Issue 277
January 2, 2006 - January 8, 2006
Volume 6
page 2
 

Pennsylvania Partnership Group and Planet Hollywood Affiliate File for Gaming License
Press Release

PHILADELPHIA, Pennsylvania - The Pennsylvania Partnership Group, along with a group affiliated with Planet Hollywood International, Inc., today filed for a Category 2 gaming license with the Pennsylvania Gaming Control Board for its Riverwalk Casino project. Riverwalk Casino will be 51% owned and controlled by The Pennsylvania Partnership Group (PPG), a majority minority partnership, which includes some of the region's most successful minority businessmen and women. PPG's partner, BHM Gaming Opportunities, Ltd., a group affiliated with Planet Hollywood, will hold a minority interest in the Project. Riverwalk Casino has the unique distinction of being a majority- minority applicant from Philadelphia.

The planned project, tentatively named "Riverwalk Casino," will be a $380 million unique gaming and entertainment concept which will consist of more than 100,000 square feet of casino space containing 3,000 slot machines, a 400-seat theater, a television studio, six restaurants, and a 3,000 space parking garage. An additional 50,000 square feet will be set aside for a second phase expansion to include an additional 2,000 slot machines, for a total of 5,000 gaming positions. The project will be located on 11.5 acres of land leased from the City of Philadelphia at Delaware Avenue and Spring Garden Streets. A recent report by the Mayor's Gaming Taskforce ranked this Northern Delaware Avenue location as one of the most desirable for the city and potential customers.

"In a city where minorities make up more than 50 percent of the population, yet receive less than 2 percent of the city's contract opportunities, it is vitally important to advance the cause of minority entrepreneurship," said PPG Chairman Willie Johnson. "We are a group of minority entrepreneurs who have successfully navigated not only the hurdles of business ownership, but also the additional obstacles of minority business ownership. Our many years of commitment to employment opportunities and community building in minority neighborhoods puts us in a unique position to insure that opportunities for some means opportunities for all."

Riverwalk Casino will bring the resources and experience of a locally- based majority minority partnership, the entertainment and gaming expertise of Planet Hollywood and a new concept in job training which will significantly advance employment opportunities for under-served area residents while at the same time providing the City of Philadelphia with significant revenue, not only from gaming taxes, but from lease payments as well.

"Riverwalk Casino will redefine the currently planned gaming landscape in Philadelphia by combining the allure and excitement of celebrity and gaming with the best of Philadelphia's diverse culture and interests," said Planet Hollywood Chairman Robert Earl.

In its application, Riverwalk Casino also announced it has hired Patrick McKoy, one of the gaming industry's most respected and successful executives, to operate the planned facility. Mr. McKoy was formerly executive vice president of Caesars. He has also worked for Bally's and other Atlantic City operators during his career in gaming. His operating expertise along with the gaming experience of Planet Hollywood's affiliates in Las Vegas and London will be a formidable team in the development of this new gaming concept.

About the PPG-Planet Hollywood Partnership

PPG consists of prominent Philadelphians, predominantly minorities, who are respected and successful business professionals serving on boards and committees such as the African-American Chamber of Commerce in Philadelphia, Martin Luther King Jr. Association, and the Hispanic Bar Association of Pennsylvania.

BHM Gaming is itself a joint venture between Robert Earl, founder of Planet Hollywood International Inc., and BH Casino and Hospitality LLC, an affiliate of Bay Harbour Management, LC, an SEC registered investment advisor led by Douglas Teitelbaum.

Mr. Earl and Mr. Teitelbaum both hold non-restricted gaming licenses in the State of Nevada in relation to their voting control of Aladdin Resort & Casino, currently being remodeled as the Planet Hollywood Resort & Casino, located on the Las Vegas Strip. Mr. Earl also operates Fifty, the hottest new gaming concept in London.

 

 

 


Boyd Gaming Opens South Coast Hotel and Casino

Press Release

LAS VEGAS, Nevada - Boyd Gaming Corporation opened its newest property, South Coast Hotel and Casino, on December 22.

Bill Boyd, Chairman and Chief Executive Officer of Boyd Gaming, commented on the opening, "South Coast is ideally located to attract a growing locals market, as well as a significant number of tourists, given its strategic location to both residential and tourist corridor patrons."

Located five miles south of Mandalay Bay on Las Vegas Boulevard and adjacent to Interstate 15, South Coast is the first major casino entertainment property to be located in the fast-growing southern Las Vegas area. The $600 million property offers affordable luxury in the way of beautiful accommodations, distinctive dining experiences and a wide array of gaming entertainment amenities. In addition to a spacious, fully-equipped 80,000 square-foot casino, the development also includes seven restaurants, a 16 screen Century Theatre complex, a 64 lane bowling center, and expansive meeting, exhibit and convention space. Unique to South Coast will be a world-class equestrian center with seating for 4,400 spectators.

