{"id":20063,"date":"2017-08-14T08:51:04","date_gmt":"2017-08-14T16:51:04","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=20063"},"modified":"2019-12-02T15:46:26","modified_gmt":"2019-12-02T23:46:26","slug":"cuomos-experiment-disappoints-caesars-sweet-on-japan","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/cuomos-experiment-disappoints-caesars-sweet-on-japan\/","title":{"rendered":"Cuomo’s experiment disappoints; Caesars sweet on Japan"},"content":{"rendered":"

Whatever marketing studies drove the conclusion that upper New York State<\/strong> was ripe for gambling expansion have proven to be have been seriously off the mark. Gov. Andrew Cuomo<\/strong>‘s three-casino addition to upstate gaming options are disappointing Albany<\/strong> with \"\"their early revenue performance. They also put a cloud over Genting Group<\/strong>‘s in-progress Montreign<\/strong> project in the Catskills<\/strong>, most expensive of the bunch. State officials are taking comfort in the fact that investment and job recruitment have exceeded projections. Jeff Gural<\/strong>, owner of Tioga Downs Casino<\/strong>, may be the only man in America who thinks he pays too little in taxes<\/a>. He expected to be sending Cuomo $32 million by year’s end but is on pace for $26 million instead.\u00a0“I think the market is saturated and we\u2019ve got a lot of work to do to get the revenues where they need to be,” Gural said, at the risk of stating the obvious.<\/p>\n

Rivers Casino & Resort<\/strong> has even work to do than Gural. It estimated annual revenues of $223 million\/year by 2019. This year it is on pace to hit $114 million. Missing the target worst of all is Del Lago Resort & Casino<\/strong>, which boldly predicted it would deliver $263 million in revenue in Year One. Current pace: $126 million. Taxes, by the way, are a reasonable 10% for table games but a punishing 45%. All in all, it’s not a recipe for success.<\/p>\n

* Nomura Securities<\/strong> has released the most conservative estimate of a Japan<\/strong> casino market yet: $7 billion a year. That’s predicated on integrated resorts being built in Yokohama<\/strong> and Osaka<\/strong>, with mass-market play taxed at 13% and VIP play at 23%. Most importantly, \"\"Nomura bases its analysis on the assumption that locals will be allowed to play. Never one to shy away from a bad idea, Caesars Entertainment<\/strong> has chosen this moment<\/a> to enter the Japan sweepstakes, in a country where two-thirds of the electorate opposes casinos (women take particular exception). Nor is MGM Resorts International<\/strong> taking its foot off the accelerator, appointing former Charge d’Affaires of the United States Embassy Jason P. Hyland<\/strong> president of its Japanese office, obviously counting on him to generate some “juice” for MGM, even if the prize looks less and less promising by the week. Say, how’s Vietnam<\/strong> looking these days? Not bad<\/a>.<\/p>\n

* “Nothing fucks you harder than time,” says Ser Davos<\/strong> (Liam Cunningham<\/strong>) on Game of Thrones<\/em> and, with a birthday imminent, don’t I know it! Speaking of getting rogered by Father Time, Geoff Carter<\/strong> \"\"has an idea for refreshing MGM’s dowdiest Strip casino, Excalibur<\/strong>, gaudiest reminder of the ‘kiddie Vegas’ era. He suggests, only half in jest, that MGM retheme it as a Game of Thrones<\/em> casino<\/a>. (I love it!) Just imagine a Cersei & Jamie Lannister Bridal Suite<\/strong> or a dragon occupying the tower niche that formerly held a representation of Merlin<\/strong>. Maybe have a Night’s Watch<\/strong> manning the “wall” that is the four hotel towers. Heck, Las Vegas<\/strong> already has its own Walder Frey<\/strong>, in the person of Sheldon Adelson<\/strong>. They could be brothers: crabbed, ancient and forever preoccupied with exacting vengeance.<\/p>\n

 <\/p>\n

To give the devil his due, Adelson was persuaded (reluctantly, no doubt) to move Venelazzo<\/strong> into a new era of marketing that involved the aggressive use of social media<\/a>, as well as sophisticated mobile applications.\u00a0The brain behind this, Lisa Marchese<\/strong>, also did something Venetian<\/strong> had never deigned to in 20 years: advertise, believe it or not. “Come as you are” isn’t as catchy as “What happens here stays here” but it seems to be getting the job done. Marchese explains the slogan as \u201csophistication without the supposed-to\u2019s. We wanted to target people who want to have fun. They don\u2019t live their lives with any degree of arrogance or self-importance.” She adds, “We\u2019re seeing dramatic increases in our [free and independent traveler] business, which is really what we\u2019re focused on as an end game.\u201d Hey, if it’s working, don’t mess with it.<\/p>\n

* Watche “Bob” Manoukian<\/strong>‘s unconventional investment<\/a> in the Cordish Gaming<\/strong> casino slated for south Philadelphia<\/strong> has met with unanimous approval<\/a> from Pennsylvania<\/strong> regulators, presumably removing the last stumbling block from the development process.<\/p>\n

* While televised poker runs a close second to watching paint dry, when it comes to excitement, there’s a new wrinkle in the game: live streaming from poker rooms across America. The players aren’t just card sharps, they’re “ambassadors” for their chosen brand. Keeping up with the trend, Bellagio<\/strong> has a live stream from its poker and, as the casino industry tends toward a herd mentality, it’s sure to have other Vegas emulators soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

Whatever marketing studies drove the conclusion that upper New York State was ripe for gambling expansion have proven to be have been seriously off the mark. Gov. Andrew Cuomo‘s three-casino addition to upstate gaming options are disappointing Albany with their … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":4291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[70,120,172,7,171,53,11,91,101,95,25,12,31,8,9,19,17,177],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/20063"}],"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=20063"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/20063\/revisions"}],"predecessor-version":[{"id":25511,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/20063\/revisions\/25511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/4291"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=20063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=20063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=20063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}