furniture market, Vegas is being called upon to rescue the Miss America Pageant. It was just announced that after being run into the ground in Atlantic City, Miss America will be sashaying across the stage at the Aladdin Hotel Casino in Las Vegas starting next year. “There’s a lot of excitement in the city, and we hope to infuse that into the pageant,” Paul Villadolid, vice president of programming for Nashvillebased CMT, said. “Las Vegas echoes our vision to attract a broader and younger audience.” Hans Hoppe explains the Las Vegas boom in his book, Democracy The God that Failed. Hoppe points out that man prefers earlier goods over later goods, and for more over less durable goods. This is the phenomenon of time preference. The rate of time preference is different for everyone and determines “the height of the premium which present goods command over future ones as well as the amount of savings and investment.” The lower the time preference rate, the earlier the onset of the process of capital formation, and the faster the roundabout structure of production will be lengthened. Civilization is set in motion by individual saving, investment, and the accumulation of durable consumer goods and capital goods. Children have very high time preferences, living “day to day and from one immediate gratification to the next,” Hopper explains. As we become adults, our time preferences fall as we save for future obligations. Old folks have higher time preferences, because they have little time left. Hoppe describes high time preference individuals as drifters, drunkards, junkies, vagabonds, daydreamers, or simply just happy-go-lucky gay sorts of fellows who work as little as possible. Time preferences tend to fall except if property rights are violated, and, in the words of Hoppe, “the process of civilization is permanently derailed whenever property-rights violations take the form of governmental interference.” This government interference reduces a person’s supply of present goods and raises his effective time-preference rate. Also, expected future goods are reduced by these systematic property rights violations, thus timepreference schedules are raised. What Democracy and government have done is to retard the natural tendency of humanity to build an expanding stock of capital and durable consumer goods. Man, instead of becoming increasingly more farsighted and providing for ever more distant goals, is tending toward decivilization. As Hoppe describes, “formerly provident providers will be turned into drunks or daydreamers, adults into children, civilized men into barbarians, and producers into criminals.” That sounds like an average night in Las Vegas to me. Joining the tourists in Las Vegas are new residents. Over 7,200 people per month move to Las Vegas. That’s 10 people per hour. The town’s current population is 1.7 million and some predict four million residents by 2027. Where do they come from? The vast majority of those moving to Las Vegas come from California (34 percent). Texas, Arizona and Florida each provide five percent. And Las Vegas has a land shortage. The federal government owns 90 percent of the land in Nevada and Clark County is no different. The BLM (Bureau of Land Management) auctions a couple of thousand acres every six months, excepting when biologists find endangered weeds on the parcels scheduled for sale, which causes the Sierra Club to file suit, which in turn delays the auctions while a compromise to appease the environmentalists is worked out. Just last month the BLM held its second auction of the year selling about 3,000 acres of government land for just under $800 million. This auction’s crown jewel was a 2,073-acre piece coupled with a nearby 601-acre parcel in North Las Vegas. The fair market value or minimum bid for the nearly 2,700 acres was set at $522.4 million. The usual suspects bid the price to $639 million, which is $239,000 per acre, nearly 10 times what was paid just four and half years ago, at the May 2001 BLM auction, for the 1,905acre parcel, located next door, which at the time went for $47.2 million, or $24,672 per acre. The winning bidder four and half years ago was criticized at that time for paying too much. It is no wonder George Bush wants to direct some of this BLM land sale money to pay for Iraq, Katrina and who-knows-what-all. That $800 million would fade his action in Iraq for what, two days? There may be a shortage of land, but there is no shortage of air in Las Vegas, so developers with the blessing of the various municipalities are going vertical. Las Vegas is in the middle of a high-rise boom. The Las Vegas High-Rise Hot Sheet, produced by Marketing Solutions, Continuedon page 7 THE PENNY PRESS, JANUARY 5, 2006 PAGE 5 Commentary: Pat Choate Abramhoff has been a Washington fixture for almost two decades, arriving on the scene almost twenty years ago as head of a group that recruited college students to the Republican Party. Two of his many former employees are Karl Rove, President Bush’s top advisor, and Ralph Reed, once the TV preacher Pat Robertson’s senior political advisor. The man is connected. On Tuesday, Abramhoff entered a plea bargain with the Justice Department in which he will get “only” ten years in prison in exchange for spilling the beans about who he bribed in Congress. He also agreed to give back $29 million that he conned out of several truly dumb leaders of various Indian Tribes, who were seeking special advantage in the U.S. gaming industry. While the media is describing Abramhoff as a “Republican” lobbyist, they are giving little attention The term scandal has been greatto the fact that several prominent ly devalued over the past couple of Democrats have taken substantial decades, largely because our nationamounts of money from him. The al political standards are devolving media is also ignoring the many downward. ways that Abramhoff distributed the Nonetheless, the real