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Posted At : March 14, 2008 10:52 AM | Posted By : D McKee
Related Categories:
Tribal,The Strip,Herbst Gaming
With Herbst Gaming floundering, company President Ed Herbst has done the smart thing and stepped aside in favor of COO Ferenc Szony (Herbst stays on as CEO and board chairman, though). Szony, a personable executive with a history of staying afloat in a difficult market (Reno) is just what Herbst Gaming needs right now. He's also got a sizable dash of promotional flair, possibly inherited from his showbiz parents.
Whatever the reason, he's been able to keep the Sands Regency in downtown Reno going despite its being an a facility d'une certain age and out of the central casino corridor, to boot. Herbst is being hammered on a variety of fronts: two large buyouts in quick succession; a harsh winter in the Midwest that kept gamblers at home; stagnation in small casino markets; higher gas prices; truncated slot-route revenues (I almost never see players at the slots in my neighborhood Herbst affiliate anymore). At least one irate player isn't the least bit sorry about Herbst's current misfortune.
Another reason Herbst is struggling, I gather, is its difficulty integrating its Primm, Nev., operations (late of MGM Mirage) into its business model. It's not a locals market, nor even a drive-in market so much as a drive-through market, and Herbst is supposedly having a hard time making a go of an operation unlike any other in its portfolio. Also, when I visited there last Memorial Day, some of the facilities were in dire need of sprucing up, while the staff seemed slack and indifferent.
A change was in order and Herbst Gaming now has the right man on the job.
Phantom land deals on South Strip? Could this enigmatic purchase be in any way related (perhaps in stalking-horse fashion) to the Vegas tribal casino touted by Shoshone and Muckleshoot tribes but disdained by the Seminoles. The locations are roughly compatible: I-15 and Windmill Lane, although not quite identical, if you study this mystery video.
The film-ette employs a modified version of the old Ellis Gaming logo, although that company is now Epic Gaming and former prexy Shawn Ellis appears to be freelancing. And the notion of far, far, far out-of-state tribes getting federal permission to open a casino on the Vegas Strip is -- to put it charitably -- a stretch. Not impossible. Just highly unlikely.
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