Everyone in the casino industry is familiar with the name Steve Wynn. Billionaire Mr. Wynn is a casino resort and real-estate developed who is largely credited with the resurgence of the Las Vegas Strip, its expansion, and developing it into the vacation destination it is today. Big Las Vegas Strip casino resorts such as the Mirage, Bellagio, Treasure Island, Golden Nugget, Encore and the Wynn, have been credited to him, even though he may not even own them anymore. His company, Wynn Resorts Inc. ranks among the big companies such as MGM Mirage and Harrah’s Entertainment. However, unlike his competition, Steve Wynn is the personality casino enthusiasts think of when they think of the big time casino boss. He isn’t a Bugsy Segal or suited up business man. He is know to be a little more relaxed and fun loving.
Most, if not all of Wynn’s casinos and casino resorts are on the Las Vegas Strip. However, he has been looking to make his mark (again) on the east coast of the United States. At one point in time he owned the Golden Nugget in Atlantic City, but that was sold in the 1980’s. His casino company made an unsuccessful bid for Proposed casino in New York City at the site of the Aqueduct Race Track in Queens. American’s in the east have been denied a Wynn casino for far too long, but it looks like all that is about to change.
The Pennsylvania Gaming Board had been in negotiations with the Mashantucket Pequot Tribe to develop their brand of Foxwoods casino on the waterfront in Philadelphia. For several, non-controversial, reasons the deal has stalled and now Wynn is set to move in. It was announced recently that Wynn Resorts, is to be the managing partner in the Philly casino. The exact details of the deal have not been released but it looks as though Wynn will control a little ore than 51 percent of the casino. The Pequot Tribe is still involved, and have until early March to finalize the financing. Welcome back to the east coast Mr. Wynn.
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Feb
Sands to Open Casino Resort in Singapore with SkyParkAuthor: Chris // Category: Casino GamesYou should see the plans in store for the the Marina Bay Sands Resort and Casino in Singapore. The Las Vegas Sand Corporation is already billing it as Asia’s Most Spectacular Entertainment Destination. At $5.5 billion dollars it is the most expensive single resort casino hotel ever built. (CityCenter in Las Vegas was well over $8 billion but included several buildings with only one housing a casino.) The Marina Bay Sands encompasses several acres of land in Singapore and several acres of sky, but we will get to that later. The Wild Horse Resort and Casino is getting ready to celebrate its birthday. Every year the end of March sees the Wild Horse throw a big party for itself. There are usually casino and resort promotions, special prizes, and a big fireworks show. In fact, the fireworks show the Wild Horse Resort and Casino gives itself is considered to be one of the biggest in eastern Oregon. This year’s birthday celebration will be even bigger. The Wild Horse Resort and Casino guarantees it. This year the are celebrating a milestone. This year they are celebrating fifteen years! Canada is new to the online casino gambling business yet they are already creating new rules to protect the companies themselves, as well as the players who come to have fun and maybe make a little money. Recently, Centrebet, one of the top online casino gambling institues has been putting into play a new policy that will be known as the “High Roller Policy.” This new policy is designed to make sure that the online gambling affiliates will also benefit from the high rollers that spend tons of money in the online gambling casinos. It will provide them with commissions on these players as incentives to draw in larger crowds and more high rollers. This is the first time that any online gambling company has decided to implement this type of affiliate reward into online gambling. The way the online affiliate rewards work is that any player who spends over $1000 in a month earns the status of high roller. That player will then be removed from the affiliates commissions calculations until their totals become more balanced and reach into the black. High rollers have been dealt with in different ways in the past years. Some online casinos have actually banned the high rollers from playing due to the fact that they were withdrawing large amounts of potential revenue. The Global Affiliates Manager, Lee-Ann Johnstone stated, “We are confident that this new policy has had a huge positive effect for our partners, by having a direct impact on their monthly commission.” By creating this system for their online affiliate program all parties involved will be benefiting and the player retention will remain high. In the past many online casinos lost their high rollers as they did not know how to best use them to their advantage. The Canadian Centrebet is going against the grain with this one which could prove to be very productive or very detrimental. Every once in a while a star comes around that captures millions of lives. There are people of celebrity power such as Michael Jackson, Heath Ledger and many others whose times were gone too soon. Sometimes that particular celebrity made enough of an impact on people that they are celebrated beyond their death. Such is the case with racing legend Dale Earnhardt.