thing, an cash. old-fashioned expose of corruption Sometimes it went for luxury at the highest levels of our governvacations. On other occasions, he ment, is now in its very beginning put the spouse of the Member on stages. The principal participants his payroll. On yet other occasions, include perhaps as many as two he gave money to organizations that dozen Members of the House and shifted the money back to the tarSenate who took monies and did get through non-profit institutions favors for Washington super lobbyor in other ways. The transcript of ist Jack Abramhoff. Abramhoff’s testimony will probably constitute a textbook on modern ways to bribe members of congress. After having read Abramhoff’s plea bargain, I am surprised to see some major stories that were missing. The most notable of these is his work for the Marianna Islands, a U.S. Commonwealth in the far Pacific, whose residents have U.S. citizenship. Between the mid-1990s and today, Abramhoff represented the Island government and several forThe Penny Press Tips Its Cap To: eign apparel makers. The Island, which had authority to set its own Boyd Gaming Corporation for their willingness to re-invest about four bil- labor and immigration laws, set a lion (with a b) in the city from which it came by redeveloping the Stardust minimum wage at the pennies for Property. Ever since Boyd wrested the property from the clutches of the mobbed up Argent Corporation in the 1970's, they have done Las Vegas proud and their new Echelon Place development looks to continue that tradition. At Last, A Real Scandal Paris Hilton for not causing her boyfriend, 19-year-old Stavros Niarchos to violate Nevada statutes by involving himself in underage drinking on New Year's eve. Hilton reportedly stayed with the youngster outside the Tao nightclub and he reportedly drank orange juice. The Penny Press Sends A Bronx Cheer And A Bouquet of Weeds To: Senator Harry Reid who, for all of his bluster and power as the Senate Minority Leader can't seem to get Nevada out of the cellar when it comes to federal per capita spending in our state. We pay the Feds the damn money and if Harry can't use his clout to do more than call the President a loser, maybe he ought to remember who elected him in the first place. hour level and permitted virtually unlimited immigration of young Chinese and Filipino women to work in apparel factories located in remote parts of the Island behind barbed wire enclosure. More than 35,000 young women worked in these factories as slave laborers. The U.S. Senate passed legislation that would have brought the immigration and labor laws of those islands under U.S. standards. What to do? Abramhoff took a dozen Members of the House of Representatives and 80 House staff on a 18,000 mile round trip to those islands. Supposedly, they went to inspect the local economy. Mostly, they played golf, sunned themselves and fished. The island also hosts some of the highest-class brothels and casinos in the Pacific area. Abramhoff moved hundreds of thousands of dollars donated by the Chinese apparel companies and others into individual House races. The House GOP leadership kept the reform legislation bottled up. If this story was not worth telling in the plea bargain, I cannot wait to see what is revealed at trial. The one thing that is for sure is that 2006 will be politically dominated by Abramhoff’s testimony and the congressional indictments that are yet to come. PAT CHOATE Want A Penny Press In The Mail? $55 per year First Class Mail Name__________________ Address________________ City_____State___ZIP_____ Penny Press 418 ½ S. Maryland Las Vegas, NV 89101 OPINION THE PENNY PRESS, JANUARY 5, 2006 PAGE 6 From The Publisher... 24 Hour News Morons Blew It As I write this, I’m watching the king of the cable news channels, Fox, questioning how the news that 12 miners in West Virginia survived a mine explosion got out, incorrectly. Apparently they weren’t watching themselves last night. Let me put the answer as bluntly as I know how. You morons blew it. So did USA Today and the Washington Post and the New York Times. lies who thought their loved ones had survived. We didn’t see much of Geraldo after the truth became known. But what we did see was Fox going to their media guru, Eric Burns, for a quick spot on how the rest of the media screwed up. OK, all together now, broadcasters. When is news news? Back when I started in the news business, the closest thing we had to a 24 hour news channel was the local radio station which actually had a news department. When it is verified and known to be the truth. And it also had rules. When you have verified that it is the truth. Nobody put news on the air unless it was true and verified. How long have those rules been in effect? Apparently, the pressure of having to babble 24 hours a day, seven days a week about whatever passes for current events has removed any requirement that what goes on the air actually be true. That’s OK when Bill O’Reilly is mediating an argument between an idiot liberal and an equally idiotic conservative. Since Marconi invented radio. But it’s not OK when a tragedy is in progress and people all over the world are hanging on every word being said on your 24 hour news channel. And how dumb is any newspaper who printed the story? News isn’t news until it is true. And this isn’t the first time the news media blew it so obviously. When do you put news on the air? How stupid does any broadcast outlet look who fell into running a story that flat out was not true? Really, really stupid. Really, really dumb. There is a difference between a legitimate mistake and the rampant incompetence-which was certainly on display in West Virginia on January 3 and 4. It’ll be a long time before anybody really believes what they see on a 24 hour news channel—of whatever political stripe. And, hopefully, it will be a long time before anybody who reads the New York Times, the Washington