internationalcasinoreview
Casino owner sentenced to prison in Russia’s Far East Russia’s first-ever custodial sentence for running an illegal casino has been issued in Magadan, in the country’s Far East. The casino’s owner will spend two years behind bars with two of his higher ranking members of staff sentenced to one-and-half years at an open prison. During the twelve months that the casino operated, it generated profits of more than US$1m. Russian police authorities are also now investigating an alleged deal in Moscow where reports have linked several high-ranking police officers with illegal gambling operations there.
Caesars plan for tallest wheel in the world at The Linq
As it aims to bring more attractions and link its existing venues, Caesars is to embark on an exciting non-gaming project aiming to market Las Vegas as a whole. In a city that likes to be seen, The Linq is aiming to be the place to be seen. With the world’s tallest Ferris wheel, it will be seen from afar.
missinglinq UNITED STATES
The Linq, a US$550m retail, dining, entertainment and hospitality district located at the heart of the Las Vegas Strip, will be unlike anything in the famed resort city. Owned and operated by
Caesars Entertainment Cor- poration, the mid-Strip attraction is designed as a destination in its own right and is being created to revi- talise and re-define the centre-resort corridor. Gary Loveman, chairman,
president and chief execu- tive officer of Caesars Enter- tainment, said: “We are enhancing the allure of the resort experience in a coveted location, introduc- ing an exciting new offering not only for guests occupy- ing our own 24,000 Las Vegas hotel rooms, but also for all who live in and visit Las Vegas. The Linq is going to be the new address for fun at the centre of the Las Vegas Strip.”
Comprised of diverse
retail, dining, beverage and entertainment experiences, The Linq will span more than 200,000 square feet of gross leasable area directly facing Caesars Palace. Its diverse tenant mix is planned to appeal to the region’s growing Gen X and Gen Y clientele - ages 21 to 46 - whose market share is estimated to grow to 52 per cent of Las Vegas visitor spending by 2015. The focal point of the unique urban entertainment district will be a giant obser- vation wheel - The Las Vegas High Roller. The wheel will be the tallest in the world, at 550 feet, with 28 cabins designed as transparent spheres, each of which will accommodate up to 40 people. Each cabin will be available for individual or group experiences. The Linq will bring
upgrades to three, large mid- Strip Caesars Entertainment resorts and O’Sheas casino. On The Linq’s north side, an
engaging guest walk path will lead from the Carnaval Court outdoor plaza at Harrah’s Las Vegas resort through the Imperial Palace Hotel & Casino and to The Linq. A pedestrian connection also will be built from The Linq into Flamingo Las Vegas on the south. The Linq enhance- ments will completely trans- form the facade, porte cochere, casino and hotel reception areas of the Impe- rial Palace. Improvements to resort guest service areas will be introduced in phases. Caesars estimates that The Linq will employ about 3,000 construction workers and create 1,500 permanent jobs once it opens. Caesars has retained
Caruso Affiliated, nationally renowned for creating award-winning open-air retail destinations, as the exclusive leasing agent and to provide advisory services on all development related issues for The Linq. Under the leadership of founder and CEO Rick Caruso, the
company has raised the bar for the retail properties with developments such as The Grove in Los Angeles. Since it opened in 2002 The Grove has become the place to ‘see and be seen,’ attracting more than 18m visitors each year, and it posts some of the highest retail sales volume in the country. “Las Vegas is a market
we’ve looked at for years and we believe it is ideal for an
outdoor destination retail and entertainment prop- erty,” said Caruso. “We will bring our signature approach to The Linq, attract- ing unique and best-in-class retailers and restaurants and helping to create an environ- ment that appeals to ever- changing consumer tastes and elevates the retail and entertainment experience.” “We are pleased that Rick Caruso, who has studied this
market for years, has chosen Caesars Entertainment’s Linq as the project to bring his vision to Las Vegas,” Loveman said. With financing in place and plans submitted to county regulators, The Linq is moving toward its ground- breaking in the fourth quarter this year. The Linq retail, dining and entertain- ment experience is sched- uled to open in 2013.
Macau government inks deal for Wynn to build in Cotai
chinainyourhand CHINA
Wynn Resorts has had a land deal approved by the Macau government which will allow it to build its second casino resort in Macau.
Wynn Macau said it had accepted the terms and conditions of a land concession for 51 acres of reclaimed swampland in the Cotai district allowing it to develop a hotel, casino, retail, restaurants, entertainment, spa and convention space. The land hasn’t come cheap. Wynn will pay $193m divided into a down payment and eight six- monthly payments, to the Macau government for the 25-year land lease. The government is also charg- ing Wynn Macau $771,738 a year in rent, increasing to $1.08m a year once the property is open. Wynn wants the casino to be operational by 2015 and is investing up to $2.5bn. It will house between
1,500 and 1,600 hotel rooms, 500 table games and 1,300 slot machines.
It will compete on the Cotai Strip with the Galaxy Macau, the Venetian Macau and Altira Macau, and will be Wynn’s third venture in Macau. The announcement came in the month that Wynn Macau celebrated its fifth birthday having opened on September 6, 2006. In an interim report for 2011, it revealed revenue of $1.8bn, increasing from $1.3bn in the first six months of 2010. “The levels of tourism and overall gaming activity in Macau are key drivers of our business,” the company said. “We have benefited from the rise in visitation to Macau over the past several years.” Since its opening, Wynn Macau
has grown aggressively with expan- sions in 2007 and 2009. Encore at Wynn Macau, a further expansion of the 52-acre property, opened on April 10, 2010.
October 2011 • internationalnews 3
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