Discussion in 'Casino Industry & Development' started by paperposter, Jan 27, 2014.
We're hearing that the casino overhaul -- which includes replacing just about all of the machines on the floor with new versions
Maybe they are going to server based gaming!!!
This is a property that badly needs to be redone from head to toe. It still has the look and feel of the Holiday Inn it once was.
once the linq heats up and bills drias open up that area will great again.
as it people are already bitching the cant get cheap rooms at the quad wait till they redo all there properties and double and triple there rates. people here wont stop bitching.
cet will invest over there i think its great but the cheap( frugal ) will never stop bitching.
first the hate waiting on the ip elevator , rooms old ,now its to expensive
nobody is ever happy but the new target audiunce cet is going after will eat it up.
rant over . party on garth
Maybe we found where those resort fees are going since last year :confused2:
CET has no option at this point since MGM is kicking their @ss on the room front with every property getting or have gotten a room refresh. The casino at Harrahs looks like someplace my Grandmother would play at, but even the old ladies enjoying the nicer casino floor across the street at mirage and NY NY. On the room front even the Circus Circus rooms are making Harrahs look shabbier than a Motel 6.
It did look based on some site reviews that they did a quiet refresh on some rooms in Marti Gras Tower with the styling of the M suites. It looked like the executive suites in that tower got the refresh, but it did not trickle down to all of the suites or premium rooms.
Looking forward to seeing what they come up with for the Quad.
Translated: They will rip out all of the fun playable machines and replace them with "penny" machines that have a minimum of $.60-80 cents per spin!
This happened at Caesars.
Server based games would suck. I like that now each machine is independent from one another, and not one master cpu deciding outcomes. Moving from 1 machine to another to 'change' things up won't apply. It's why I hate VLT machines at NYC racinos, they are only terminals to one gaming server.
Yeah I'll hate that because I think the older slots are more fun and one of the few cet Vegas places left with these "old" games is Harrahs.
I am not that fond of the newer VP units either.
Fwiw, server based gaming in Nevada is not the same as a new york VLT. Each machine still independently determines game outcomes with its own random number generator. The main difference with server based gaming is they can change reel sets/paytables without opening the unit up. But the machine has to be idle for 4 minutes before any changes can be made. Of course, this only means something if you believe casinos will adhere to Nevada law.
And I think people look into this too much. Slot floors are pretty damn lazy. They could have some type of program that adjusts the percentages day by day but if you make them too tight, you'll eventually run people off.
Nicky, If you've ever played over at The Cosmo, then you've played server based games in Vegas! As mentioned, they are different than the VLT's in NYC.
I once had a machine lock-up on me at The Cosmo. The screen flashed a message something about a tech will look into the games problem. Within one or two minutes a 'virtual technician' repaired my game and I went on to play it some more.
That's probably the only plus side to SBG that I see.
Say all you want about Harrahs - but often when I walk through there, those machines are in heavy use and they are humming!
Totally disappointed when I heard this. IMO the best variety of slots of all the CET props. I too like the old reel machines. This is the main reason I avoid any new property...they ruin my slot selection.
I can accept this if they keep the floor full of slots. I hated going into Flamingo and Bills when they "decluttered" the floor. I am sure I can expect some of the classics back in new cabinets but there are some old progressives in there that I am sure will be goners.
I'm a little confused by all this. Didn't 2009/2010 put CET on the edge of the abyss? Did they recover SO FAST that they can take over PHo, add to the front of Paris, change Bally's front yard and the Jubilee tower, makeover Bill's, light restaurant/casino changes at Flamingo, completely overhaul Imperial Palace, renovate two or three towers at Caesars, and now start on Harrah's? I can appreciate "if you don't grow, you die", but what about a pause for a year or two to be able to operate in the black?
Help me out on the debt side of this.
No, they aren't any better on the debt side. I've thought for awhile their strategy was to max out the credit cards and go into bankruptcy but maybe they think they can spend their way out of their troubles. I don't understand all that I've read on their cash flow situation but I don't think pausing for a couple years will yield enough money to make a difference.
This is what I think their strategy still is, but I'm pretty non-business savvy. No way they can actually earn their way out of debt with that massive leveraged buyout at the peak of the economy.
They've done a few things, here are just some step they took in Q3 last year. They refinanced some CMBS and the Linq and Octavius tower debt so they have no major maturities for another 4 years. They raised another $200mm through equity dilution and raised about $420mm selling their land in Macau. Also remember they split up the company where the NewCo through its own equity (and debt raise?) paid about $360mm to CET earlier in the year.
Also, their underperformance last year came largely out of AC and some other non-Vegas markets. Vegas is still pretty strong for them so that's where they're focusing their capital.
They are operating on the edge though, and if the economy weakens or anything else like that they don't have much wiggle room.
You never go into to debt for deb's sake. You only use debt if you feel there will be a positive return. CET probably feels the only way out is to keep on digging. If the remodels can bring up room rates, they may end up being right. An extra $10 per night on a 3000 room hotel is over ten millions bucks per year. I bet they get more than that out of the Quad once the rooms are remodeled.
Yeah. Screw Deb!
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