Issue 209
September 13 - 19, 2004
Volume 4
page 2
 

Fitzgeralds casino sold
As reported by The Reno Gazette-Journal

It's more than six months until St. Patrick's Day, but the luck of the Irish finally delivered a buyer for Fitzgeralds Casino-Hotel in downtown Reno.

LLH Holdings of New Jersey, a family operation formed for the sole purpose of the acquisition, signed a binding agreement Friday to purchase Fitzgeralds for $9.9 million.

If the transaction goes smoothly, Fitzgeralds would be owned by the family of Wolf Lichten, 60, the chairman and CEO of the new company, and his son David Lichten, 39, chief operating officer, sometime next year.

Both men are still employed as senior vice president and vice president of marketing, respectively, at the Tropicana Casino and Resort in Atlantic City. Fitzgeralds Gaming Corp., the casino's former owner, has tried to sell the Reno property since December 2000, when the company filed for bankruptcy protection. Since then, FGC's other casinos, including one in Las Vegas, all have been sold.

But the Reno property, in the heart of downtown but adjacent to the ongoing railroad trench project, proved a difficult sell. The rise of California Indian gaming and a perceived decay of Reno's downtown core added to its marketability problems.

Hafter and the Lichtens plan to move permanently to Reno once the sale goes through. It will be their first casino ownership venture.

The deal is with FGC's former creditors, who took over full ownership of Fitzgeralds Reno in August 2003.

The $9.9 million deal is comprised of $8 million in cash and $1.9 million of assumed long-term debt on the Fitzgeralds parking garage.

The family first toured Fitzgeralds in April. Lichten said he was immediately taken with the property.

 

 

 


Pennsylvania Casinos Allowed
5,000 Slots

As reported by The Pittsburgh Tribune-Review

Pennsylvania - Proponents call them 'parlors,' but the three slot machine casinos destined for Pittsburgh and Philadelphia could join the ranks of the world's biggest gambling palaces within six months of opening their doors.

Each of the three stand-alone facilities, like all 12 of the main casinos allowed by the new gambling law passed this summer, can have up to 3,000 slot machines when it opens -- about the standard for large Las Vegas casinos. Two smaller casinos each will be limited to 500 slots.

Six months later, with the permission of state regulators, any of Pennsylvania's dozen main casinos could expand to 5,000 slots.

The law's 5,000-slots cap was designed with Philadelphia and Pittsburgh in mind.

Licensees for the slots casinos -- one in Pittsburgh, two in Philadelphia, and two in yet-to-be determined locations -- won't be selected until next year, at the earliest.

Gambling expert William Thompson said a rough industry standard of 20 square feet for each slot machine means a casino with 5,000 machines would need 100,000 square feet, not including attached hotels and restaurants.


Slot machines moving away from coins
As reported by The Associated Press

DES MOINES, Iowa - Walk into any casino in Iowa and it's the first thing you hear -- the sound of coins clinking from slot machines. But not anymore.

The old-fashioned coin-fed slots are being replaced at most of Iowa's 16 casinos by a new technology that allows the machines to make payouts with a bar-coded ticket.

Casino owners say players won't have to lug a bucket of coins from one machine to another. Instead, they'll get a paper ticket that come in denominations ranging from one dollar to a hundred dollars.

At Prairie Meadows Casino in Altoona, 94 percent of the 16-hundred slot machines use the new technology. It's also in place at casinos in Burlington, Fort Madison and Sioux City, and on the way in Council Bluffs and Clinton.

Sting

MGM Grand: Famous rockers Sting and Anne Lennox perform in the "Sacred Love Tour" at the MGM Grand.

Date: September 24, 2004

Price: $52.00 - $152.00

Time: 8:00pm

 

For more information please call: (800) 929-1111

 
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