Isle of Capri execs break it down for us in this newly released video. Of course, the specific components of “brand equity” at Wynn Resorts would be quite different, as they would at Harrah’s Entertainment, etc. Isle was one of the companies that, in its early years, really pushed “branding” before it became a casino-industry buzzword — but then allowed said brand to stagnate, leading to major problems as it entered the 21st century. However, the improved performance of the former Casino Aztar (now a Lady Luck-branded riverboat in Caruthersville, Mo.) is one instance that shows the former Argosy Gaming executive team isn’t blowing smoke about improving its “curb appeal.”
Boy, was I wrong! When developer Brett Torino paid a sky-high price for a small and oddly shaped land parcel immediately south of Planet Hollywood, I figured Torino’s endgame was to wait until Harrah’s CEO Gary Loveman couldn’t stand it anymore, then flip the land to Harrah’s at a markup. Nor, I mused, was the plot big enough for significant retail development. I was wrong on both counts. And judging by the fact that Torino’s anchor tenant will be Walgreens, it won’t be the most glamorous mall on the Strip, but it will offer something that Crystals and Shoppes at Palazzo lack: affordable retail for the Average Joe. Splendid!
A presentable flagship in the Las Vegas market would sure enhance the Lady Luck brand. Thier situation reminds me a bit of the pre-Loveman era Harrah’s although that company had much more of a national identity than Lady Luck. It seems to me there is a might market for better than usual paytables that would strike a chord in the current economic climate, I wonder if that will be part of Lady Luck’s strategy esp. if they really do revive the downtown Las Vegas location.
Unfortunately, Isle sold the downtown Lady Luck several years ago. If the company gets back into the Vegas market, it will have to be either by snapping something up in the Station bankruptcy auction (or second-hand from Boyd Gaming, if its bid is the winner) or obtaining a comparably distressed asset.
“… Boyd Gaming, if its bid is the winner) or obtaining a comparably distressed asset.”
How about the Plaza &/or Vegas Club? They both seem to get more distressed every month!
Here’s a short article about the Downtown Lady Luck. I doubt that its statement “Some of the rooms are owned as timeshares.” is true now, but it’s interesting nevertheless:
http://en.wikipedia.org/wiki/Lady_Luck_Hotel_&_Casino