CR85-p26&27-Comment:SJC-Casino Review 24/10/09 11:20 Page 1
internationalcasinoreview
In memorium
It was with the greatest of sadness that the
international casino industry has learnt of the recent
death of Aristocrat’s Olga Pleguezuelos.
The tragic circumstances surrounding her death
Comment
have been widely reported throughout the
international news media and, as International Casino
Review goes to press, such news reports will likely
develop the background further. Within the industry
itself, however, she was a woman liked immensely by
everyone connected not just to this magazine but
throughout the sector. Olga was due to relocate from
Aristocrat’s London office to Las Vegas. Our deepest
sympathies go out to her family, her friends and her
colleagues. She will be dearly missed.
The industry
is getting its
mojo back
back2basics
COMMENT
“I was asked in the early part of this year whether it was depressing to
write about so much bad news about and for the industry every month -
at the time we were about six months after the worst of the banking
crisis and the recession was long and demoralising prospect.
It was undoubtedly hard to find good news stories: the economic con-
ditions were exacerbating, in Europe at least, a downturn that was in evi-
dence anyway because of the smoking ban and other factors. The lack of
credit was making it difficult even for well-balanced international opera-
tors and manufacturers to find the necessary finance deals to keep going
and we have all seen the paroxysms that the over-exposed companies
have gone through in order to retain their business or ownership structure.
This month I noticed for the first time in a long while that the share
price graphs of the quoted companies in the sector were almost all on
an upward trend, some even back to pre-recession levels. Now the
world’s stock markets are the biggest random number generators
around in some respects, but they are at least a bellwether.
It feels not just as if we are over the worst of it now but actually
back on track. Visitor numbers in casinos have held up, even if punters
have spent less - as they get more confident, the spend will rise. New
projects are opening everywhere - even in Las Vegas. New markets
are opening and others are developing - and I suspect that activity at
the major trade shows will be more vibrant than expected.
Without wishing to put a jinx on the whole thing and recognising
that it is not a universally healthy picture, it is a pleasure this month
to report on an industry that has found its feet again and is now pro-
gressing along the road to recovery.”
Investment is now
Hugh Sorrill,
Casino Review
the biggest gamble
Rumours
An unprecedented situation has developed in the United
States’ gambling sector where more States than ever are
persist over
looking to legalise gambling whilst spectacular projects lie
London casino
unfinished on the Strip and are more expensive to complete
than they are worth. Phil Martin gives his view.
rumourmonger which opened only a couple of halftheworldaway time when gambling tax for state
COMMENT years ago. Trading has, it seems, COMMENT and local government fell by 2.6
been good, which may explain per cent over the last year,
“The London casino market seems why one or two overseas gaming A staggering 25 states have con- marking the first time those rev-
to be suffering a bad run at the groups see the club as a possible sidered proposals to examine enues have declined in over
moment. London Clubs Interna- entry into the London market. casinos, racinos, video-lottery three decades.
tional (LCI) has closed (for now) Whispers suggest some sort of terminals and other gambling It also comes at a time when
its casino at Fifty, the trendy club takeover of the St James Street operations as potential sources CityCentre, MGM Grand’s latest
that it co-owns with Robert Earl, venue is on the cards and that the of new revenue over the last Las Vegas project, described as
of Planet Hollywood fame. This prospective buyer may be Timori year. Having stood back and the ‘single biggest hiring oppor-
follows the closure of the Gala Kartchava, a Russian businessman watched bankers gamble with tunity in the history of the US,’
casino on Piccadilly and difficult and well-known high-roller on the the economy at a national has halved in value. In a state-
trading at many famous venues. London gaming scene. A deal level, governments are now ment to investors, MGM Mirage
The rumour doing the rounds worth less than £10m is said to looking to place their bets on said it was writing down more
is that LCI, owned by Harrah’s, the be under discussion.” the casino industry to boost than US$1bn related to City- mately $2.44bn. The project’s
American behemoth, is also con- their spending power and fill Center. The company estimated total construction budget is
sidering selling its Leicester Square
Dominic Walsh in the City
holes in their coffers. the value of its 50 per cent own- $8.5bn. The operator said that
venue, The Casino at The Empire,
Diary for the Times Online
Unfortunately, this comes at a ership in CityCenter at approxi- the carrying value of the resi-
GAMING OFFICIAL EUROPEAN MEDIA PARTNER OFFICIAL PUBLICATION OFFICIAL
AWARDS MEDIA PARTNER PUBLICATION
2008
WINNER
26 November 2009 • comment
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