Issue 137
April 28 - May 4, 2003
Volume 3
page 1
The Perfect Mother's Day Gift

This Issue

Gaming News
Casino Opening in Lake Las Vegas

Cayugas' Casino Plans 2005 Opening

New Dance Show Follows Sexy Trend at Vegas Hotels

Greektown to Downsize Hotel

Montana Casinos Exempt from Smoking Ban

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Tim McGraw & The Dancehall Doctors will appear at the Events Center at Mandalay Bay Resort Casino on May 10, 2003.

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Casino Opening in Lake Las Vegas

LAS VEGAS - Casino MonteLago, the second casino at the growing Lake Las Vegas resort area in Henderson, will open May 8.

The 40,000-square-foot casino doesn't have its own hotel but is attached to the nearby Ritz-Carlton Hotel, which opened in February. The Ritz-Carlton, which is part of the Marriott chain of hotels, is separately owned and managed and marks the debut of the Ritz brand in Nevada.

The casino will be operated by CIRI Lakeside Gaming Investors LLC, which was licensed by gaming regulators last year. CIRI is owned by Cook Inlet Region Inc., a corporation owned by members of an Alaskan Indian tribe. The licensing process for the parent company was unusual in that the Nevada Gaming Control Board required only a few of the company's 7,000 or so shareholders to submit to background checks.

A separate management company, Sybro LLC, will run the casino for CIRI. Sybro partner Dan Reichartz is a former president of Caesars Palace Hotel Casino.

Casino MonteLago aims to attract locals with favorable promotions as well as tourists interested in the high-end getaway. It is larger than the casino inside Hyatt's Lake Las Vegas resort. Cook Inlet owns a 50 percent stake in the Hyatt. The casino is also next to

In late June, the Nevada Gaming Commission approved CIRI's application for registration as a holding company for its ownership interest in the planned 40,000-square-foot Casino MonteLago at Lake Las Vegas, Nevada.

The Village at MonteLago, a separately-run collection of high-end retail shops facing the Ritz-Carlton, and a condominium complex.

Lake Las Vegas is some 25 miles east of the Strip. Casino MonteLago is the most far-flung of the smaller regional casinos that have opened this year.

Cayugas' Casino Plans 2005 Opening

Preliminary site work for the Cayuga Nation's $500 million casino at Monticello Raceway will start in June with plans to open the gaming facility by the spring of 2005, the tribe's partner in the venture said on April 25.

"We're planning an aggressive construction schedule and to sit down and get the building built," said Charles Degliomini, vice president of communications at Empire Resorts Inc., formerly Alpha Hospitality.

Construction of the 600,000-square-foot casino on 30 acres adjacent to the racetrack hinges on the partnership receiving federal and state approval for the project. Empire Resorts recently signed a seven-year contract with the Cayugas to manage the casino, Degliomini said. In exchange, the tribe will receive up to 300,000 shares of Empire stock over 12 months, he said. As of Friday's closing price, that would be worth $2,709,000. Initially, Empire gave 100,000 shares of stock to the Cayugas to enter into the management contract, he said. The stock was issued to get the Cayugas to allow Empire to build one or more hotels that would complement the casino on taxable property off the raceway site, he said. The Cayugas can become one-third owners of the hotels, under the deal.

The Cayugas, which recently bucked tribal tradition by voting to get into gambling, do not have a reservation. They are one of two Indian tribes that were jointly awarded a $247.9 million judgment against the state for illegally taking 64,027 acres of former reservation land in Cayuga and Seneca counties some 200 years ago. The other tribe in the land claim, the Seneca-Cayugas of Oklahoma, is taking steps to put in a high-stakes bingo hall in western Cayuga County.

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