Investors in the stymied Foxwoods Philadelphia riverfront casino project have a date with the Pennsylvania Gaming Control Board on Thursday. That’s where they’ll make their last-ditch pitch to retain custody of the project. State legislators and other officials have voiced increasing impatience with the Ed Snider-led group’s chronic inability to get the casino off the ground. Foxwoods Resort Casino and Steve Wynn have been in and out of the picture. Now Caesars Entertainment is attempting to push it across the finish line.
Were the lead investors not a gaggle of Gov. Ed Rendell (D) cronies, would this discussion even be taking place? And if Donald Trump‘s ubiquity in Atlantic City were deemed sufficient reason to exclude him from Philadelphia, why make an exception for Caesars? By setting such a short timeline for Caesars and the Snider bunch to get their act together, the PGCB manages to have its cake and eat it, too. If Foxwoods Philly defies the odds and puts a fully detailed proposal before the board, so much the better. And if it can’t, regulators can say, “See? We gave them one last chance, just like they asked.”
If Gary Loveman wants another slice of the Pennsylvania market, it should be noted that the PGCB has a racino license it can’t give away, even with so much appetite for gambling in the Keystone State. By setting up shop in the most important feeder market for its Atlantic City casino quartet and Harrah’s Chester Downs, Caesars may find itself hoist on its own petard.
Gulp! For the brand-spanking-new Cosmopolitan to be a success, investment analysts say it will have to outperform Bellagio (i.e., roughly $170 million in operating income in Year One) just to service its debt. One predicts the $3.9 billion Cosmo will dilute ADRs on the Strip, but only by 1% to 2%. On the other hand, the Las Vegas Convention & Visitors Authority reports that the volume of conventioneers (839,175) in Vegas during the first quarter of 2011 will be up 53% from last year, with the number of events being held (62) a 77% increase — numbers which lead J.P. Morgan analysts to predict an increase in ADRs.
Although the resort is quietly being shopped around by Deutsche Bank, that’s not dampening the spirits of CEO John Unwin, who’s rolling the place out as though he plans to be there a long time. One potential attraction among many is that the Cosmo’s “Identity” loyalty program yields points for all on-property spending, not just casino play. Your move, Total Rewards.
David, TR already does this and has for some time now. Although tier points are earned at a ridiculously low rate through the spend, I believe you do get a reward point per dollar spent when you use your TR card.
Venetian also does this, but the truth is, since gamblers truly drive the programs, you can’t really expect any kind of status or return for your spend with these cards for regular spending. Not until they either make it separate (i.e a hotel rewards card) or figure out a way to separate spend, which isn’t going to happen anytime soon from my guess.