Issue 22
February 7 - 13, 2001
Volume 1
page 1

This Issue

Gaming News
GB Holdings Withdraws Offer to Buy Claridge Hotel & Casino

Aladdin Mall's Tenants Unhappy

2 Hotels Host Second Annual Jack Binion World Poker Open

Foxwoods Celebrates 9 Years

Isle Of Capri Casinos Donates Over $1 Million To United Way

Web Gaming Company Playsys.com Closes Its Vegas Office

Aztar Gambles On Casino Plan; $175 Million Expansion In NJ

Columns
A Combination Book Review And Valentine's Day Gift Suggestion List…

Show Time
The NASCAR Winston Cup Racing Series Makes 4th Trip to Vegas on March 4

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GB Holdings Withdraws Offer
to Buy Claridge Hotel & Casino

ATLANTIC CITY, NJ. - GB Holdings, Inc., the parent company of the Sands Hotel & Casino, announced February 2 that it will not proceed with its efforts to buy the Claridge Hotel and Casino.

Rival casino company Park Place Entertainment has already been approved by the New Jersey Casino Control Commission, after submitting an all cash bid for $83 million for the property. GB Holdings, Inc., had submitted a stock-based bid for $85.8 million.

The Claridge Hotel and Casino has been operating under Chapter 11 Bankruptcy protection since 1999.

Park Place Entertainment owns three other Atlantic City properties including Caesars Palace, Bally's which is home to the Wild West Casino and Coyote Kate's Slot Parlor and the Atlantic City Hilton.


Aladdin Mall's Tenants Unhappy
By Kevin Ferguson / Gaming Wire

LAS VEGAS, NV - The Desert Passage mall would be better named "Deserted Passage," according to disgruntled retail store owners at the upscale shopping mall surrounding the Aladdin megaresort.

The retailers argue that mall management and the adjoining Aladdin are failing to draw the amount of pedestrians promised when they signed their high-rent leases.

In fact, a couple of them wondered aloud during a Friday morning gathering how mall managers would respond if the tenants collectively refused to pay their rent until changes were made.

Many of the 70 tenants in attendance said Desert Passage managers are doing a poor job at advertising the mall, have failed to sign a strong anchor tenant, and plan disruptive events in front of shops that detour visitors.

In a phone interview after the meeting, Desert Passage general manager Jim Harris said some tenants have voiced concerns that sales are not meeting certain stores' individual expectations, but downplayed the magnitude of tenant problems.

"I've met with a lot of retailers and we've been able to talk our way through these problems in negotiations," Harris said. "It's a two-way street. How can I help you? And how can you help yourself increase sales."

But a number of tenants say the amount of visitors going through the mall are not nearly as many as they were promised in August, when most of them signed their leases. Many of the retailers dispute the average daily volume mall managers say it attracts: 54,000.

"There's no way 40,000 to 60,000 pass through daily. Dodger Stadium (in Los Angeles) holds 55,000," said one tenant who requested anonymity. "They should call it Deserted Passage."

Harris said Desert Passage co-owners TrizecHahn Corp. of Toronto spent $250,000 on a sophisticated counting device that counts people entering the mall at the nine entrances. (continued page 4)

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