Issue 26
March 7-13, 2001
Volume 1
page 2
 

Race for New Casinos in Korea
Under Way

SEOUL, KOREA - Hotels are moving to open casinos for foreigners in Seoul. Major hotels in Seoul, especially in the southern Gangnam area, have already drafted concrete plans to establish casinos. Accordingly, as a result of rising competition between hotels, government approval will be more difficult to come by, despite the Ministry of Culture and Tourism's (MCT) denial of such.

The Oakwood Hotel in the Coex area has already finished the interior of a casino on its second and third floors. In addition, the Ritz-Carlton Hotel and Lotte World Hotel in Jamsil have been long preparing to open casinos. Although the government denies its intention to allow the opening of more casinos in the capital city, the businesses involved claim they started bidding for foreigners-only casinos after former minister of culture and tourism Park Jie-Won announced in January 2000 that MCT will approve at least three casinos to operate in Korea within the year, after the opening of a casino in Jeongseon, Gangwon-do.

The MCT has not issued new licenses for the operation of casinos since 1994 when the ministry took over the right to license casinos from the National Police Agency.

The main reason behind the rush to open casinos is the highly lucrative nature of the business in Korea. The casino at the Walker Hill Hotel, the only one in Seoul generates $4 million in net income annually (a 25 percent return) out of revenues of $16 million. The hotel also accounts for 60 percent of all revenues in the domestic casino business, indicating a huge market potential in Seoul.

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Reno Resort to Open With Acres Advantage System - LAS VEGAS, NV - Acres Gaming announced February 28 that it had signed a contract with Siena Hotel Spa Casino for the purchase of $1.8 million of Acres Advantage(TM) products for the new resort. The resort, scheduled to open mid-summer, is the first new property to open in Reno, NV in seven years. The casino system will include Acres' proprietary hardware, software and bonusing technology. Siena will open with 800 slot machines, live table games, a hotel and spa designed to evoke a neo-Tuscan flavor. Several food outlets are planned including an intimate exhibition-style restaurant surrounded by a wine cellar.

Western Village Hotel Casino To Install EZ Play(TM) Ticket System Machines - RENO, NV - The Western Village Hotel and Casino in Spark, NV has became the first casino in Northern Nevada to feature IGT's new EZ Pay(TM) ticket system with the latest EZ Play(TM) ticket-in ticket-out gaming machines. Western Village's 50 EZ Play(TM) machines are the latest additions to an installed base of more than 6,000 EZ Play(TM) machines nationwide. EZ Pay(TM) technology is currently available at casinos in Southern Nevada, Arizona, California, Iowa, Louisiana and Mississippi. Western Village's EZ Play(TM) machines will be coin-free ticket-in ticket-out models. Player winnings can be cashed out at one of the casino's change booths, eliminating the wait for machine coin fills.

Lawmaker Proposed Slot at O'Hare Airport - O'Hare, IL - Illinois Senator Walter Dudycz (R-Chicago) has introduced legislation that would put slot machines in ticketed areas of Chicago's busy O'Hare International airport. "We have people traveling from all over the world stopping at O'Hare Airport," explains Dudycz. "With all the holdovers and delays, I go through the airport and watch these people just sitting, bored or at bars or newsstands. I'd like to see them actively involved in gaming opportunities." The slots initiative is one of two controversial gambling initiatives that Dudycz has introduced in the past week. (The other proposal would legalize video gambling machines in bars.) Dudycz envisions several hundred slot machines at O'Hare to raise "many millions of dollars" for the state and city. However, aides to Chicago's Mayor Daley question whether slots at O'Hare would be detrimental to the city's public image; and Deputy Aviation Commissioner Robert Repel says that federal law requires that any revenues raised on airport property must be used to fund airport building projects or operations.

Power Punch
"Sugar" Shane Mosley Takes On
Shannan Taylor

One of this year's more exciting boxing match-ups takes place March 10 at Caesars Palace, when welterweight champion "Sugar" Shane Mosley takes on hard-hitting WBC No. 1 contender Shannan Taylor in the resort's Palace Ballroom.

Now more than ever, Las Vegas is getting its share of big fights that deliver. People are still buzzing about the Trinidad-Vargas bout. This fight, which features the man who many experts--including the prestigious Ring magazine--call the "best pound-for-pound fighter in the world," promises to be a real barn-burner.

DATE: March 10, 2001

TICKETS: $100 - $300 plus tax

For more information please call Caesars Palace Box Office at: 702-731-7333.
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