Issue 213
October 12 - 17, 2004
Volume 4
page 2
 

Barrick buys two more properties
As reported by The Las Vegas Sun

LAS VEGAS, Nevada -- A private company that bought four aging casinos in downtown Las Vegas has snapped up two motels for future redevelopment and plans to purchase more land nearby as part of a redevelopment corridor along Main Street.

Barrick Gaming Corp., which bought the Plaza, Las Vegas Club, Western and Gold Spike casinos for $82 million in March, this month purchased the Nevada Hotel and the Queen of Hearts Hotel for $7.1 million.

Barrick also this month purchased a parking lot close to the Nevada Hotel for $1 million.

The 160-room Nevada Hotel is located on about a half an acre at 235 S. Main St. The 100-room Queen of Hearts is located on about a tenth of an acre at 19 E. Lewis St.

Barrick and New York-based private equity group Tamares Real Estate bought the properties from Ann Meyers, who purchased them from gaming pioneer Jackie Gaughan several years ago.

Barrick President Stephen Crystal said the land -- together with planned acquisitions nearby -- will be "more than sufficient" to incorporate a major remodeling effort along the aging Main Street corridor and anchored by the Plaza.

Barrick hasn't decided on what to ultimately build on the hotel sites, though the company is leaning toward some form of residential high-rise, Crystal said. Future projects will also likely include some form of gaming, he said. The timeline for the projects hasn't yet been decided.

Both of the hotels operate slot machines and have the right to offer unlimited gambling, he said. Those licenses will be valuable in the long term, especially given a recent state law aimed at curbing the spread of neighborhood casinos, he said.

Barrick and Tamares, which also partnered in the purchase of the four casinos from Gaughan, say they intend to focus their first redevelopment efforts on a seven-acre parcel of land adjacent to the Plaza that is intended to incorporate an intermodal transit center, a hotel and casino expansion and entertainment venues.

 

 

 

Isle of Capri Casinos, Inc. to Build New Casino at Biloxi, Miss. Property

BILOXI, Mississippi -- Isle of Capri Casinos, Inc. officers announced today that the company will replace the casino at its Biloxi, Miss. property with a new state-of-the-art casino facility. The approximately $90 million new casino will feature expanded gaming space and several amenities.

Timothy M. Hinkley, Isle of Capri Casinos, Inc. president and COO, said, "The addition of this new casino facility continues the evolution of the company's first property, which opened in 1992 and pioneered gaming in the south. The replacement casino will showcase the next generation of the growing Isle brand, while providing a new and exciting gaming experience for our customers."

The ability to replace the existing casino is subject to a number of conditions, including the approval of regulatory and governing bodies.

 

Gambling Bill to be introduced
this week
As reported by The Observer

United Kingdom -- International casino operators are preparing to place a GBP £3.5 billion bet on the British public flocking to Vegas-style gambling developments.

As a new Gambling Bill is expected to come before MPs this week, it is now clear just how much money casino bosses, mainly from Las Vegas, are prepared to invest if the UK relaxes its strict gaming laws.

Seven operators, five from the US and two from South Africa, are behind the GBP £3.5 billion investment frenzy.

The biggest, MGM Mirage, has confirmed that if all its plans come to fruition it will spend 'in excess of GBP £1 billion building casinos that will contain entertainment complexes as well as 1,250 slot machines with GBP £1 million jackpots, and numerous gaming tables.

Isle of Capri, another Vegas operator, this weekend said it has struck 'six or so confidential agreements' with sports clubs and landowners and will splash out GBP £350 million. Its executive vice-president Allan Solomon said: "Britain is the most attractive destination at the moment. We like the work ethic and the British people have a much greater propensity to gamble than in the United States."

Paul Anka

MGM Grand: Paul Anka, one of the most successful songwriters in history and a teen idol of the late '50s, performs at the MGM Grand.

Date: November 4 - 10, 2004

Price: $70.00

Time: 9:00pm

 

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

 
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