Post and USA Today doesn’t also refer to a real newspaper to find out the Most of us who have been in this business for awhile know real truth. all about body counts. They’re rarely ever accurate and cerFRED WEINBERG tainly never while the event is in progress. But that didn’t stop Geraldo and his buds from interviewing all of the famiRemember the 12,000 people who were supposed to be dead in New Orleans because an idiot mayor whose credibility had already been subject to scrutiny was quoted by the media? And on 9-11, they were talking about 50,000 dead. THE PENNY PRESS, JANUARY 5, 2006 PAGE 7 Commentary: Doug French Continued from page 4 lists 74 projects, totaling 44,509 units. Twenty-four (24) are under construction, another 21 are pre-selling and there are 29 in the idea stage. Many of the hotel operators have entered the condo craze. In fact, at the recent gaming conference held in Las Vegas, one of the seminars was entitled: “The future of gaming – non-gaming.” It used to be that the most expensive land in town was casino dirt. Now, for new resort properties to “pencil” you must have a residential and retail component. “You cannot (make) a stand-alone casino on Las Vegas Boulevard (work financially),” Vegas real estate expert Richard Lee said recently. “Unless you add a residential and retail component to it, you cannot afford the dirt on Las Vegas Boulevard.” Fifteen billion dollars of development is scheduled for the Las Vegas strip over the next five years. The largest is the $5 billion Project CityCenter by MGM Mirage, which will include 4,250 condo units in its two phases. CityCenter will total 66 acres and include two boutique hotels and 500,000 square feet of retail space. The first stage of CityCenter has broken ground, an employee parking garage that will hold 5,300 cars. The Cosmopolitan project (located next to Project CityCenter) broke ground in late October and will have 2,700 condo units priced from $500,000 to $1.3 million. The Las Ramblas project will cost $3 billion and have 4,400 units. By the way, two of the partners in Las Ramblas are heart throb George Clooney and Randy Gerber (Mr. Cindy Crawford). Speaking of celebrities, they haven’t had much luck so far with highrise projects. Air Jordon couldn’t get his Aqua Blue off the ground, and Ivana Trump’s project can’t seem to attract financing. However, Ivana’s exhusband, The Donald has a project under construction totaling 2,564 units priced at a $1,000 per square foot. Many of these high-rise developers claim they are sold out. In fact, according to Larry Murphy at SalesTraq, the average price per square foot has increased 59 percent from $342/sf in the 1st quarter of 2004 to $544/sf this past third quarter. But just who is buying these units? Are high-time preference baby boomers wanting to leave suburbia and live in cramped high-rise units, but within walking distance of their favorite gaming opportunity, high dollar dining experience and shopping binge? Maybe. But, I’m a little skeptical. One banquet captain I know told me a couple weeks ago he had deposits down on four high-rise units. Of course he doesn’t intend to move into any of these, but he whispered to me, “you know they will only go up in price.” Tom Barrack, dubbed the “King of Real Estate” in a recent Fortune magazine article believes the condo market is an accident waiting to happen. He sites rising construction costs as the catalyst. In hotspots like Miami and Las Vegas, projects sporting lots of pre-sales, when the units are actually built, developers will realize that it costs as much to build the units as they have them sold for. The developers will then try to raise prices, “but most of these buyers are speculators,” Barrack told Fortune. “They [the buyers] will either sue the developers to get the original prices or get their deposits back and walk away.” This has already happened with a couple of projects in Las Vegas. For instance the Vegas Grand project has upped its prices from starting at $139,900 to starting in the mid- $400,000’s. According to SalesTraq’s Murphy no one realized just how expensive it is to build high-rise condos. Las Vegas will continue to be catnip to our high-time preference society, but there are signs of weakness for the near future. Even local Vegas housing expert Stephen Bottfeld, who is terminally bullish on the city, sees a softening and says the boom is over for now. While the rest of county will be mired in what he calls “a Jimmy Carter–like recession,” Bottfeld believes Vegas will only muddle along. In the brand new Aliente master planned community, 65 investor homes have gone into foreclosure. Jerry Brady, a California investor who owns four of these homes, decided to let them go to foreclosure, after his attempt to sue Pulte Homes for lowering its prices was stalled. Joella Roach recently wrote in a letter-to-the-editor published in the Las Vegas Review Journal that her realtor advised her that the home she bought a year ago should only be listed for $5,000 less than she paid for it if she wished to sell it. She’s not happy. There is a plentiful supply of resale homes on the market with over 15,000 listings on the multiple listing service. When the market was at a fever pitch in April of 2004, there were less than 2,500 listings. It is currently estimated that there is a 6-month supply of new homes on the market, as opposed to a year and a half ago when there were no new homes to buy and waiting lists thousands of people deep. And, for the first time in a couple years, sales office traffic is trending down as we head toward the holiday season, returning to the days when few homes are sold in Las Vegas between Veterans Day and Super Bowl Sunday. The Las Vegas division president for one national homebuilder told me sales are slow. He indicates that sales are half what was projected and cancellations are high in all prices ranges. Buyers are skittish with all