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CR75-p20-N–America2:SJC-Casino Review 20/12/08 21:25 Page 1
Cash for Craps paying dividends
After five years of operation, an add on to Craps called Cash For Craps, has
seen 442 winners and paid out $1.7m in prizes. Launched at the Grand
Victoria Casino in Elgin, Illinois the aim of the game is to make all six points
(four, five, six, eight, nine and 10) on the same hand without rolling a seven-
out. Players win a bonus of $4,000 in cash if they are successful. An average
NORTH AMERICA seven players per month have collected the bonus since it was launched with
the probability of making all six points coming in at one in 6,156.
Wynn looking to re-energise
Vegas with Encore
hold their
Missouri casinos are split
down the middle when it
comes to the effects of the
credit crunch with five taking
less money than this time
last year, five taking more,
one breaking even and
another, Lumiere Place in St.
Louis, having no figures to
compare against due to it
opening in December 2007.
The five casinos which
made more money in Novem-
ber than a year ago included
the Mark Twain in La Grange,
With the storm clouds refusing to shift over Las Vegas,
where revenue was up 12 per
the man that has done as much as any other in
cent, Argosy in Kansas City,
redesigning the gambling/entertainment capital of the
Lady Luck in Caruthersville,
Isle of Capri in Kansas City
world, Steve Wynn, is preparing to launch his latest casino and St. Jo Frontier casino.
resort. At first glance, Encore looks like a second tower for
Revenue was flat at
Wynn’s signature project but inside a new world awaits.
Ameristar in St. Charles.
Overall, monthly
revenue for the Missouri’s
casinos was up nine per
encoreencore pletely different approach Encore is launching into a seven cozy bars and new project remains to be cent. But excluding
UNITED STATES with. We’ve taken the walls stormy market, in the grip of lounges, an ultra-chic night- seen. Deutsche Bank gaming Lumiere Place, revenue at
off the casino and the public what is widely being called club and an opulent spa and analyst Bill Lerner doesn’t the other 11 casinos
One of the biggest criticisms area and put glass up which the worst economic crisis salon. A vibrant atrium and believe Encore’s opening declined two per cent.
analysts have thrown the opens onto gardens and ever to strangle the Strip. It European-inspired pool will boost the sector saying State Gaming Commis-
way of Las Vegas throughout natural sunlight giving the will have to market the fact area are centre pieces of the it will probably take some sion executive director
the turbulent year of 2008 whole hotel a wonderful that it is different to its neigh- Encore experience. custom from Wynn Las Gene McNary said the
has been in the lack of a new, energy, a feeling of real hap- bour if people are going to Encore is looking to Vegas. opening of Lumiere Place
must see property to boost piness. It’s a total departure flock to see it. pampers guests in an Brian Gordon of Applied has strengthened rather
visitation to the gambling/ to anything that we’ve done Encore embarked on a atmosphere both intimate Analysis explained that than cannibalised the St.
entertainment Mecca. before. Every room is a suite, national advertising cam- and indulgent, with 2,034 whilst new casino openings Louis market, which was up
As Casino Review went to which means there is a lot of paign for the resort. A televi- suites that offer a comfort- have traditionally fuelled vis- 24 per cent from last year.
press, Las Vegas casino mogul space for guests to enjoy sion commercial features able, residential feel. The itation, a casino like Encore However, the venue has
Steve Wynn was preparing themselves. One restaurant Wynn sitting on top of suites at Encore feature dra- has never debuted in such a clearly impacted on the for-
to give them what they had changes, physically changes, Encore and is being shown matic views from two- problematic economy but tunes at the President
been demanding. Given the three times whilst you are on CNBC, Fox News, CNN storey glass windows, pointed to it being the first where revenue has dropped
appearance of the property, sitting having dinner. It’s all and Bloomberg Television, advanced technologies and in a wave of openings 61 per cent since July. Both
a carbon external copy of very Las Vegas. It’s the pretti- as well as locally on Fox sta- flat screen televisions, and, planned for the coming year. properties are, though,
the flagship property Wynn est thing we’ve ever done.” tions in San Diego, Phoenix, of course, the exquisitely One thing that is guaran- owned by Las Vegas-based
Las Vegas situated next door, What isn’t very Las Vegas, Los Angeles, San Francisco comfortable Wynn Dream teed are the jobs required to Pinnacle Entertainment.
the uniqueness of the resort are the ten consecutive and Las Vegas. Beds. Each spacious Resort open the facility. Elsewhere, the biggest
and its label as a must see are months where the State’s For the record, Wynn Suite spans more than 700 Nevada’s unemploy- slide was at Isle of Capri in
hidden inside. casinos have shown a year describes the new property square feet and the Tower ment rate jumped to 6.4 Boonville, down eight per
Wynn himself said: “Three on year decline. Las Vegas as ‘a distinct resort destina- Suites measure up to 5,800 percent in June 2008 with cent. Three other casinos --
years ago I introduced Wynn Strip casinos won $475m tion with its own repertoire square feet. jobs continuing to fall since Harrah’s in St. Louis County,
Las Vegas. Now I’m follow- from gamblers in October, of suites, culinary offerings Whether the new prop- then. Wynn’s 5,300 job Harrah’s in North Kansas
ing that up the best way I 26 per cent less than a year and leisure activities.’ High- erty is different enough to openings are bucking State City and Ameristar in
know how. Encore is a hotel earlier and the worst such lights include five signature its predecessor to generate trends and could not come Kansas City all recorded a
that we have taken a com- decline ever. The US$2.3bn restaurants, 11 retail outlets, the interest of a completely at a better time. three per cent revenue fall.
Resorts International to cut pensions
smallcomforts debt-restructuring discus- sign of the casino’s desperate has 2,441 workers. amongst the smallest hotels.
UNITED STATES sions with Column Financing finances. “Effective with the Resorts saw a 62.3 per cent Andrew Zarnett, gaming
who it owes the money to. first paycheck you receive in drop in gross operating profit analyst with Deutsche Bank
Economies of scale are giving The first restructuring exer- January 2009 we are suspend- for the third quarter compared AG in New York, said that he
rise to a survival of the biggest cise will fall hardest on the ing the company match to last year’s third quarter smaller properties with the
resources in Atlantic City with workforce. In its quarterly portion of 401(k) contribu- figures, bringing in $3.3m this highest debt faced an uncer-
one of the resort’s smaller filing with the New Jersey tions,” the company said in an year. The AC Hilton generated tain future.
groups seeing its situation Casino Control Commission internal memo. gross operating profit of $3.3 “The lower room base
worsen recently. in mid-November, the Alan Marcus, company m, a fall of 73.3 per cent from makes it difficult to get effi-
Colony Capital-owned company said it could no spokesperson, said the filing the quarter a year earlier. ciencies and the higher debt
Resorts International Hold- Hilton, failed to make its longer match employee spoke for itself. The two properties have loads make it extremely diffi-
ings, which operates Resorts monthly interest payment due 401(k) contributions starting Resorts employs 2,455 the smallest gaming floors in cult to maintain interest pay-
Casino and the Atlantic City on November 7 and is now in January 1 at Resorts, a further workers whilst the AC Hilton Atlantic City and are also ments,” he said.
20 January 2009 • northamericanews
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