{"id":23029,"date":"2018-12-10T08:43:49","date_gmt":"2018-12-10T16:43:49","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23029"},"modified":"2019-04-24T09:02:41","modified_gmt":"2019-04-24T17:02:41","slug":"18-fremonts-cover-blown-resorts-world-lv-delayed-yet-again","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/18-fremonts-cover-blown-resorts-world-lv-delayed-yet-again\/","title":{"rendered":"18 Fremont&#8217;s cover blown; Resorts World LV delayed yet again"},"content":{"rendered":"<p>Last week, <strong>Ryan Hess<\/strong> stole <strong>Derek Stevens<\/strong>&#8216; thunder, posting a stunning rendering for <strong>18 Fremont<\/strong> on <strong>Twitter<\/strong> and linking to an <strong>EB-5<\/strong> visa Web page that included more sexy pictures &#8212; six swimming pools &#8212; of the Stevens brothers&#8217; upcoming hotel-casino (slated for 2021 completion), pictures which have subsequently removed. <strong>TravelZork.com<\/strong> was also <a href=\"https:\/\/travelzork.com\/vegas-news-9december2018-18-fremont\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\">quick to pick up<\/a> on the 18 Fremont\u00a0disclosure. Funding from <strong>Wall Street<\/strong> must be hard to come by if Stevens is reduced to going the EB-5 route. The Stevens promise &#8220;18 Fremont will create 48 to 50 Jobs per investor. Significant number of jobs have already been created.&#8221; To ameliorate any fears of EB-5 investors \u00a0being left out in the cold (<strong>Lucky Dragon<\/strong>, anyone?), they explain that &#8220;Ownership generates approximately $130-140 Million USD annually f<em>rom their other businesses<\/em>, which creates cash flow that can be used to payback [<em>sic<\/em>] EB-5 investors.&#8221; (emphasis added) It just figures that <!--more-->today would be the day the <em>S&amp;G<\/em> server malfunctions and we can&#8217;t upload pictures. They&#8217;re magnificent, I promise you.<\/p>\n<p><strong>Greg Stevens<\/strong>, meanwhile, will have some unwonted free time on his hands, having left the board of <strong>Diversified Restaurant Holdings<\/strong> (owners of <strong>Buffalo Wild Wings)<\/strong> &#8220;in order to focus his efforts on his other businesses.&#8221; It&#8217;s not clear what those &#8220;other businesses&#8221; might be. <strong>Desert Rock Enterprises<\/strong>, holding company of the <strong>Golden Gate<\/strong>, is solely owned by Derek, as is <strong>18 Fremont Street Acquisition<\/strong>, which holds the new project. Maybe Greg&#8217;s 22% stake in <strong>The D<\/strong> will keep him busy. After all, Derek can only be in so many places at once.<\/p>\n<p>TravelZork has come across the announcement of yet another postponement of $7.5 billion\u00a0<strong>Resorts World Las Vegas<\/strong>, <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-admin\/post-new.php\" target=\"_blank\" rel=\"noopener noreferrer\">this time into 2021<\/a>. At its present rate, <strong>Genting Group<\/strong> will be lucky if it ever finishes that white elephant. If it does, the resort will debut &#8220;in multiple phases.&#8221; Ah, the dreaded &#8216;soft opening.&#8217;! There&#8217;s also a considerable gap between the ambitious plans for <strong>The Drew<\/strong> (three hotels, no less &#8212; and no budget estimate available), plus casino and &#8220;multiple restaurants&#8221; and <strong>Steven Witkoff<\/strong>&#8216;s initial plan to have construction well\u00a0under way by now. Its completion has been shunted into the &#8220;2022 and beyond&#8221; category, where it can keep company with <strong>Wynn West<\/strong>, a new hotel tower at the <strong>Downtown Grand<\/strong> and the ever-in-abeyance <strong>All-Net Resort &amp; Arena<\/strong>. Wasn&#8217;t that supposed to have been finished by now?<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/lDfkjUASkHo\" width=\"450\" height=\"253\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Meanwhile, over on <strong>Paradise Road<\/strong>, the <strong>Las Vegas Convention &amp; Visitors Authority<\/strong> has released an animated flyover of what its expanded, improved convention center will look like. It&#8217;s incredibly stunning and should leave <strong>Sheldon Adelson<\/strong> shaking his fists in impotent fury.<\/p>\n<p>* <strong>Ohio<\/strong> casinos and racinos benefited from an extra weekend day last month, their receipts up 4% for a $148 million gross. Racinos (up 6%) did better than casinos (up 2%). <strong>Hollywood Toledo<\/strong> actually lost ground, down 2% to $15.5 million, while <strong>Hollywood Columbus<\/strong> gained 5% to $18.5 million. Elsewhere in the <strong>Penn National Gaming<\/strong> family, mighty little <strong>Hollywood Mahoning Valley<\/strong> was up 4% to $9 million while <strong>Hollywood Dayton<\/strong> also ascended to $9 million, up 5.5%. <strong>Boyd Gaming<\/strong>&#8216;s takeover of <strong>Belterra Park<\/strong> coincided with a 4% downturn, to $6 million.