of this bubble talk he says. One local homebuilder, who sold his company a year ago to a national builder, calls the Las Vegas real estate market dangerous. And one commercial developer I spoke with recently, who has made a fortune developing in Las Vegas over the past decade, has moved virtually all of his activity to Phoenix and Texas. He calls those developers trying to make high Vegas land prices work suckers. But while there are some signs of softening: Through September, new home sales totaled 27,374, an increase of 28.6 percent from a year ago. At the same time the new home median price (excluding condo conversions) was $327,276 up 17.3 percent from last year. The existing home median price at $285,000 was up 14 percent from 2004. Some residential land in Las Vegas is even selling for $1 million dollars per acre. In fact, two small residential parcels were sold at the recent BLM auction for $1 million per acre. The Las Vegas economy leads many people to think the boom will never end. One local homebuilder has started holding some of the homes they build instead of selling them, believing their product will only continue to increase in value. Having barely survived the early 1990’s California housing bust, you would think they’d know better. And, a bank collection officer I know wants to change his compensation structure. Like most bankers, he is on commission for a large part of his income. The more money he collects, the more money he makes. But, there are not enough bad loans to collect right now he complains. I’ve tried to convince him that he’s being shortsighted and that he likely will make much more money in the next few years as numerous small business and real estate borrowers run into trouble. However, he’s not convinced. Commentators have been predicting Vegas’ demise for years. But, democracy and big government play right into Las Vegas’s hand. The bigger and more intrusive government becomes, the more time-preferences rise, and Vegas seductively waits with open arms, waiting to exploit and cash in on each and every person’s weakness, making it hard to bet that Vegas will ever bust. www.pennypresslv.com THE PENNY PRESS, JANUARY 5, 2006 PAGE 8 The Best Vegas Calendar BAR NONE! By Billhere The FREE, e-mailed, VegasResource.com Newsletter and complete index of Las Vegas coupons for shows, buffets and attractions is available on the internet at: http://www.vegasresource.com JANUARY, 2006 ================== 5-8= Consumers Electronics Show (CES): http://www.cesweb.org/default_flash.asp 6= First Friday Art District Tour. Info. at: http://www.firstfriday-lasvegas.org/next.html 6-7= Celebration of the King’s Life - Cannery. 6-7= Jay Leno- The Mirage. 6-9= Spa,Pool & BBQ Show-Cashman Center. 6-11=David Copperfield- MGM Grand. 6-7= John Denver Tribute - Silverton. 7= NFL Wild Card Playoffs - All Sportsbooks. 9= Boardwalk closing to make way for huge “City Center” residential and commercial project. Info on closing: http://www.lasvegassun. com/sunbin/stories/commentary/2005/nov/20/519693510.html +++++ 11= Siegfried & Roy. Airs at 8:00am ET-[Biography on A &E TV] 11= Budapest Festival Orchestra-Tho.& Mack. 11-14=Barry Manilow- Las Vegas Hilton. 12-18= Howie Mandel- MGM Grand. 13= Kenny Rogers - Buffalo Bill’s Primm, NV. 13-14= Tribute to Kiss - Cannery. 13-14= Jay Leno- The Mirage. 13-15= Paul Revere & The Raiders-Suncoast. 14= En Vogue - Silverton. 14= Joan Rivers - Tropicana. 14-15=Health & Fitness Expo-Cashman Ctr. 15= RUSSIA! The Majesty of the Tsars: Treasures from the Kremlin Museum closes - Venetian Guggenheim Hermitage Museum. 16= Martin Luther King Jr. Day. 18= Aerosmith & Lenny Kravitz -MGM Grand Garden Arena. 18= Job Fair - Palace Station. 18-22= Disney On Ice “Finding Nemo” - Orleans Arena. 20= The Village People - Silverton. 20-21= Regis Philbin- Golden Nugget. 20-21= Ray Romano- The Mirage. 20-22= Rich Little - Suncoast. 21 = Miss America Pageant in Las Vegas and not Atlantic City Aladdin.[CMT-TV] 21= Lifehouse- Mandalay Bay House of Blues. 21= Herman’s Hermits - Silverton. 21=Keith Sweat- Texas Station. 21=Erik Morales vs. Manny Pacquiao - UNLV Thomas and Mack Center. 22= Gun & Knife Show - Cashman Center. 27= Ricky Martin - Aladdin. 27= New nonstop jet-service starts from Santa Maria, CA Allegiant Air. 27-28= Bridal Expo - Cashman Center. 27-28= Jay Leno- The Mirage. 27-29= Sergio Mendes - Suncoast. 28= INXS- Mandalay Bay Events Center. 31-April 9= Elton John- Caesars Palace. 31= Titanic: The Artifact Exhibition.” closes - Tropicana. Jan.??= Opening of magician Steve Wyrick’s entertainment complex, featuring a brand new production show, as well as a new dining, retail and nightlife experiences - Desert Passage Mall in the Aladdin. Jan.??= Major multi-million dollar renovations completed on the lobby, porte-cochere, poker room and bar - Las Vegas Hilton. FEBRUARY, 2006 ================== 1= Air service starts from Lincoln-Neb. - Allegiant Air. ++++++++++ 1= “Menopause, the Musical,” a parody set at a Bloomingdale’s lingerie sale, opens in the Shimmer Lounge - Las Vegas Hilton. ++++++++++ 1-5=Disney’s Beauty and the Beast- Aladdin. ++++++++++ 2= Hotel San Remo becomes Hooters Casino Hotel. A Hooters Beach Club and a Dan Marino Fine Foods & Spirits Restaurant are planned. The property is undergoing a $60 million renovation and remains open during construction. Info.: http://www.luxist.com/ entry/1234000037063350/ ++++++++++ 3= Coldplay - MGM Grand. 3= First Friday Art District Tour. Info. at: http://www.firstfridaylasvegas.org/next.html 4= George Strait - MGM Grand. 4= Havana Night Club contract ends. Will their contract be extended? - Stardust. ++++++++++ 4= George Strait- MGM Grand. 5= Football - Super Bowl XL - All Sportsbooks. 6-15=Howie Mandel- MGM Grand. 7-26= Jackie Mason- Stardust. 8-12= Everly Brothers- The Orleans. 9-12= Sportsmen’s Show - Cashman Center. 10-12= Gun & Knife Show - Mandalay Bay. 10-12= Debbie Reynolds- Suncoast. 