18 Fremont’s cover blown; Resorts World LV delayed yet again

Last week, Ryan Hess stole Derek Stevens‘ thunder, posting a stunning rendering for 18 Fremont on Twitter and linking to an EB-5 visa Web page that included more sexy pictures — six swimming pools — of the Stevens brothers’ upcoming hotel-casino (slated for 2021 completion), pictures which have subsequently removed. TravelZork.com was also quick to pick up on the 18 Fremont disclosure. Funding from Wall Street must be hard to come by if Stevens is reduced to going the EB-5 route. The Stevens promise “18 Fremont will create 48 to 50 Jobs per investor. Significant number of jobs have already been created.” To ameliorate any fears of EB-5 investors  being left out in the cold (Lucky Dragon, anyone?), they explain that “Ownership generates approximately $130-140 Million USD annually from their other businesses, which creates cash flow that can be used to payback [sic] EB-5 investors.” (emphasis added) It just figures that today would be the day the S&G server malfunctions and we can’t upload pictures. They’re magnificent, I promise you.

Greg Stevens, meanwhile, will have some unwonted free time on his hands, having left the board of Diversified Restaurant Holdings (owners of Buffalo Wild Wings) “in order to focus his efforts on his other businesses.” It’s not clear what those “other businesses” might be. Desert Rock Enterprises, holding company of the Golden Gate, is solely owned by Derek, as is 18 Fremont Street Acquisition, which holds the new project. Maybe Greg’s 22% stake in The D will keep him busy. After all, Derek can only be in so many places at once.

TravelZork has come across the announcement of yet another postponement of $7.5 billion Resorts World Las Vegas, this time into 2021. At its present rate, Genting Group will be lucky if it ever finishes that white elephant. If it does, the resort will debut “in multiple phases.” Ah, the dreaded ‘soft opening.’! There’s also a considerable gap between the ambitious plans for The Drew (three hotels, no less — and no budget estimate available), plus casino and “multiple restaurants” and Steven Witkoff‘s initial plan to have construction well under way by now. Its completion has been shunted into the “2022 and beyond” category, where it can keep company with Wynn West, a new hotel tower at the Downtown Grand and the ever-in-abeyance All-Net Resort & Arena. Wasn’t that supposed to have been finished by now?

Meanwhile, over on Paradise Road, the Las Vegas Convention & Visitors Authority has released an animated flyover of what its expanded, improved convention center will look like. It’s incredibly stunning and should leave Sheldon Adelson shaking his fists in impotent fury.

* Ohio casinos and racinos benefited from an extra weekend day last month, their receipts up 4% for a $148 million gross. Racinos (up 6%) did better than casinos (up 2%). Hollywood Toledo actually lost ground, down 2% to $15.5 million, while Hollywood Columbus gained 5% to $18.5 million. Elsewhere in the Penn National Gaming family, mighty little Hollywood Mahoning Valley was up 4% to $9 million while Hollywood Dayton also ascended to $9 million, up 5.5%. Boyd Gaming‘s takeover of Belterra Park coincided with a 4% downturn, to $6 million.

Eldorado Resorts was a winner at Scioto Downs, up 5.5% to $13.5 million, while Hard Rock Rocksino led the state with $20 million, an 8% gain. Jack Cleveland had a rare good month, grossing $17.5 million (up 3%), Jack Thistledown vaulted 10% to $10 million, while Jack Cincinnati was up 1.5% to $16 million. Wouldn’t it be ironic if, having been co-built with Caesars Entertainment and given the Horseshoe brand, then sold to Dan Gilbert, who Jacked them, they were repurchased by Caesars and re-re-branded as Horseshoes? Stranger things have happened.

* Proceeding westward, we find that longer weekends didn’t help Indiana casinos, down 2.5% to $172 million. This included a rare bad month for Tropicana Evansville, down 8% to $12 million. The Caesars portfolio had very mixed results, with Horseshoe Hammond tumbling 11% to ‘only’ $30 million, Horseshoe Southern Indiana plunging 13.5% to $19 million, Hoosier Park gaining 7% to $15 million and Indiana Downs flat at $19.5 million. Belterra ceded 1.5% to $8.5 million and Rising Sun was flat at $4 million. Boyd was flat at Blue Chip, grossing $12 million. (The impact of tribal Four Winds may have been fully absorbed.)

Ameristar East Chicago, now under new management, jumped 7.5% to $18.5 million, while the two Majestic Star boats took divergent courses. Majestic Star I was down 2.5% to $7 million while Majestic Star II had a rare ‘up’ month, grossing $5 million for a 4% gain. French Lick Resort gained 10Q% for $7.5 million and Hollywood Lawrenceburg was up 5.5% to $14 million.

* Missouri was flat, with gains in St. Louis negating losses in Kansas City. Statewide, the gross was $138 million. An 11.5% increase in table game revenue helped keep things stable. For Eldorado it was a month to forget, with Isle of Capri Kansas City down 11.5% to $5 million, Isle of Capri Boonsville slipping 8% to $6 million, Isle of Capri Cape Girardeau down 3% to $5 million and Lady Luck Caruthersville flat at $3 million. Boyd’s two acquisitions responded moderately well to new ownership, with Ameristar St. Charles up 2% to $21.5 million and Ameristar Kansas City flat at $15 million.

Penn was not so fortunate. Argosy Riverside fell 3% to $14 million and Hollywood St. Louis dropped 14% to $18 million. But River City gained 10.5% to $19.5 million. Eldorado did have a very good month at Lumiere Place, gaining 6.5% to $13 million. Harrah’s North Kansas City was down 2% to $14 million and Affinity Gaming retreated 3.5% at Mark Twain Casino, logging $2.5 million.