While Massachusetts lawmakers sharpen their scissors in order to cut and paste two versions of the Lege’s casino-enabling bill, the city of Holyoke is happy to find itself between Hard Rock International and Paper City Development. The partnership has its sights set on a country club that it wants to remake into the Bay State’s westernmost casino, projecting $400 million/year in gross revenues. Bottom line, the Seminole Tribe is crashing Mohegan Sun‘s party. The Connecticut tribe has long been courting Palmer, Mass., to the tune of $10 million and now has to fend off these Floridians. Penn National Gaming‘s love of Springfield is unrequited by the city’s mayor, so it’s looking for affection elsewhere in the western part of the state. Up in Maine, a broad coalition of businesses is backing casino expansion to Lewiston. So says the Passamaquoddy Tribe, which is hoping that the fourth time will be the charm in its efforts to establish a racino in the area.
The first rule of sports is that it’s not whether you win or lose but did you cover the spread? Top-ranked college teams — especially Stanford — sure got the memo this year and Las Vegas sports books wish they hadn’t. Sports bettors are raking it in and the books aren’t, putting additional pressure on a winning margin that’s among the lowest of any casino department.
Elsewhere … casino workers at four Caesars Entertainment properties in Atlantic City OK’d a surprisingly “george” contract. In a win for Unite-Here, employees won’t have be asked to take pay cuts or take any other benefit reductions. (They will have to concede holiday pay, some overtime monies and surrender any vacation accrual exceeding one week.) And if business improves 10%, unlikely though that is, there will be revenue sharing. Bravo to both sides for thinking creatively. Other casinos in town may be less generous than Caesars; some have demanded draconian 25% salary cuts from the rank and file. I don’t see any suits volunteering to rescind a fourth of their own pay packets, so all this austerity talk might have some credibility if executives were tightening their money belts as well.
Halfway across the country, execs at MGM Grand Detroit are attempting to help the Detroit Casino Council (a coalition of union locals) save face. MGM workers having thrown a proposed contract back in the Council’s lap, a second draft is being circulated, in hopes of staving off a repeat of last week’s humiliation.
It seemed as though it would never happen but Sands Bethlehem has finally opened its promised shopping mall. At present, it’s only 20% occupied but the company expects to quintuple that figure by year’s end. Astutely, Sands has chosen to build an outlet mall — always a good bet and especially so during the holidays — and not go the high-end retail route it has taken in other markets. It need only look at the duff performance of Pier Shops, next to Caesars Atlantic City, pricey retail that went into foreclosure. As S&G predicted, COO Michael Leven didn’t find a joint-venture partner for Shoppes at Sands but give his company credit for going it alone all the same. Back home, the company is doing a Cantor Gaming-branded makeover of its sports book, part of a $30 million rolling makeover of Sheldon Adelson‘s signature property.
Clark County District Attorney David Roger is leaving office as ethical clouds start to gather over his head. Considering that, on Roger’s watch, you could literally flout fire codes left and right, and get off scot-free, he won’t be missed. A once-brilliant career has devolved into a welter of sleazy dealmaking.
Not necessarily the right place for it, but something that might be of interest. CET just finished their Great Race to rewards promo, where they gave customers that visited 3 regions or more $150-$600. I have to believe it could be beneficial to Las Vegas in the long run as CET’s destination alternative, and points like that sitting in people’s accounts could drive them to take some trips, especially in the fourth and first quarter.