{"id":1931,"date":"2010-01-15T13:47:31","date_gmt":"2010-01-15T21:47:31","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=1931"},"modified":"2021-11-16T06:10:03","modified_gmt":"2021-11-16T14:10:03","slug":"happy-ending-for-aztar","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/happy-ending-for-aztar\/","title":{"rendered":"Happy ending for “Aztar”"},"content":{"rendered":"

\"Aztar\"Here’s a feel-good story to help ring out the week. The Indiana Gaming Commission<\/strong> has approved Tropicana Entertainment<\/strong> as a suitable owner-operator for the Casino Aztar<\/em> riverboat, berthed in Evansville<\/strong>. There are a number of contingencies, primarily the plunking down of $150 million and the emergence of TropEnt from Chapter 11, which would close the book on ownership by Columbia Sussex<\/strong> and banish the specter of William J. Yung III<\/strong>.<\/p>\n

As spelled out by Inside Indiana Business<\/em>, there are a number of additional provisos: “Tropicana agreed to maintain workforce levels, have a business plan for fluctuation in those levels and meet operational targets<\/em>. Aztar promised to make a $10 million prepayment in two installments and $3.5 million for redevelopment projects within 1 mile of the Casino. The plan also includes the construction of a pedestrian bridge between the Casino and The District, and a feasibility study on substantial renovation of facility<\/em>.”<\/p>\n

This ends not only<\/strong> a period of intense acrimony between ColSux and Evansville Mayor Jonathan Weinzapfel<\/strong>, it also finishes a TropEnt\/ColSux proxy war. The latter had made arrangements to sell Casino Aztar<\/em> to the Carano family’s Eldorado Resorts<\/strong> (which would have made a good operator). This was one of a series of asset fire-sale transactions that TropEnt prexy Scott Butera<\/strong>, nominal point man for Yung’s many creditors, extinguished, trying to keep the TropEnt casino portfolio as intact as possible.\"aztarclose\"<\/p>\n

Unlike the Tropicana Atlantic City<\/strong>, Casino Aztar<\/em> flourished as a ward of the state, making a plucky comeback during the trusteeship of former Harrah’s Entertainment<\/strong> executive Robert Dingman<\/strong>. Under Dingman’s captaincy, Casino Aztar<\/em> regained business that ColSux had driven away and weathered the recession better than most boats in the area. (Being an old Harrah’s deckhand, Dingman understood the importance of marketing which, under Admiral Yung, was simply a budget item that walked the plank.) Butera has a tough act to follow, and let’s hope he knows it and that the inspiring comeback of Casino Aztar<\/em> goes onward.<\/p>\n

Another upbeat tale<\/strong> comes by way of today’s Raving Newsletter<\/em>, in which Raving Consulting<\/strong> looks at the problem of the tedious nature of front-line casino jobs, their drudgery exacerbated by pettifogging managerial rules. A creative alternative was discovered in the hitherto-obscure Cypress Bay Casino<\/strong>.<\/p>\n

Its positive motivational techniques include: “The back of the house break areas and dining room are tastefully appointed and as nice as anything offered to the customers …<\/em>” OK, so we know Steve Wynn<\/strong> does this, but how many of his colleagues are similarly thoughtful?<\/p>\n

“Meals are offered on the honor system with no tracking and disciplinary procedures attached … There is no ‘POINT SYSTEM’ for attendance (employees hate point systems because they do not accommodate special circumstances, events, or other performance factors). They handle problems in that area on a case-by-case basis (more work but worth it if your employees truly are your best assets) … they even book name acts for their Employee-of-the-Year parties<\/em>.”<\/p>\n

Admittedly, if I were named Employee of the Year — work with me here — the prospect of being serenaded by Lionel Richie<\/strong> (yes, Cypress Bayou booked him) would seem more like a punishment than a reward … but you get the idea. Casinos make a big deal of extravagant gestures. Top brass of Harrah’s Entertainment, Apollo Management<\/strong> and Texas Pacific Group<\/strong> are alleged to have thrown a seven-figure party for themselves at Pure<\/strong> when their ill-fated LBO went through. If that kind of self-congratulatory gesture can actually be indulged, then there’s room in corporate budgets for some employee-directed largesse.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here’s a feel-good story to help ring out the week. The Indiana Gaming Commission has approved Tropicana Entertainment as a suitable owner-operator for the Casino Aztar riverboat, berthed in Evansville. There are a number of contingencies, primarily the plunking down … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,15,28,4,7,68,16,84,32,20,21],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1931"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=1931"}],"version-history":[{"count":6,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1931\/revisions"}],"predecessor-version":[{"id":30345,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/1931\/revisions\/30345"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=1931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=1931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=1931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}