You can’t drive around the Vegas Valley these days without having a clear view of the Las Vegas High Roller, the Ferris wheel that is Caesars Entertainment‘s would-be 
tourism magnet, which seems to grow overnight. It’s an impressive sight, one likely to be both iconic and a big draw (providing that the pricing of rides reflects what the market will bear). Also, on a Strip where retail is increasingly of the monkey-see, monkey-do variety, Caesars is bringing in a host of names which are either new to the Strip or underrepresented on it. The vast majority of them are unfamiliar to me and the selection suggests that Caesars has done a careful job of picking and choosing. If things work out in reality they way they’re doing on paper, Linq really will refresh the Strip and the High Roller will become a must-do experience. Caesars is to be congratulated on carrying through with a project that looked very dubious in its early stages.
Although I’ll never understand why Wall Street doesn’t model for flooding and other acts of God along the Mississippi River and its tributaries (it always seems to take analysts by surprise), there’s no avoiding the 1Q14 loss posted by Isle of Capri Casinos. In addition to Ol’ Man River, worse-than-expected performance by Isle of Capri Cape Girardeau contributed to Isle’s underperformance.
Would Steve Wynn stoop to buying his old Golden Nugget, now the grind-joint Atlantic Club for the sake of taking advantage of Internet gambling in New Jersey?Columnist Ken Adams pooh-poohs such speculation. But Wynn could get the “ACH” for pocket change, it should be noted, albeit at some risk to his brand equity.
Elsewhere in Atlantic City, the preponderant use of part-timers (29% of the workforce) has drawn predictable ire upon Revel from its archenemy, Unite-Here. Revel already welshed on 401(k) and deploying as many part-time employees as possible saves on health-care and benefit cots. The path to profitability for Revel is destined to be a painful one — with much of that discomforted visited upon the workforce. Not all of the other A.C. casinos are angels, either. Over a fifth of Borgata‘s staff are part-timers, too. However, since Revel is partially subsidized by the New Jersey Department of Labor, it looks mighty hypocritical to take public money and essentially pocket it.
Glad to hear Linq seems to be coming along well.
That would be something else if Wynn bought The Golden Nugget/Bally’s Grand/The Grand/Hilton/ACH/The Atlantic Club After all these years and in particular, Colony Capital ownership, it still has a nice feel to it. Additionally, it has plenty of acreage for expansion/redevelopment. Far-fetched, but it would be fun to see.
On Revel. I read that article. I think it was a puff piece for Unite-Here. There are two sides to every story. All AC casinos see a spike in part time workers from May-September. It’s a dam beach! And Revel has the most (by far I would think) beach-centered attractions (outdoor amenities). Most of Revel’s restaurants and day/nightlife venues are not even owned by the resort. I would bet that a good majority of them employ part-time employees and are included in these numbers. Lastly, Revel created thousands of construction jobs during an economic collapse. No matter how you look at it (I say glass is 1/2 full; they are claiming glass is 1/2 empty) I say it benefits the state and employment in particular.
Linq should do well with that location right in the middle of the Strip. It will be interesting to see what the prices are for a ride on the High Roller, I would assume somewhere around $25 to $30 dollars.
Since Lady Luck Nemacolin just opened on July 1st this casino should be beneficial for Isle of Capri Casinos in the long run becuase Nemacolin Woodland Resorts is a high end resort with affluent customers.