Congratulations, Cincinnati, you’re getting a Horshoe-branded casino. Yup, the relatively low-key casino planned for the Queen City’s historic district is getting the most down-market of the company’s three brands. This despite the fact that there’s already a Horseshoe casino just downriver in Evansville, Elizabeth, Indiana.
Once again, the Caesars imprimatur is perfectly splendid for Atlantic City and Windsor, Ontario, but too good for major American cities. If CEO Gary Loveman (left) is to achieve his dream of making his casinos as ubiquitous as McDonalds (a brand with which he displays a curious obsession), keeping the Caesars brand locked in a drawer seems an odd way of going about it.
On hand to help turn a ceremonial shovelful of dirt, wearing a gold-plated hard hat, Loveman announced, “We’re going to make you proud here.” That would sound like just another in a long line of empty boasts were it not for the appointment of Harrah’s Entertainment veteran Kevin Kline. He’d participated in a successful regime change at Harrah’s New Orleans and helped steer a smooth — and indescribably lucrative — launch of the enormous Horseshoe Hammond, up in Chicagoland. (It’s not a riverboat, it’s a subcontinent.)
Also, the design of Horseshoe Cincinnati is very tasteful and its placement of restaurants on the outside of the property sends the right signals to area merchants — who justifiably fear that casinos will become black holes that suck all the business from their surroundings, as happened in Atlantic City. Some 3,800 jobs (mostly in construction) and a projected annual casino revenue of $517 million are nothing to sneeze at, either.
On the subject of Horseshoe, if Loveman gets back into the game in Philadelphia, scrutiny of the low-end casino he proposed is warranted. On the one hand, drastically downsizing the budget (to $275 million) and size of “Horseshoe Philadelphia” was wise, given the saturation of the market and the inability of Pennsylvania casinos to justify budgets in excess of a half-billion dollars. This cannot be understated. With SugarHouse struggling in the early going, there’s not much ROI left in Philly these days. However, one can’t help noticing that Loveman has conceptualized a Philly casino that would as uncompetitive as possible with nearby Harrah’s Chester Downs, to say nothing of Caesars Atlantic City and its three sister properties.
Which raises the question of what Caesars was doing in Philadelphia anyway? The whole escapade looks more and more like a cynical attempt to play “keep away” with the license, lest a serious rival obtain it, than with creating the major casino attraction that Keystone State lawmakers originally envisioned.
Actually the Horseshoe Casino is in Louisville, KY which is only 1.5 hours from Cincinnati, But at least we are finally getting a casino.
Dave, I think you are down-playing the Horseshoe brand too much. I think Horseshoe is only second to their Caesars brand. In my own mind it is far from bottom tier, but yes, of the three, one can make that argument. They are arguably some of the best brands in the markets that they operate in. In defense of Loveman, they set out the Caesars brand to be their marquee brand with many amenities that go beyond what they have proposed in Cinci or Philly. For one reason or another (PA tax rate is absurd) the Caesars brand deserves no less. Just look at the pics you posted. Do you think they deserve a Caesars marquee? Perhaps that brand is good for those markets, but certainly not for the rinky dink casinos they are building there…my humble opinion.
FYI David,
Casino Aztar is in Evansville. Horseshoe is outside of Louisville near New Albany In. But I totally agree with you on this.
First of all, the Shoe in Southern Indiana is across from Louisville, not in Evansville. Second, I still take issue with your assertion that Horseshoe is the most down-market of the three main brands, I think it’s Harrah’s at the bottom, then Harrah’s, then Caesars. That’s how they stack up in Tunica, where both Horseshoe and Harrah’s are present – the Shoe has nicer hotel rooms (and costlier), nicer restaurants, plus a better showroom. I think the same applies in the Chicago market, thoug the Hammond boat has not hotel. Just my opinion.
David, the Horseshoe property in southern Indiana is located near Elizabeth. Closest large city is Louisville, KY. Casino Aztar (Tropicana Entertainment) is in Evansville.
Actually the other Horseshoe casino is outside of Jeffersonville IN (Louisvillle market). The casino in Evansville is Aztar and owned by Columbia Sussex. This is more significant because the Louisville Horseshoe is only 90 minutes by car from Cincinnati. Whereas Evansville is about 4-1/2 hours.
Also the Cleveland casino has already been announced as a Horseshoe brand. http://news.cincinnati.com/article/AB/20110206/BIZ01/102060329/What-will-Cincinnati-Horseshoe-Casino-like-Hammond-s-may-provide-preview
Evansville is home to Casino Aztar…the Horseshoe is near Elizabeth.
Caesars announced last week that the Cleveland casino will also be branded as Horseshoe. It will be a contemporary version of the brand according to the casinos GM.
Horseshoe Southern Indiana is in Elizabeth, In. About 110 miles away from Evansville, In. Would hate to see someone get lost. On the Horseshoe being on the lower tier of the three brands I always thought that would have been the Harrahs brand to be on the bottom. I only say this because I visit Horseshoe Hammond on numerous occasions being that I live in Northwest Indiana and the only Harrahs I visit besides Las Vegas would be Joliet Harrahs. No comparison between the better of the two here besides the fact there is not a Hotel at Horseshoe Hammond, which actually sux, but a friend who works at Hammond Horseshoe said it is in the works just when they decide to finalize the plans and build is the question. Looks like Loveman in the photo is posing for a mugshot for stealing candy from a Wal-Mart. Ok bad humor…Dave Thanks again for all your input in the casino industry!!! Great readings!!
The Horseshoe down river from Cincy is just south of Louisville, KY not at Evansville, which is 125 miles downriver from Louisville. The new Cincy Horseshoe and the Louisville Horseshoe will be spearated by about 100 miles.
You’re a little late. Cleveland is also being stuck with a Horsehoe – it was announced last week.
Cleveland is getting a Horseshoe, they announced it. Can’t find the link at the moment, but it was a similar statement/conference.
Caesars is also branding the Cleveland casino, Horseshoe. They announced that along with their design for the Higbee building a few weeks ago.
Mea culpa, mea culpa, mea maxima culpa. (Smites breast thrice.) Clearly my map-reading skills could use some remedial work. And to think that geography used to be one of my best subjects!