11= Smokey Robinson- Green Valley Ranch. 11= Little River Band - Silverton. 11= George Jones- Texas Station. 12= Lady Luck closing for major renovations and will reopen in early 2007. 14= Valentine’s Day. 15= “Hairspray”, the musical comedy phenomenon with Tony Award winning numbers that made it a hit on Broadway opens - Luxor. ++++++++++ 15= Harlem Globetrotters - Orleans Arena. 15-19= Neil Sedaka- The Orleans. 16-26 Monday-Thursday.Mentalist Gerry McCambridge’s Show is free with a one-drink minimum purchase inside Addison’s Lounge and free tickets are available at the Rampart Rewards CenterRampart. 16-March 1= David Copperfield- MGM Grand. 17-18= Tribute to the Beatles - Cannery. 17-18= Brad Garrett- The Mirage. 17-19= Neville Brothers- Golden Nugget. 17-19=The Four Freshmen- Suncoast. 17-Mar.5= On Golden Pond - L.V. Little Theatre. www.lvlt.org 18= Boxing - Aladdin. 18= Aerosmith and Lenny Kravitz- MGM Grand. 18= Twisted Sister - Silverton. ==================================== Please e-mail errors, omissions and additions to: [email protected] THE PENNY PRESS, JANUARY 5, 2006 PAGE 9 Challenge: Take the biggest, heaviest production passenger vehicle made and make it handle like a sports car. Answer: Rollgard™. Like a lot of people, my life precludes the Porsche 911 Turbo or the Saleen Mustang I might buy if practicality wasn’t a consideration. In my case, kids, mountainous terrain, and a lot of stuff to schlep around pretty much rule out sports cars as an option. And so, in the last five years, I’ve driven a Four Wheel Drive Ford F-150 and two Four Wheel Drive Ford Excursions. All of them, including the brand new Power Stroke Diesel Excursion, are big, tough trucks with a lot of torque, a lot of power and a lot of space. The downside is that they all have a fairly high center of gravity and are susceptible to rolling into a turn at highway speeds. And all of them have been tamed by Rollgard. My name is Fred Weinberg and I don’t work for Rollgard, which means you can call me at my office, 702-740-5588, and I’ll be glad to give you the benefit of my 170,000 miles of driving with the product. Simply put, Rollgard is a set of counter springs which keeps the rear wheels firmly planted on the road. It was designed by a race car engineer to give any vehicle with leaf springs (that’s Here’s the F-150. We put about most pickup trucks, 50,000 miles on it with Rollgard vans and many SUV’s) the same kind of handling control which a race car can get from the various adjustments you see them make in the pits on race day. What it does is to allow you to steer the vehicle without constant corrections. In other words, point the vehicle where you want to go and it goes there. Last summer, we tested an Excursion with Yes, the Excursion is big. With Rollgard, it is very well behaved! Rollgard under full safety conditions on closed off pieces of Nevada highways in connection with open road racing events. We discovered that you could blast this 8,000 pound vehicle down a winding highway at speeds in excess of 95 miles an hour with complete control only using a very light touch on the steering wheel. The professionals behind the wheel were extremely impressed. Now you’ll probably never have to drive a big, heavy truck like that, but it’s sure nice to know that you could. Because if it handles that well at those speeds, imagine how well it works at regular interstate highway speeds. The best news is that Rollgard isn’t very expensive. And, because it’s a Las Vegas company, we’ve arranged a special deal for you: Buy it at any of the dealers below and we’ll send you a $25 rebate when you mail us a copy of the paid receipt and the rebate coupon from this ad. And one last thing. Rollgard has an absolute 30-day money back guarantee. You can’t offer one of those unless the product actually works. Buy Rollgard At One Of These Fine Retailers: Checkers Autoparts Stores, Integrity Dodge (870-9793) Sun Valley Bumper (362-9003) $25 REBATE COUPON Purchase a Rollgard from One Of The Retailers In This Ad And We’ll Rebate Your Purchase with a $25 Check. Offer Good To January 31, 2006 Rebate subject to terms and conditions listed at www.pennypresslv.com THE PENNY PRESS, JANUARY 5, 2006 PAGE 10 Commentary: Albert Thomas Expense Ratios Are Nonsense One of those investment counselors says, “I will take your money and make you a profit every year, but I have a very hefty fee. For every dollar I make you I will charge you a dollar”. “How much will you make for me?” He replies, “Because I invest in the stock market I am not sure what each year will be, but I have a real time track record that I have doubled my clients money every three years. If you start with $10,000 you should have $20,000 three years from now.” “In other words out of the $20,000 you make with my money you get half? That seems like an awful lot.” Mr. Money Manager asks, “Does it make any difference how much I make if I can double your money?” Here we are computing a 50% expense ratio. Who cares as long as he doubles the money? When you talk to brokers when buying mutual funds one of their pet talking points is that a particular fund has a very low expense ratio. Who cares? The only thing that is important is the final return. Does it make any difference if a fund has a 3.5% expense ratio or a 1% expense ratio if the 3% fund makes more money? Of course not. This is part of the Wall Street mystique designed to confuse clients. Whatever mutual fund you choose it should be one that has the highest return. When it is no longer going up, it should be switched to a better performing fund that is why you should only buy no-load funds. Full service brokerage companies do not want to sell no-load funds. Commissions are expenses, but brokers don’t talk about that. Do NOT pay commission. Brokers will tell you that load (commission) funds are better than no-load funds. Not true. Get up and walk away from that broker. He