He amazed fans with his on the track speed and his off the track demeanor. He was an icon of the racing industry until his number was up in a fatal crash. Many fans still haven’t forgotten about him and tell stories to their kids about the racing legend. Now Even Las Vegas casinos have shown their respect to the race car driver by dimming their lights. The stratosphere Casino tower is one of the most recognizable icons on the Las Vegas Strip as it literally towers over the entire street. That is why it made the gesture to shut off their lights as a tribute on February 18, 2010 at 6:00 p.m. For three solid minutes the Casino tower remained dim to honor the NASCAR Racer and all of his fans that supported him.
Dale will always be remembered as car number 3 and his pictures and videos will remain seared into the memories of many fans around the world. This dedication by the hotel casino at the Stratosphere was a touching reminder of the thrill, excitement and danger of NASCAR racing and has reminded many drivers to be extra cautious on the track. When casinos on the Las Vegas strip decide to make a move such as this it creates a very powerful effect. It is such an rare occasion that these casinos will shut down their lights, and they have only done it for a number of celebrities. Most o the celebrities they have honored were performers on the strip such as Samm Davis Jr. and Frank Sinatra. Others included President Reagan and President Kennedy. It is hard to turn on the television or pick up a newspaper or magazine and not see coverage of the earthquake disaster that has struck Haiti. It is one of the worst and saddest natural disasters since the massive tsunami hit the Indian Ocean in 2006 and Hurricane Katrina wiped out New Orleans in 2005. The Red Cross, the United Nations, and countless other charitable and relief organizations are pleading for help in their attempt to aid survivors of the Caribbean quake. As if it was not bad enough, the poverty stricken area is about to get into the rainy season which will be followed by hurricane season. Groups around the world are doing their best to pitch in and that includes the online casino industry.
Costa Bingo, a United Kingdom based free online bingo site has launched a new plan to help those who are providing relief for the Haitian earthquake survivors. Let us side track for just a second. Costa Bingo has kept up with the online social networking fad. They have a facebook page and are always looking for “fans.” They have had facebook promotions, but none may be more important than the one they are running now. This isn’t a free entry into a tournament or credits or bonuses. They are having a drive to raise money for Haitian earthquake relief.
The online bingo and gambling site will be donating 50p for every new member who becomes a fan of Costa Bingo on Facebook. For the rest of February. The process could not be more simple. There is a link on Costa Bingo’s web page, costabingo.com or those who wish to help can log on to facebook.com directly, www.facebook.com/costabingo. Chief Executive OFficer for Costa Bingo stated, “At time like this we all do as much as we can to help.” Playing on online casino and gambling sites is fun. Partaking in online social networking is fun. Now the two go together in a cause that is worthy and very, very necessary.
Analysts for financial institutions provide information for the companies clients and investors. Easy enough. Some financial institutions have specialty analysts to cover certain areas. For our purposes, gaming analysts provide all the necessary information and predictions regarding casino and casino resort companies and groups. It can be a tricky business. There have been instances where a gaming analyst became a little too close to the casino he or she was reporting on, or, just the opposite, they became to critical. There have been some instances where a gaming analyst published bogus information which caused stock prices to fluctuate and cause harm to the casino group and the financial institution they work for. The job can be as competitive and volatile as any other Wall Street related position, and has all the makings for an Oliver Stone film.
For example, just this week a well known gaming and casino industry analyst for a will known financial institution discovered he had been replaced. Robert LaFleur of the Susquehanna Financial Group, a division of Susquehanna International Group was packing for a planned out of town vacation when he was notified that he need not return to work at Susquehanna. Needless to say he was floored. Needless to say he had no reason to expect to be replaced or why Rachael Rothman was his replacement.
Even more confusion was added when it was announced that Rothman would not be covering the seventeen casino and casino hotel business tracked by LaFleur. She will cover The Cheesecake Factory, Chipotle Mexican Grill and the MGM Mirage and Las Vegas Sands Corporation casino groups.
It is suspected that LaFleur’s dismissal may be due to his harsher than expected critique of MGM Mirage and its newly opened CityCenter. There is also speculation of Rothman’s hire due to her seven year, professional relationship while at Merrill Lynch with her new Susquehanna supervisor. In any case the gaming and casino analyst game is a “brutal business.” Maybe Oliver Stone will write Wall Street III: Gambling on Casinos.
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Feb
Earl to Act as Consultant for Planet Hollywood CasinoAuthor: Chris // Category: Las Vegas CasinosThe Planet Hollywood brand is famous around the world. In 1991 restauranteur Robert Earl started the brand that mirrored the famous Hard Rock Cafe brand of restaurants, but instead of having music memorabilia, it featured a Hollywood, movie industry theme. And, like its Hard Rock Cafe predecessor it has a hotel and casino brand. Mr. Earl acquired the Aladdin Casino Resort in September of 2004 and turned it into the Planet Hollywood Casino and Resort. It is nestled on the Las Vegas Strip next to some world famous names, mostly owned by Harrah’s Entertainment. Unfortunately, being an independent casino on the Strip is a tough business, and now Harrah’s Entertainment owns the Planet Hollywood also.
