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Posted At : March 6, 2008 03:00 PM | Posted By : D McKee
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Downtown,Tribal,Kansas
A group hoping to revive the long-faded glories of the Moulin Rouge hasn't found construction financing. But no matter: They've signed a casino-management team; Epic Gaming, a company whose only other ongoing concern is a tribal casino in Oklahoma, with 550 slots. This is not a choice of operator that leaves one brimming with confidence.
Epic used to go by the handle of Ellis Gaming. Although founder Shawn Ellis is long gone, his team of heavy hitters is still in place. With the likes of former Caesars exec John Groom on board, theoretically Epic has the sort of braintrust that could reimagine the Moulin Rouge as someplace hip and sexy ... although its Bonanza Road neighborhood is anything but. Even someone who works there keeps drawing attention to its "vacant and burned buildings, repair shops, a United Parcel Service distribution center and a homeless shelter."
Epic recently pursued one of the casino licenses up for grabs in Kansas but its application was unceremoniously swatted away. As for the developers, they expect that a hoped-for rezoning (skedded for April 2) will lure construction money out of the woodwork. Under the newly unveiled arrangement, Epic will get to keep all the gambling revenue -- unless or until Moulin Rouge Development Corp. or Republic Urban Properties obtains a gaming license.
It's a business model that's quickly becoming, if not prevalent, very popular along the Strip (as at the Sahara) ... although you'd have to have an MGM Mirage-like revenue stream (60% non-gaming) to make it pencil out, and Harrah's Entertainment just reported softness in precisely that segment of its Vegas business.
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