A second hotel tower is under construction and planned to open in the second quarter 2006, adding 700 guest rooms and suites. Opening with the second tower will be a luxurious spa with more than 20 treatment rooms, a nightclub and showroom, and an outdoor recreation area complete with oversized swimming pool and sand volleyball courts.

Headquartered in Las Vegas, Boyd Gaming Corporation (NYSE: BYD - News) is a leading diversified owner and operator of 19 gaming entertainment properties, located in Nevada, New Jersey, Mississippi, Illinois, Indiana and Louisiana. The Company recently opened the South Coast Hotel and Casino, a $600 million development located in the growing southern part of the Las Vegas valley. Boyd Gaming press releases are available at www.prnewswire.com. Additional news and information on Boyd Gaming can be found at www.boydgaming.com.

Tribe plans to expand casino
As Reported by The Daily Herald

ARLINGTON, Washington - The Stillaguamish Tribe is planning to cash in some of its chips to pay for expanding its Angel of the Winds Casino.

During the 14 months since the casino opened, the tribe has made enough money to secure loans that could double the casino's size, adding 50 percent more video slot machines and a bigger restaurant, said Dave Seufert, the casino's general manager.

"Now that we have a track record that's a good track record, the banks are more comfortable to talk to us," Seufert said.

Details have not been finalized, but he expects the project to cost between $4 million and $6 million.

The original 22,000-square-foot casino cost $19 million in construction alone. Site preparation, demolishing homes and relocating more than two dozen families cost the tribe several million dollars more.

After the expansion is completed, the casino could end up with close to 45,000 square feet, Seufert said. No construction schedule has been set, he said.

Eddie Goodridge Jr., the tribe's executive director, said the tribe originally had envisioned building a 45,000-square-foot casino.

"I don't view it as an expansion. It's really just getting up to where it's supposed to be," Goodridge said, adding that the casino was designed to be easily expanded.

The casino now has 455 video slot machines, many of the popular penny variety. By building onto the casino's west end, as many as 200 more slots could be added, Seufert said.

The building also will grow on its north side, where a new buffet-style restaurant would be built. Katie's Kitchen, the casino's restaurant now, is more of a snack bar than a sit-down dinner place, Seufert said.

The news of expansion did not come as a surprise to Ken Childress, one of many neighbors who opposed putting the casino near their rural neighborhood in the first place. He said tribal leaders had always wanted a bigger casino.

"All I can say about it is, yea; I'm glad it's taken them more time and cost them more money," Childress said.

Despite the hard feelings, Childress said many neighbors have learned to live with the casino nearby.

"The casino is probably little more than a nuisance," he said. "There's definitely more traffic. There's been a few minor mishaps on the road."

Childress also gave the tribe credit for the building's understated aesthetics.

"It's not an eyesore, I'll give them that," Childress said.

The expansion still worries him, though, particularly at the casino's entrance, which he said is hard for drivers to see. Childress suggested clearing some trees to make 35th Avenue NE safer.

"I don't think it would hurt the aesthetic much," he said.

Goodridge said the neighbors' fears have proved to be exaggerated as few serious incidents have occurred.

"Any time something has happened the tribe has jumped on it" to fix it, Goodridge said.

With the expansion, the tribe would be close to the state's maximum of 675 video slot machines per tribe. Any future expansions would require the tribe to make deals with tribes that don't have casinos to use their slot allotments.

Expansion plans

Details of the Stillaguamish Tribe's plans to expand its Angel of the Winds Casino are being studied, but changes will likely be close to these figures: Existing square footage: 22,000. Total square feet after expansion: 45,000. Video slot machines now: 455. Slots after expansion: 655. Project cost: $4 million to $6 million. Other additions: A second restaurant. Source: Dave Seufert, general manager, Angel of the Winds Casino.

Elton John

The Colosseum at Caesars Palace: Singing, songwriting, and performing legend Elton John will be at The Colosseum at Caesars Palace January 31st through February 19th. Elton John's career has spanned more than three decades. By all measures, he is one of the world's most successful touring artists and one of the top-selling solo artists of all time. Sir Elton has sold more than 200 million records worldwide, with 29 consecutive Top 40 Hits, earning 35 gold and 25 platinum albums.

Dates: January 31 - February 19

Time: 7:30 p.m.

Ticket Price: $100 - $250

For more information: 1-888-4-ELTON

 
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