Issue 287
March 13 - March 19, 2006
Volume 6
page 2
 

Olympia Gaming Expands Scope of Southern Highlands Casino Resort
As Reported by Hotel Online

LAS VEGAS - The skyline of the South Strip is beginning to take shape. With the approval of more rooms inside taller buildings, the Clark County Board of Commissioners have granted a special-use permit enabling Olympia Gaming to increase the size and scope of its $2 billion Southern Highlands Casino Resort.

The County's approval allows the Southern Highlands Casino Resort to increase the hotel tower height to 530 feet from 410 feet and build as many as 3,200 hotel rooms and resort condominium residences at full build out, up from 610 total rooms as previously permitted. The project will be developed in phases with a ground breaking scheduled for later this year. Phase one which includes 1,400 rooms is scheduled to open in winter 2008.

Spread over 70 acres, the Casino Resort's increased height and room count rival major center Strip resorts and make the development one of the largest in the Las Vegas Valley. With 100 acres of developable land in their master plan, the Casino Resort is reserving the remaining 30 acres for other uses.

"In receiving this approval, we now have the ability to approach this development in phases," said Garry Goett, President & CEO of Olympia Gaming and the developer of Southern Highlands Master-Planned Community. "This permit provides for the maximum number of rooms and building heights at full build out which allows us to assess any future growth based on the project's success and market conditions."

"Furthermore, it provides us with the flexibility of increasing the scope and breadth of our resort attractions and our retail and lifestyle offerings based upon market conditions such as increasing population growth, locals- oriented trends, and continued strength in the tourism and convention markets," said Goett.

The project's first phase will consist of 1,400 hotel rooms. Future phases will include an additional 1,000 rooms, bringing the total hotel room count to 2,400, and an additional 800 resort condominiums inside a separate high-rise tower. This brings the total count to 3,200 rooms at full build out.

"Once our initial phase is up and operating, we can assess our business model as a mixed use, casino-resort and decide then whether to build residential, retail, or other commercial uses on the remaining 30 acres," said Goett. "Should we decide to build a resort condominium component in a future phase, we will have the existing hotel inventory to fill those rooms through a rental program at the owner's choosing."

Given Southern Highlands Casino Resort's location on Las Vegas Boulevard South at St. Rose Parkway, a major arterial to Henderson, the development is being designed to appeal to both locals and tourists. Bounded to the west by Interstate 15, the Casino Resort is the literal "gateway to Las Vegas" and the first major casino-resort travelers will see when entering the Las Vegas Valley from California.

"Our location will take full advantage of the I-15, St. Rose Parkway, and Las Vegas Boulevard corridors to attract both tourists and locals including residents of Southern Highlands, Silverado Ranch, Anthem, Seven Hills, Green Valley, and other surrounding communities," Goett added.

The first phase of the project will include: * 1,400 generously-sized hotel rooms and suites, each appointed with rich amenities and featuring breath-taking panoramic views of the Las Vegas Valley * A spacious casino including a wide array of slots and table games, a tournament-style poker room, and a state-of-the-art race and sports book * Several acres of pools, gardens, and lush grounds featuring a lazy river, sun deck, main and private pool areas. * A wide array of fine dining and casual restaurant venues * An exclusive spa, fitness center and salon facility * A large-scale convention and meeting facility * Several entertainment venues accommodating headliners and musical productions

The Olympia Land Corporation's current profile includes the very successful 2,700-acre Southern Highlands master-planned community and the prestigious Southern Highlands Golf Club. Its portfolio also includes some of the most desirable and high-profile real estate projects and property in Southern Nevada.

 

 

 


Casino measure said to be close
As Reported by Herald-Leader

FRANKFORT, Kentucky - Lawmakers say they're close to a compromise bill regarding the approval of casinos in Kentucky but need a week before it will be ready for its first test in a House committee.

Sen. David Boswell, an Owensboro Democrat, said the version of a constitutional amendment in the works would allow for casino gaming at Kentucky's eight racetracks and at least three other sites.

Boswell said he is still pushing for four free-standing casinos -- in Owensboro, near Hopkinsville, along I-75 in southeastern Kentucky and another border county, perhaps close to Ashland.

He added, however, that time is running out.

"If it's not done by next week, I think we've got some problems with it," he said.

The period to pass bills ends March 23.

In addition to the time crunch, proponents say rounding up enough votes in the House won't be easy.

Rep. Denver Butler, a Louisville Democrat who chairs the House Licensing and Occupations Committee, said he's confident that a compromise bill would get enough votes to move to the House floor.

But several House Democratic leaders already are dreading its arrival, he added.

"Some of them are nervous," he said, although he declined to give names.

That's largely because the political stakes are rising.

The Kentucky Equine Education Project, a horse industry group spearheaded by former Democratic Gov. Brereton Jones, has launched a public campaign to expand gambling at racetracks.

KEEP's members also have proved to have deep pockets that they're willing to dip into for candidates who support their cause.
House Democrats could risk losing that if the bill is left to die, Jones said recently.

It also could be difficult to round up the necessary 60 votes to pass the constitutional amendment -- especially in an election year.

Some lawmakers who approve it could be hammered by challengers in the fall, especially with many religious organizations opposing the expansion of gaming.

But Boswell said it would be hard for some members to oppose a measure that could provide the state coffers with needed funds.

Even if the measure does clear the House, Republican Senate leaders have predicted that the bill's chances are slim in the upper chamber.

Although KEEP has specifically pushed for a plan to allow expanded gaming only at racetracks, Boswell said its members have agreed to adding at least three other sites.

The Rev. Nancy Jo Kemper, executive director of the Kentucky Council of Churches, has said the horse industry has "sold their soul" by being willing to allow casinos elsewhere.


Online Casino Group BetandWin finalises Ongame acquisition
As Reported by Online Casino News

AUSTRIA - Austrian online sports betting operator BetandWin.com Interactive Entertainment has finalised its 513 million euro ($611 million) purchase of Swedish online poker site Ongame e-Solutions.

A company statement said, 'All conditions precedent to the acquisition, including approval by the supervisory and management boards of BetandWin, have been satisfied.'

BetandWin is fighting for market share in the booming online gambling market and has agreed to pay 5.37 times Ongame's 2005 gross gaming revenues less customer bonuses. It will pay 60 percent in two cash instalments and 40 percent in stock.

BetandWin raised 269 million euros by selling new shares to fund the first cash installment and has issued a further 3.1 million new shares to pay for the share part of the price.

The new shares issued for the share part of the deal cannot be sold for six months and the lockup expires step by step over the following 18 months.

JuJStanley Clarke

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Dates: April 7, 2006

Time: 8 p.m.

Ticket Price: $22.50 - $39.95 plus tax

For more information: (866) 264-1818

 
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