CR85-p14-America N1:SJC-Casino Review 25/10/09 12:26 Page 1
internationalcasinoreview
Lanni diagnosed with cancer
Former MGM Mirage chief executive Terry Lanni has been
diagnosed with cancer and requires treatment, including
chemotherapy and possibly surgery.
Lanni, for several years one of the most famous names in the
casino sector, retired last year after more than 13 years leading
the Las Vegas-based company from a one-casino business to
News
its current state as the largest operator on the Las Vegas Strip.
MGM Mirage CEO Jim Murren said Lanni’s ‘spirits are strong.’
NORTH AMERICA
Cost of
Merill Lynch
to effectively
completion
own
Greektown
remains the
bankingonsuccess
UNITED STATES
noose around
Detroit’s Greektown
Casino could be out
of bankruptcy and
Fontainebleau’s
with a new owner in
time to celebrate New
Year’s Eve.
neck
The casino’s creditors
have approved a
restructuring plan giving
ownership to its lenders,
headed by Merill Lynch.
With potential purchasers being put off by Fontainebleau’s debt, The deal must now be
what should have been a luxury resort could become a spectacular
approved by the
testimony to the adage of ‘wrong place at the wrong time’.
bankruptcy judge, the
mayor, the Detroit City
Phil Martin reports on the project’s chances of completion. Council and the Gaming
Control Board. Fine
puttingpenntopaper Wilmott, said: “It is going to and perhaps extraordinary. and majority equity holder, to buy Fontainebleau. “We Point Group, the group
UNITED STATES take $1.2bn to $2bn to finish There’s a lot of money left to could lose $500m on the believe that Penn has done taken on by Greektown
Fontainebleau, and it’s not spend, and I think anyone’s Fontainebleau Vegas. He has some work looking at to operate the 2,600 slot
Standing tall but not partic- worth that much.” price would reflect that.” already sold half of the owner- Fontainebleau, much as it has casino, will continue to
ularly proud at the northern Penn could act as a ‘stalking Fontainebleau has a 63- ship of his Fontainebleau looked at many property manage the venue.
end of the Las Vegas Strip, horse’ bidder for the property story tower and if completed Miami Beach for $375m to a acquisition candidates over ”This is a major
Fontainebleau remains setting a minimum price for will include 3,800 hotel rooms division of Dubai-based prop- the last year,” he said. milestone,” said
more than half-finished after the 3,889-room hotel with and a 100,000-square-foot erty developer Nakheel, and “Investors would generally attorney Daniel Weiner
it fell into bankruptcy in the other bidders offering more. casino. Lenders pulled the injected $200m of the pro- view this as a negative. We of Bloomfield Hills-
summer. Penn would have to finance plug on funding forcing con- ceeds to his Vegas project. probably would as well, but based Schafer and
Various rescue packages the project’s bankruptcy costs struction to stop and His Miami Beach property it would depend on price Weiner, who represents
have been considered but in exchange for this standing. Fontainebleau to sue. is not part of the Vegas bank- and returns.” the casino debtors.
investors are facing a cul-de- Around $2bn has already Fontainebleau then filed for ruptcy. Bill Lerner of Union Gaming
sac of a conundrum. The cost been spent on the project, Chapter 11 bankruptcy pro- Penn owns 12 casinos and Group advised that once com-
of competing the develop- although one evaluation of tection. Lenders want this seven racetracks, reported plete the resort would be up
ment is likely to be higher than the construction site valued status changed to a Chapter 7 earning $28.5m in the second against with other new
its actual worth. its current worth at less liquidation through a court- quarter this year and has casinos with 9,300 hotel
Pennsylvania-based opera- than $400m. ordered sale. $795m cash on hand and rooms opening in the next
tor Penn National is keen to Richard Mason, a New York Scott Baena, the Miami $2.28 billion in long-term debt year despite GGR shrinking
enter the Las Vegas market lawyer working for Penn, com- bankruptcy lawyer represent- less current maturities. up and down the Strip.
but has stressed it will only mented: “Folks in this case ing Fontainebleau, is hoping Analysts are sceptical as to “If project capital were
bid less than US$300m for have focused on the amount the property will be sold in an Penn’s likelihood of rescuing available, we’d be surprised to
the property. of money that has already auction by the end of the year. the project. see Fontainebleau generate a
Penn National Gaming been spent on the project, Jeffrey Soffer, Fontainebleau JP Morgan Chase’s Joseph return in excess of the cost of
chief operating officer Tim which has been substantial Resorts’ executive chairman Greff believes Penn is unlikely this capital,” Lerner said.
Foxwoods launches first casino-branded iPhone application
anappforthat another great channel to help gory was developed in con- that will immerse consumers in answer any questions applica- and we’re proud to be on the
UNITED STATES us spread the word about junction with marketing and the Foxwoods experience. tion owners may have about forefront of consumer trends
our award-winning development The Foxwoods-branded the property or its services, as yet again with the launch of the
Foxwoods Resort Casino has property’s world-class firms Mullen iPhone application also offers well as book rooms, appoint- world’s first-ever casino-
launched a Foxwoods-branded offerings, from gaming and Aurnham- users access into a virtual ments and an array of reserva- branded iPhone application."
mobile application that will live to dining, nightlife to mer, boasts a “velvet rope club” in the form tions throughout the property. Another element of the
on Apple’s iPhone platform. entertainment, and ‘game play’ of a dedicated concierge “The Foxwoods brand is application is the “resort expe-
The application was everything in feature, allowing service, marking the first time a constantly evolving in a way rience” feature, which gives
released by Apple just last between, while users to try service like this is available on that speaks to today’s audi- users the opportunity to take
week and is currently available affording our their hand at the iPhone. The exclusive 24- ence, and this exciting applica- in-depth property tours, com-
to consumers, free of charge. customers the Foxwoods- hour concierge service is tion is just the latest example of plete with virtual visits to hotel
Michael Speller,president of opportunity to themed games accessed when users dial the that,” said Robert Victoria, rooms, restaurants, retail
Mashantucket Pequot Gaming interact with our using ‘play application’s dedicated phone senior vice president of con- shops, spas and more. This
Enterprises, said: “We are very brand in a new and money’. The line. Offered exclusively to sumer marketing for Foxwoods element will also provide users
excited to launch a Foxwoods- exciting context.” game simulates users of the Foxwoods- Resort Casino. "Foxwoods has the opportunity to book spa
branded iPhone application This first-ever all the sights and branded iPhone application, a strong commitment to appointments and receive tuto-
that brings us a new, cutting resort casino branded sounds of an actual this service provides direct and staying current, while at the rials on how to play the various
edge way to reach our loyal application in the casino, creating a expedited access to Foxwoods same time maintaining a focus table games that are offered at
consumers. This application is casino gaming cate- virtual environment representatives who can on our loyal consumer base, the property.
14 November 2009 • northamericanews
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