<\/p>\n<p><strong>Eldorado Resorts<\/strong> was a winner at <strong>Scioto Downs<\/strong>, up 5.5% to $13.5 million, while <strong>Hard Rock Rocksino<\/strong> led the state with $20 million, an 8% gain. <strong>Jack Cleveland<\/strong> had a rare good month, grossing $17.5 million (up 3%), <strong>Jack Thistledown<\/strong> vaulted 10% to $10 million, while <strong>Jack Cincinnati<\/strong> was up 1.5% to $16 million. Wouldn&#8217;t it be ironic if, having been co-built with <strong>Caesars Entertainment<\/strong> and given the Horseshoe brand, then sold to <strong>Dan Gilbert<\/strong>, who Jacked them, they were repurchased by Caesars and re-re-branded as Horseshoes? Stranger things have happened.<\/p>\n<p>* Proceeding westward, we find that longer weekends didn&#8217;t help <strong>Indiana<\/strong> casinos, down 2.5% to $172 million. This included a rare bad month for <strong>Tropicana Evansville<\/strong>, down 8% to $12 million. The Caesars portfolio had very mixed results, with <strong>Horseshoe Hammond<\/strong> tumbling 11% to &#8216;only&#8217; $30 million, <strong>Horseshoe Southern Indiana<\/strong> plunging 13.5% to $19 million, <strong>Hoosier Park<\/strong> gaining 7% to $15 million and <strong>Indiana Downs<\/strong> flat at $19.5 million. <strong>Belterra<\/strong> ceded 1.5% to $8.5 million and <strong>Rising Sun<\/strong> was flat at $4 million. Boyd was flat at <strong>Blue Chip<\/strong>, grossing $12 million. (The impact of tribal <strong>Four Winds<\/strong> may have been fully absorbed.)<\/p>\n<p><strong>Ameristar East Chicago<\/strong>, now under new management, jumped 7.5% to $18.5 million, while the two <strong>Majestic Star<\/strong> boats took divergent courses. <strong>Majestic Star I<\/strong> was down 2.5% to $7 million while <strong>Majestic Star II<\/strong> had a rare &#8216;up&#8217; month, grossing $5 million for a 4% gain. <strong>French Lick Resort<\/strong> gained 10Q% for $7.5 million and <strong>Hollywood Lawrenceburg<\/strong> was up 5.5% to $14 million.<\/p>\n<p>*\u00a0<strong>Missouri<\/strong> was flat, with gains in <strong>St. Louis<\/strong> negating losses in <strong>Kansas City<\/strong>. Statewide, the gross was $138 million. An 11.5% increase in table game revenue helped keep things stable. For Eldorado it was a month to forget, with <strong>Isle of Capri Kansas City<\/strong> down 11.5% to $5 million, <strong>Isle of Capri Boonsville<\/strong> slipping 8% to $6 million, <strong>Isle of Capri Cape Girardeau<\/strong> down 3% to $5 million and <strong>Lady Luck Caruthersville<\/strong> flat at $3 million. Boyd&#8217;s two acquisitions responded moderately well to new ownership, with <strong>Ameristar St. Charles<\/strong> up 2% to $21.5 million and <strong>Ameristar Kansas City<\/strong> flat at $15 million.<\/p>\n<p>Penn was not so fortunate. <strong>Argosy Riverside<\/strong> fell 3% to $14 million and <strong>Hollywood St. Louis<\/strong> dropped 14% to $18 million. But <strong>River City<\/strong> gained 10.5% to $19.5 million. Eldorado <em>did<\/em> have\u00a0a very good month at <strong>Lumiere Place<\/strong>, gaining 6.5% to $13 million. <strong>Harrah&#8217;s North Kansas City<\/strong> was down 2% to $14 million and <strong>Affinity Gaming<\/strong> retreated 3.5% at <strong>Mark Twain Casino<\/strong>, logging $2.5 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last week, Ryan Hess stole Derek Stevens&#8216; thunder, posting a stunning rendering for 18 Fremont on Twitter and linking to an EB-5 visa Web page that included more sexy pictures &#8212; six swimming pools &#8212; of the Stevens brothers&#8217; upcoming &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/18-fremonts-cover-blown-resorts-world-lv-delayed-yet-again\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[173,40,65,60,244,154,155,18,51,199,198,120,68,22,85,206,75,191,39,71,69,225,9,20,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23029"}],"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=23029"}],"version-history":[{"count":5,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23029\/revisions"}],"predecessor-version":[{"id":24011,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/23029\/revisions\/24011"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=23029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=23029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=23029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}