is lying. Be careful of certain types of mutual funds that will have several classes of the same fund some of which have hidden commissions. Don’t be afraid to ask. To be absolutely sure call the mutual fund company. They all have toll free numbers. There is only one way to make sense out of expenses and expense ratios and that is the performance of the fund in relation to all other funds. First eliminate commissions. All other expenses are apportioned over the year. One other nasty charge funds have started adding is redemption fees. Most are 2% and run out for long periods of time. These are added to discourage selling; no other reason. There is only one thing that distinguishes a “good” fund from any other. It is going up while the investor owns it. If it doesn’t you should not have it. When it starts down it should be sold and this has nothing to do with expense ratios. There is only one reason to own any equity and it has nothing to do with expenses. It must go up. AL THOMAS Al Thomas’ best selling book, “If It Doesn’t Go Up, Don’t Buy It!” has helped thousands of people make money and keep their profits with his simple 2-step method. Read the first chapter and receive his market letter for 3 months at no charge at www.mutualfundmagic.com and discover why he’s the man that Wall Street does not want you to know. 1.877.821.9302 THE PENNY PRESS, JANUARY 5, 2006 PAGE 11 Commentary: Patrick Nohrden Christmas In China I just came back from my third Christmas in China. I have been back from China now for about a year, after having lived there a year and a half teaching English. This trip, and two previous ones, was necessitated by the fact that the U.S. State Department still has not issued my wife a visa, a problem which I hope will be resolved soon. The first notable event was my train ride form Beijing to Jinzhou in Liaoning Province, where my wife teaches math at a middle school. The train was half full of young soldiers on their way to their initial assignments in the far northeast of China, perhaps along the border with Russia and North Korea. Most of the troop movements in China occur in December. Many of the soldiers in their new uniforms were not more than fifteen years old. My wife told me that they probably changed their birth dates in order to join the army, and it is likely that their parents had enough influence or money for that to happen. It is not easy to join the army in China. Although it is the largest army in the world, it represents an extremely small fraction of the 1.4 billion people living in China, so competition to enlist is difficult. Poor students from rich or influential families will enter the army after completing the ninth grade because they cannot enter high school, which is reserved for only the best students. One of the nice things about being in China in the few days leading up to Christmas is that shopping is a bit easier. Although there are many indications of Christmas throughout the shopping district, with displays of Christmas trees, Christmas music playing in the background, paper Santa’s in the windows, and a life-size mechanical Santa Claus singing “The Yellow Rose of Texas,” people are not Christmas shopping. It is not a gift-exchanging holiday in China. Yet the Chinese are curious enough about the holiday to participate in some way. The Christmas carols are usually “Jingle Bells,” “Frosty the Snowman,” and “Rudolph the Red-nosed Reindeer.” Occasionally you might hear a “religious” Christmas song, but it will be without the words. One can only guess why the largest supermarket in Jinzhou thinks that “The Yellow Rose of Texas” is a Christmas song. Christmas is not a holiday in China. It is a workday and school day, and the holiday is treated more as a distraction than anything else, much as we treat Valentine’s Day or April Fool’s Day in the west. However, Christmas Eve has somehow evolved into a community event. We decided to eat in a restaurant on Christmas Eve, and there was a new Chinese-style steakhouse in Jinzhou that I wanted to try only a few blocks from my wife’s home. Walking down the street to the restaurant I was amazed at the number of people that were out. Amongst the firework vendors were apple vendors, all selling apples specially wrapped in decorated cellophane with a bow. The restaurants were packed and the volume of fireworks was reminiscent of a war zone. Remarkably, none of the thousands of people on the street was hurt. My wife explained that the apples were purchased as gifts and were exchanged among friends and relatives on Christmas Eve. That is because the Chinese people have come to consider Christmas Eve as “Peace Night.” The word for “apple” in Chinese is ping gua. The Chinese word for “peace” is he ping, or ping an (peace implying safety). Both “apple” and “peace” in Chinese include the root ping, hence the apples. When we arrived at the restaurant, it was packed, and we were told that we would have at least a 40-minute wait, so we decided to take a walk while waiting. Jinzhou has two churches that are licensed by the State Bureau of Religious Affairs, both on the same block around the corner from the restaurant. Out of curiosity, we walked over to the churches. The first was the official Protestant church. A large crowd had gathered in front of the church, barred from entering by gates held closed with a chain and padlock. Surrounding the gates were more policemen in one spot than I had ever before seen in China. They were there to help keep the people from entering the Church. Although the police will not let you take their photographs, they will not stop people from taking photos of other people, even if they happen to be standing near the policemen. So I left with a few photos. We then walked a short distance down the block to the Chinese Catholic church (the Roman Catholic Church is banned in China), where we found the same situation. We squeezed through the crowd