This was a slow week after a fun time in Atlantic City last weekend. I waited outside of Harrah’s for a cab, without a coat for 15 minutes, and caught a cold. Oh well, such is life. I ended up about even and didn’t pay for a meal so the trip was good. The next few weeks will be off and on since I will be away on business. I’ll forward out any interesting articles I see on twitter, so follow me in you like.
Rumor has it that Sands is looking to sell it’s brand new Sands Bethlehem Casino. That was quick. The hotel portion of the casino hasn’t been completed and table games in Pennsylvania are right around the corner.
Las Vegas Sands released its 2009 fourth-quarter report last week, which showed Sands Bethlehem with an operating loss of $2.1 million on revenue of $57.5 million.
With its close access to New York and New Jersey customers and its $743 million price tag — the highest for a Pennsylvania casino — Sands Casino Resort Bethlehem had expected to be a major success among Pennsylvania casinos. But things haven’t gone according to plan for the casino. The property’s hotel, mall and conference center had been scheduled to open with the casino May 22, but construction on the three amenities stopped in October 2008 and hasn’t resumed.
I don’t see the casino going away completely, but it’s interesting to think that the corporate folks at Sands couldn’t have projected the market to not being a “mega-market” like Macau. I guess it would be easier for Sands to cut their losses and focus on big money than to see the project through.
For what it’s worth, the Las Vegas Review Journal reports that Sands isn’t looking to sell.
High drama in big business! On a personal level without a hotel a casino will never get my business. I look at gambling as a little time away from the rest of the world and don’t want to drive home the same day I play. Nor to I want to drive to another hotel. I’m usually not in condition to do that anyway.
I haven’t done a round up in a while because there hasn’t been much news that I haven’t had time to touch on. In the past couple of weeks that has changed. Here are a slew of stories from Atlantic City to Las Vegas and a little in between.
MGM Mirage and Sands reported earnings this week. The Las Vegas Sun says things may be improving for casinos in Las Vegas.
When reporting earnings, MGM Mirage lessened the value of their land in Atlantic City.
A Federal judge looks at two plans for Trump Casinos in Atlantic City.
Evidently the Eden Bar at Harrah’s is the best bar to find “cougars.”
Philly.com looks at the Pennsylvania casinos. I’m told table games are coming in August.
Hawaiian Tropic Zone at Planet Hollywood is closing.
The Pussycat Dolls Lounge at Caesars Palace is closing. I did find out that it’s moving to Paris. Props to Five Hundy By Midnight.
I haven’t been to Luxor in a while. Evidently, it’s been remodeled and is underwhelming.
Stiffs and Georges has jumped in front of the rest as my regularly updated go-to blog. Short, quick, accurate casino & gambling news from across the US.
I’m fully converted to my macbook and loving it. I know I’m not using it to it’s fullest ability, but I’ve been enjoying it. This week I decided to write up a review for the movie “Tyson” and enjoyed doing it. I’ll do some more of these in the future when I watch movies that involve gambling, casinos and sports. Now for the week that was, excluding the Super Bowl.
Ever want to buy 19 acres of dirt? It’s by the ocean…
Almost 4 years after buying and imploding Sands casino in Atlantic City, Pinnacle Entertainment gave up on their plans to build a new casino next to Bally’s.
Pinnacle owns 19 acres of oceanfront property between Indiana and Kentucky avenues in the heart of the Boardwalk. Pinnacle executives did not disclose how much the company will ask for the land. The company bought the Sands and its surrounding property for $270 million in 2006, but wrote down the land by $160 million in the fourth quarter of 2009 to reflect falling real estate values.
Pinnacle cited Atlantic City’s prolonged gaming slump, fierce competition from casinos in surrounding states and the fragile economy as reasons for killing a project that looked less and less likely after it was put on “indefinite hold” in late 2008.
“Atlantic City is no longer a good strategic fit for us, given the current economic outlook, the state of the financing markets and the major capital commitment that would be required,” Pinnacle spokeswoman Pauline Yoshihashi said. “It’s an attractive and well-located site, and may be a better strategic fit for another company.”
No surprises here, but it’s disappointing to look back at the potential of new casinos in Atlantic City just a few years ago and now Atlantic City seems as if it’s gambling economy is hanging by a thread. Instead of looking back in sadness let’s watch the implosion of Sands and remember the potential of a few years ago.
When you work for a large corporation and the job you’ve been transfered to has been put on indefinite hold what can you do besides GTFO? That’s what Pinnacle, Atlantic City’s CEO just did. Kim Townsend recently transfered to a casino in St. Louis. She will continue to oversee the Atlantic City project, but since that’s very unlikely to ever get off the ground that part of her job is just BS for the public.
Kim Townsend, 53, has been named vice president and general manager of Pinnacle’s Lumiere Place casino hotel complex in downtown St. Louis, but will continue to oversee the Atlantic City project from her new office.
Townsend stressed today that her transfer is not a sign that Pinnacle is abandoning Atlantic City altogether. Her appointment as CEO of Pinnacle Atlantic City in 2007 came at a time when the company was moving forward with plans for a $1.5 billion Las Vegas-style resort on the former site of the Sands Casino Hotel.
The big pile of dirt next to Bally’s will never be used by Pinnacle so let’s look back at the only thing they brought to Atlantic City besides paying for billboards to a non existent casino.
Revel casino found a way to secure funding to remain on schedule be finish construction and open in the summer of 2011.
China State Construction Engineering Corp. has signed a $1.7 billion agreement with property firm Tishman Construction Corp. and casino builder Revel Entertainment Group L.L.C. of Atlantic City, to finish the $2.5 billion megacasino planned next to Showboat on the Boardwalk.
Revel is still seeking about $1 billion in funding to complete the project but this deal should bring them closer to finishing the construction.
I’m stoked to see Revel’s owners doing everything they can to finish what they started. Rumors are that Pinnacle is waiting for the real estate market to turn up so they can cut their losses by selling the big bowl of dirt next to Bally’s. Of course, time will tell.
I’m a gambler from the east coast, but gamble wherever I may have the chance. East Coast Gambler will chronicle my research on gambling and news about Atlantic City, Las Vegas and Sports. Occassionally there will be a trip elsewhere, but this is where most of my gambling occurs.
