MIKE WEATHERFORD: Magician Wyrick by the numbers by Mike Weatherford for the Las Vegas Review-Journal
The numbers unfold in 96 pages of a U.S. Bankruptcy Court filing. Some highlights:
? U.S. Bank checking account: $45.99.
That's the balance magician Steve Wyrick listed in his bankruptcy filing last week. The illusionist once talked of his expensive fondness for vintage neon and his plans to buy up signs from the faded motels on East Fremont Street.
? Repossession of motorcycle, valued at $250,000.
Seems like Wyrick always was perched on a bike in billboard shots around town. Conan O'Brien joked about Vegas "billboards for people you never heard of before." Wyrick was the supreme example of those who attempt to create their own stardom instead of arriving with some degree of fame.
? Foreclosure of theater, valued at $16,000,000.
One thing about Wyrick was impressive. He always did what he said he would do. In fact, he did it three times. First he built an 860-seat theater at the Sahara in 2000. Three years later, he forged a smaller venue out of a bare-bones space at the Aladdin.
Then, in 2007, came what was touted as a $35 million venue in the Miracle Mile Shops at Planet Hollywood. Pricey, but not to be wholly reliant on Wyrick, or even fellow entertainers renting the stage in the afternoons.
This one would include an after-hours nightclub, Triq Ultra Lounge, to maximize the space. But delays from the outset signaled Wyrick might be in over his head.
? Creditors holding secured claims: Stephen Tebo/TMLV LLC $15,000,000.
Stephen Tebo's online biography details his rise from Boulder, Colo., coin-shop owner to commercial real estate agent. In 2006, the Strip was still a street of dreams, and Tebo wasn't the only entrepreneur to buy in.
What wasn't so clear before the economy hit the wall: Wyrick's show and his nightclub were both redundant products, neither executed with enough flair to rise above heated competition.
Working here since 1997, Wyrick offered a quality, competent magic show but never became a Vegas must-see.
Tebo's investment has so far yielded Wyrick's motorcycle and $600,000 worth of "pictures and posters," possibly including some old motel neon?
? Total liabilities: $54,354,748.
Some boys want to be magicians. Those boys seldom end up in business school. This might explain why most artists have good managers, agents and accountants.
How could a medium-budget show in a 400-seat theater end up $54 million in the red? "Didn't they do the math?" a competitor asks of Wyrick's investors. "There was too much debt from the get-go."
The numbers are there now, for anyone who wants to add them up.
http://www.lvrj.com/living/magician-wyrick-by-the-numbers-94686334.html