to the gate, only to find it likewise locked. I asked my wife to ask one of the persons at the gate why it was locked. The answer was typically Chinese, “Somebody lost the keys.” Right. We left the front of the church and went around to the side where we found a steel plate door with a peephole. This door had a small crowd, as well, but my wife said something to somebody on the other side of the door and it opened, allowing my wife, my stepdaughter, and me to enter the church. Once inside, I learned that the people outside the church could not come in because they were not registered with the government as “Catholic.” We were ushered upstairs to the large sanctuary where a mass was in session. Although the church seemed crowded, and many poor people were lining the walls along the side if the sanctuary, the first three or four rows of pews were only half full. We were given a seat in the third row, while a speech was being given by a woman at the lectern. From time to time she would say a name, and a person sitting in one of the first three rows would stand and be applauded. I felt uneasy about sitting so near the front, especially since I did not know what was being said and because I was certainly no dignitary. While in church, the choir in a loft began signing “Silent Night” in Chinese, and I felt an immediate comfort. As they sang, I looked around and counted each of the Stations of the Cross and viewed the various artworks of biblical subjects. It was almost like being in church at home, except that there were no candles, the church substituting small light bulbs instead. I could only think about the hundreds of people standing outside in the cold wanting to come in to see what Christmas was all about, and the numerous policemen keeping them away. I thought about the many Roman Catholic priests, protestant ministers, and Muslim clerics that are languishing in prisons throughout China or on house arrest. I thought about the freedoms we have in America. I thought about my right to write this article and say anything I want. More importantly, I thought about the apples that were being exchanged on that cold night in the streets of Jinzhou. Peace! PATRICK NORHDEN www.LasVegasCrooks.com www.pennypresslv.com THE PENNY PRESS, JANUARY 5, 2006 PAGE 12 Commentary: Joyce Meyer Be A Person Of Purpose Do you ever feel as if life is passing you by in a blur? Does it seem as though you’re doing a lot of things but you don’t know what you’re accomplishing? I’ve been there, and I can tell you that these feelings are the result of your time managing you instead of you managing your time. I lived with those feelings for a long time, but over the years God taught me some very helpful guidelines to show me how to make the most of the time He’s given me. I believe these keys can be a blessing to you as well. One of the first things you and I need to learn is to live our lives on purpose and not off purpose. Instead of allowing insignificant things to distract us from our real priorities, we must make up our minds to stay focused on what God has called us to do. I believe one of the easiest things to get entangled in is doing good things that we’re not called to do. For example, in the early days of my ministry when I saw other ministers operating in different gifts of the Spirit, I wanted to be able to do a little of everything they were doing. It wasn’t long before I became very discouraged and frustrated because I couldn’t do it all. Thankfully, God showed me that I was trying to do what He had called them to do—I was trying to make something happen that He had never called me or anointed me to do. God didn’t want me to compare myself to or compete with other ministries. He just wanted me to fulfill His call on my life and to be the best me that I could be. When we try to do something other than what we are called to do, we lose time, energy, and end up feeling miserable. Ephesians 5:15 says, Look carefully then how you walk! Live purposefully and worthily and accurately, not as the unwise and witless, but as wise (sensible, intelligent people). God has a specific call on each of our lives, and to carry out that call, He has equipped us with unique gifts and talents (see Romans 12:6-8). Once we know what we are called to do, we must invest the majority of our time and energy into that thing. Many years ago as I was praying, God told me, “I want you to work toward devoting most of your time to study, prayer, preaching, teaching and writing.” Since that time I have made a plan to fulfill His direction, and I’ve worked the plan. Now, I don’t believe that we should be so focused on our plan that we are rude to others or that we won’t allow the Lord to interrupt it. But we shouldn’t be living vague lives—going day-to-day just waiting to see what happens. Ephesians 5:17 says, Therefore do not be vague and thoughtless and foolish, but understanding and firmly grasping what the will of the Lord is. I believe that as we stay on purpose instead of off purpose, we will find both contentment and fulfillment in everything we do. I encourage you to be a person of purpose and give yourself to the things God has called you to do. And by all means, take time to enjoy the abundant life God has given you. As you daily surrender your schedule to the Holy Spirit, He will give you the grace to manage your time wisely. JOYCE MEYER For more on this topic, you may order Joyce’s six-part series, Time Management and Priorities, which is available by calling 1-800-7279673 or online at www.joycemeyer. org. THE PENNY PRESS, JANUARY 5, 2006 PAGE 13 You think you know what goes on in here? You don’t have a clue. Find Out What REALLY Was Happening At Cheetahs Available Now At All Las Vegas Borders Books THE PENNY PRESS, JANUARY 5, 2006 PAGE 14 Commentary: Brent Jordan Nobody Could Be That Stupid? A man is adrift in a wooden life boat somewhere on the vast ocean. It is chilly out. The man