Sadly Earl’s Planet Hollywood Casino faced major financial troubles. Just this month he sold his five year old Las Vegas casino. Harrah’s Entertainment plans to keep the hotel and casino under its current format. It sees great promise for the movie themed and celebrity appearances it offers. They also see the advantage of the name “Planet Hollywood” that has become familiar world wide. Of course the fact that the Planet Hollywood will give Harrah’s Entertainment almost complete control of a large portion of the most famous casino and gambling street in the world.
While Robert Earl may have opted out of being an active figure in the casino and casino hotel business, he does not plan to leave entirely. He will be sticking by his brand as a consultant. He understands marketing, and has been the driving force behind the Planet Hollywood name for almost twenty years. He also has connections with Hollywood stars, and that is Planet Hollywood’s bread and butter. He stated, “I plan to be here regularly. We’re going to do lots of celebrity events.”
It seems that Robert Earl still loves his casino hotel, and he will still be in control of the name and Planet Hollywood restaurants. He just felt that adding Harrah’s Entertainment’s expansive customer data base was the best thing for the Planet Hollywood Las Vegas.
The Fontainebleau in Florida is a world class, hotel resort located on Miami Beach. It features a spa, wedding and meeting spaces, pools, bars, and of course the warm south Florida sunshine. The Fontainebleau in Nevada is an unfinished casino hotel located toward the north end of the famed Las Vegas Strip where the famous El Rancho and the Algiers casinos once stood. It was supposed to emulate the chic design of its Miami Beach sister. It was supposed to have a 60,000 square foot spa, a performing arts theatre, condo and hotel units, close to 30 restaurants and lounges, nightclubs, and, of course, a casino. The models and the renderings are beautiful.
Then the economy in the United States crumbled. Large casino resorts that have been a Las Vegas establishment took major hits. Some came close to declaring bankruptcy. Much less can be said about seemingly doomed construction projects. The Fontainebleau Casino Hotel in Las Vegas went into bankruptcy. It has become a source of frustration form Las Vegas citizens and business owners as it has come to symbolize the depressing state of the economy and the hardships 2009 brought to the city.
Construction of the casino hotel came to a standstill last April when $800 million in financing was pulled back by the company’s lenders. It was only about 70 percent complete. There is some good news. The property and its debt has been bought. New York City based billionaire and corporate raider Carl Icahn has completed a purchase of the Fontainebleau Hotel and Casino. His company, Icahn Enterprises bought the Fontainebleau for close to $150 million. $45 million of that price went straight to financing fees and bankruptcy proceedings.
The bad news is now that he owns it he can sit on it and leave the casino hotel in its unfinished state. “We’ve always liked Las Vegas,” he said, “but it’s probably overbuilt too much.” In any case, Mr. Icahn knows what he is doing. He knows that when the economy turns around and the visitors return Las Vegas to its glory that he will have one of the newest properties on the most famous gambling strip in the world.
The Commonwealth of Pennsylvania is facing a budget shortfall. Truthfully, this is the case with most state governments in the United States of America. This is no surprise and there is no reason to dwell on that right now. One of the ways Pennsylvania is looking to help supplement its budget is by making amendments to its state gambling laws. Again, most states have at least explored the idea. Pennsylvania did pass a law though. They have successfully added table games to their casino laws. These laws give casinos who apply for the license the right to host casino table games such as blackjack, roulette, and craps, in exchange for taxes on the revenues. This is beneficial for both the casino operators and Pennsylvania.
One of the first casino groups to take advantage of the new gambling laws in Pennsylvania is the Las Vegas Sands Corporation. They formally filed for the appropriate license from the state government to host eighty table games in its Bethlehem casino as early as the beginning of summer. Las Vegas Sands Corporation president, Michael Leven believes the added casino table games will allow his company to go ahead with other expansions they have planned for their Bethlehem, Pennsylvania casino. Some of these plans include, added gaming space, convention space, and a hotel. Again, all of these are good for the local and state economies. He stated, “The pending addition of table games has given us a chance to review our overall strategy as it relates to the Sands, and we are optimistic this opportunity will be a positive catalyst for both the balance sheet and the future development of the property.”
Now that casinos in Pennsylvania can be more than just slot parlors they become much more attractive for not only Pennsylvania residents but for those in feeder markets like New York City in northern New Jersey, who have to travel to Atlantic City or Connecticut. All of this looks good for Pennsylvania.
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