Issue 220
November 29-December 05, 2004
Volume 4
page 1
 

This Issue

Gaming News

Developers release details of Las Vegas Strip casino dubbed Cosmopolitan

Game subsidiary buys property next to casino

Update 1: Stanley Ho to Open New Casino in Macau

InterCasino - An Award Winning Year

Boyd Gaming Buys Site Next to Stardust

 

Show Time Jeff Foxworthy actor and comedian performs at the Beau Rivage.

Column Bogus Blackjack By Frank Scoblete

Check out our entertainment highlights & upcoming tournaments

See the lucky winners

 

Not yet subscribed to the Casino City Newsletter? Sign up NOW!

Developers release details of Las Vegas Strip casino dubbed Cosmopolitan
As reported by the Las Vegas Review-Journal

LAS VEGAS, Nevada - Webster's New World Dictionary defines the word cosmopolitan to mean someone orsomething that is "at home in all countries or places."

The term is seldom used to describe Las Vegas, but the partners at 3700 Associates believe their $1.5 billion development will soon bring just such a touch to the Strip, both literally and figuratively.

The Las Vegas-based developer on Monday announced new details of its planned 4 million-square-foot mixed-use project, most notably its name -- the Cosmopolitan Resort & Casino. The day's revelations also included the identities of several new partners whose resumes and reputations shed new light on what's to come on an 8.5-acre sliver of land south of Bellagio near the Jockey Club.

David Friedman, president of 3700 Associates, said the monicker was selected because it sums up both the project and the direction of development in Southern Nevada.

"Cosmopolitan is very urban: it's built to the street, tall and has different things happening on different levels," Friedman said. "You could just as easily find this project in New York, Miami or Hong Kong, for that matter. It's not something anyone has seen in Las Vegas."

The project will have more than 2,400 rooms, including standard hotel accommodations as well condo/time share units; more than 150,000 square feet of convention space; a 70,000-square-foot casino; an 1,800-seat theater; and more than 300,000 square feet of retail, restaurant and entertainment space.

Ian Bruce Eichner, chief executive officer of 3700 Associates, will bring his trademark style of high-rise development to the Strip, Friedman said. He said Eichner is one of the nation's premier developers of luxury time share/condominium properties, including The Manhattan Club in New York and the Continuum development in Miami's South Beach district.

Coupled with his own expertise on the local gaming industry gained during a nearly nine-year tenure with The Venetian parent Las Vegas Sands, Friedman called the partnership a "pretty potent combination."

"We've tried to engineer the project in a way that other elements (such as gaming, retail and time share sales) will effectively subsidize that land cost so that people will be able to live right on the Strip," Friedman said.

Other partners include Arquitectonica, a recognized architectural firm whose projects include Hong Kong's Le Meridien hotel; Dougall Design, a theme retail and interior design firm that worked on the Forum Shops at Caesars and The Hotel at Mandalay Bay; Friedmutter Group, a national architectural firm specializing in hotel-casinos whose portfolio includes MGM Grand and The Venetian; and Paul Duesing Partners, the custom interior designer behind many celebrity residences and exclusive hotels around the world.

Cosmopolitan is scheduled to break ground early next year and will open in late 2007 or early 2008, Friedman said.


Game subsidiary buys property next to casino
As reported by The Oklahoman

MONTICELLO, New York- A subsidiary of the Chickasaw Nation's casino partner has bought 216 more acres near the state's largest American Indian gaming center.

The latest land purchase -- the third this year near the WinStar Casino by MegaBingo Inc. -- propels expectations of a gambling destination resort.

The Chickasaw Nation is building a motel next door and has discussed building two larger hotels and a golf course. Tribal spokeswoman Robyn Elliott said the tribe is still developing its plans for the land and isn't ready to disclose them.

A golf course or some other attraction would make WinStar the state's second multifaceted casino resort.

The Cherokee Nation recently opened a resort along Interstate 44 at Catoosa that includes a seven-story hotel, a golf course and 80,000 square feet of gambling.

WinStar opened in July 2003 with 1,100 electronic gambling machines. A recent addition increased that number to 2,400, far more than any other Oklahoma casino.

A 1,600-seat theater and an Italian restaurant are part of the recent addition. Elliott said the tribe recently hired more than 300 new workers for the extra gaming space and the new amenities.

Tribal officials expect total employment for the complex to top 1,500, with an annual payroll exceeding $15 million.

Under federal law, Indian gaming revenue must be spent along five general guidelines, two of which are to fund tribal government and to donate to other local governments.

Elliott said the Chickasaw Nation has made numerous contributions from its business revenues, the largest part of which comes from gaming.

Entities that have received at least $10,000 include the Love County ambulance service, Ardmore Christian Schools, Lone Grove Public Schools, Ardmore Christian Schools and Ardmore Anti-Crime Program.

Additionally, the tribe plans to build an ambulance annex on its WinStar property to provide better emergency access to casino customers and to rural towns along the Love County/Texas border.

MegaBingo's parent company, Multimedia Games Inc., financed the WinStar's construction through an agreement that guarantees 80 percent of the casino's gaming floor space to Multimedia's electronic machines.

The company leases its machines to the casino and receives a percentage of the net-win, or the amount each machine makes after paying winners.

Love County land records show MegaBingo bought 216 acres Oct. 21 from Joseph and Kelli Neave for nearly $1.4 million. The land is about three miles north of Texas near Interstate 35.

Joseph Neave is a professional polo player who owns a horse ranch near the casino, sources said. Calls to his home weren't returned.

MegaBingo previously bought 118 acres near the WinStar from other owners through two purchases, then conveyed each parcel to the tribe.

Elliott said the tribe made no direct payments for the land, but that Multimedia Games may receive financial benefit through the tribe's development agreement with the company.

Multimedia Games representatives didn't respond to several requests for comment.

Tell us what you think about our newsletter. Copyright 2000-2003 Casino City. All rights reserved Casino City is a trademark of CasinoPromote.com. Please read our Disclaimer of Warranty