decides to burn the boat for fire wood. After burning his life boat, as he is drowning, he wonders on the wisdom of his decision. No one could be that stupid, you say. Allow me to introduce you to Tony Dane. Tony Dane would like to raise the gaming tax on Nevada casinos to 18.25%. The depth and breath of human stupidity never ceases to amaze me. Who is this Tony Dane moron, and how does he remember to breathe every day? What’s more, this Dane clown is seeking the signatures of 83,000 Nevadans to get his insane initiative on the ballot. Sadly, he will probably find a couple of thousand as equally stupid as he is to sign, even though Dane just announced the initiative is “on hold”, whatever that means. (I’m pretty sure where he could get his first signature. Just give him Steve Sebelius’ address.) Thomas Mitchell, and the editorial board at the Review Journal, considers this proposal punishing, crippling, and ill-thought-out; killing the golden goose. But then, Thomas Mitchell has always been far too gentile and generous. Tripling the casino gaming tax is the single most idiotic notion anyone could possibly come up with for Nevada. This is what happens when you outlaw public floggings for subversive behavior. Of course the outrageous18.25% number is probably just one of those political maneuvers to make the 12% Dane will eventually settle on, look fair. A little like a gas station raising the price of a gallon of gas from $2.00 to $3.00, then lowering it back down to $2.50 per gallon (look, we’re saving fifty cents a gallon!). 12% doesn’t look fair to me. It looks like the rape of a legitimate business and industry (which already pays my state income tax, thank you very much). And I’m just guessing at the 12% number. God help us if Dane is serious about 18.25%. Lets get down to facts: Why is Las Vegas anything more than a 300 person mining town with one gas station, one general store, and one bar? It is because of the casinos. Period. End of story. Without the casinos, Las Vegas is a way station, on the way to somewhere else. Now, let’s explore what should be another self-evident fact: Why do the casinos stay here in Las Vegas, in the middle of one of the nastiest deserts on the planet? It is the business environment that keeps them here. Apparently Tony Dane got his 18.25% gaming tax number by averaging the gaming tax on casinos in other parts of the country, then tacking on a couple of percentage points for good measure. Hey, moron, if the gaming tax were higher, or even the same as other parts of the country, say California, wouldn’t the casinos just go there to do business? Of course they would. Most states now allow gaming of one sort or another. Nevada is no longer unique. Most of those states are looking at the revenue generated by casino type gaming, and are beginning to see the light (or allowing their greed to overcome their high-horse moral posturing). Imagine, for example, the Gulf States that were ravaged by hurricanes this past year, and have languished in the depression brought on by liberal, socialist values of their lawmakers. Imagine if those lawmakers, in a moment of reason and rational (capitalist) thinking, allowed an open and free market for casinos. The only thing that would prevent Las Vegas casinos relocating––en masse––to the gulf states, would be their obnoxiously high tax rates and even more obnoxiously corrupt state and local governments which add to the tax rate. Think of all the businesses that moved from California. Think of all the people that followed. Think of what it has meant for Las Vegas growth, status, tax base, property value.... Think, Mr. Dane. Think. Businesses evacuated California because they were being taxed to death. Those who forget history are doomed to repeat it. Or maybe Hegel was right when he said the only thing we have ever learned from history is that we never learn anything from history. 40 million visitors come through McCarran airport each year. One can only guess at the number that drive here from California and other neighboring states. (Try getting on highway 15 on the day following Labor Day weekend, and start counting.) There are only about a million and a half residents of Las Vegas. It doesn’t take a math wiz to figure out people are coming here for the casinos from other places. Wouldn’t it make good business sense to move the casinos to those “other places” where the people are coming from? Raise the gaming tax, and that’s exactly what will happen. Make no mistake, no matter what you do for a living (with the possible exception of mining) your life here in Nevada is wholly dependent upon the casino gaming industry. Grocery store clerk, post office employee, hair and nail technician, street sweeper, construction worker, politician, police officer, op-ed journalist...none of these jobs exist without the casinos. Of course we could end the water shortage, teacher shortage, traffic congestion, road construction problems, high home values, political corruption, cabdriver / strip club extortion debate...all in one fell swoop. Raise casino gaming taxes enough to force the casinos to relocate, and POOF! All those problems disappear––along with Las Vegas. I’ve got a better idea: How many signatures would it take to deport Tony Dane (and Steve Sebelius, while we are at it), and all the other pseudo-socialists who are thinking of signing this idiotic measure, to somewhere where their ideals make more sense; say Cuba, or North Korea...? BRENT KENTON JORDAN THE PENNY PRESS, JANUARY 5, 2006 PAGE 15 Pet Of The Week Adopt This Pet ! My name is CHAPULIN ID#A050356 I am a neutered male, brown and red Chow Chow mix. The shelter thinks I am about 3 years old. I have been at the shelter since Dec 05, 2005. For more information about this animal, call: The Animal Foundation — Las Vegas at (702) 384-3333 Ask for information about animal ID number 1.877.821.9302 THE PENNY PRESS, JANUARY 5, 2006 PAGE 16