$100 Million Price Tag Put on Fire at Monte Carlo Hotel Casino

The Monte Carlo Hotel Casino experienced a fire last month. The top of the building caught on fire, and there has been speculation as to what actually started that fire.

MGM Mirage Inc. has claimed now that the fire will cost $100 million in estimated damage. The company does have insurance, and it is unknown how much of the money will be paid by insurance and how much the company will have to put out.

The casino hotel has not yet re opened after the fire, although it is moving in that direction. Friday has been the target date to open again. Even when open, only certain rooms will be available.

Since MGM has nine different properties on the Las Vegas Strip, employees have been working feverishly to make sure that all booked guests were transferred to one of the other properties.

As far as the money for the renovations to the hotel, the company is hoping to get some back from their insurance. "While we do have insurance and we are confident we will not lose all that $100 million, how much we get back remains to be seen," said a spokesman for MGM, Alan Feldman.

The company is expected to lose between $20 and $30 million in lost revenue from the time it has been closed. With the market slow anyway, that number had the potential to be much higher had it been in another year.

February 16, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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