{"id":21432,"date":"2018-04-02T07:46:10","date_gmt":"2018-04-02T15:46:10","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21432"},"modified":"2021-07-13T05:53:19","modified_gmt":"2021-07-13T13:53:19","slug":"harrahs-wins-in-big-easy-could-wynn-resorts-beat-boston-rap","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/harrahs-wins-in-big-easy-could-wynn-resorts-beat-boston-rap\/","title":{"rendered":"Harrah’s wins in Big Easy; Could Wynn Resorts beat Boston rap?"},"content":{"rendered":"

Harrah’s New Orleans<\/strong> is a step away<\/a> from a major makeover, now that the Louisiana<\/strong> House of Representatives cast a veto-proof vote in favor of a 30-year license extension, a new hotel tower and an expansion of the \"\"hotel-casino’s amenities. The last two desiderata have to pass muster with the New Orleans City Council<\/strong> but we feel bullish for Caesars Entertainment<\/strong>‘s chances for expanding its iconic New Orleans<\/strong> flagship property. Gov. John Bel Edwards<\/strong> (D) is on board with the project, as is Mayor-Elect LaToya Cantrell<\/strong>. Speaker of the House Taylor Barras<\/strong> (R) is crediting with bringing otherwise recalcitrant Republicans into the fold for the vote.\u00a0“If someone hasn’t talked to you about this bill, I’ll be very surprised,” Barras said of lobbying that was described as reaching a “fever pitch” in the hours leading up to the vote.<\/p>\n

The contract extension between Harrah’s and the state was seen as an incentive for Caesars to put another $350 million into the property. To provide some low comedy to the proceedings, the naive Louisiana Family Forum<\/strong> demanded to know why Caesars wasn’t shopping Harrah’s Nola around to other companies to operate. The company did concede to a small tax increase: $3.5 million per year, atop the current $60 million, with the money being earmarked for kindergartens and other forms of education for small children.<\/p>\n

In addition to seeking a “celebrity chef” to kick Harrah’s Nola up a notch (might we suggest Giada de Laurentiis<\/strong>?), the company is taking a page \"\"from the success of the Linq Promenade<\/strong> and proposing a canopy over Fulton Street<\/strong>, allowing amenities and entertainment to spill outdoors. Caesars used some rather misleading stats to push its position, saying that 70% of revenue comes from non-gaming sources. While that is true of Las Vegas<\/strong>, it hardly applies to regional markets. But if you play it on your piano it makes a nice tune.<\/p>\n

Caesars had to swallow a few bitter pills, such as agreeing not to undercut the competition in its room rates and having to pay taxes on comped rooms. At least Caesars got what it wanted. Supporters of Internet<\/strong> gambling, DFS and sports betting are still waiting for their bills to be heard in the Lege.<\/p>\n

*\u00a0Arkansas<\/strong> has two rival committees pushing casino legalization. First came Driving Arkansas Forward<\/strong>. Now it has competition in the form of Arkansas Wins in 2018<\/strong>. The latter is seeking certification<\/a> and has already selected its casino sites, to an almost-suspicious degree. According to \"\"Arkansas Online<\/em>, the new group would put casinos “in about a 247-acre area in Benton County<\/strong>, about a 62-acre area in Boone County<\/strong>, about a 35-acre area in Miller County<\/strong> and about a 200-acre area in Pulaski County<\/strong>.” Driving Arkansas Forward Counsel Nate Steel<\/strong> wasted no time putting the knife between the ribs, calling it an “assault on Arkansas from the same out-of-state group that has tried and failed before …\u00a0Just like last time, the sponsors are attempting to award themselves casino licenses by writing their own property interests into our Constitution.” By contrast, Steel’s group would create racinos at two existing parimutuels, in addition to incepting\u00a0two other casinos. It’s also associated with the Quapaw Tribe<\/strong>, which wants a Jefferson County<\/strong> casino, so there may be a number of hidden agendas here at work.<\/p>\n

* Whoops. It looks like the Massachusetts Gaming Commission<\/strong> didn’t do all of its due diligence (a diligence due-due<\/a>?) with regard to Steve Wynn<\/strong>‘s $7.5 million paternity settlement. Sharp-eyed State Police Lt. Brian Conners<\/strong> spotted a reference to it in a Bloomberg<\/em> story about Steve and \"\"Elaine Wynn<\/strong>‘s divorce. He e-mailed the link, headline “Alleged Steve Wynn Settlement” to several colleagues in the Enforcement Bureau<\/strong> and MGC. They apparently blew it off, because the MGC continues to maintain that it was unaware of anything untoward chez<\/em> Wynn until the Jan. 26 Wall Street Journal<\/em> story that was the beginning of Steve Wynn’s end. MGC Chairman Stephen Crosby<\/strong> wrote at the time<\/a>,\u00a0“These fires burn so hot they can consume anything they touch.”<\/p>\n

Crosby reached out to former Nevada Gaming Control Board<\/strong> Chairman A.G. Burnett<\/strong>, writing\u00a0“Needless to say, we are swamped in Mass with how to deal with the Wynn allegations. You got out at the right time!\u00a0If you were willing, I’d like very much to get some informal advice from you on \"\"this.” To another correspondent, Crosby responded,\u00a0“Just what we needed. If his board deals with it, easy for us. If not, hmmm.” Besides the settlement reference, the Bloomberg<\/em> article was scathing in its assessment of the Wynn board of directors, calling it “weak” and deferential to Steve Wynn. Then there was this:\u00a0“Institutional Shareholder Services Inc<\/strong>., the proxy advisory firm, last year gave Wynn Resorts<\/strong> its worst ranking for governance risk.”<\/p>\n

MGC investigators are trying to make for lost time by attending court proceedings in Elaine Wynn’s lawsuit against her priapic\u00a0ex-husband. It’s a stretch to think that, by being caught napping, the MGC could lose the ethical high ground to Wynn Resorts, but it makes the agency’s professions of shock once they read the Journal<\/em> ring more than a bit hollow.<\/p>\n

* DFS regulation is on the summer agenda for the Maine Department of Public Safety\u2019s Gambling Control Unit<\/strong>. In the meantime, casino business \"\"is strong, although Oxford Casino<\/strong> continues to beat the pants off\u00a0Hollywood Bangor<\/strong> with Oxford slots capturing $796.5 million last year while Hollywood took in $408.5 million. The latter also reduced its slot inventory, taking out 39 machines while Oxford added 97. The real beneficiaries of the slot lucre are the Department of Education<\/strong>, which collection $19 million in taxes, the state’s general fund ($6.5 million) and the ever-ailing harness racing industry, which bagged a $4.5 million subsidy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Harrah’s New Orleans is a step away from a major makeover, now that the Louisiana House of Representatives cast a veto-proof vote in favor of a 30-year license extension, a new hotel tower and an expansion of the hotel-casino’s amenities. … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":21434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[179,133,227,18,237,26,7,67,37,84,147,112,69,33,25,232,74,32,31,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21432"}],"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=21432"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21432\/revisions"}],"predecessor-version":[{"id":29843,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21432\/revisions\/29843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media\/21434"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}