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Will Binions or the Las Vegas Club ever reopen there hotel rooms?

Discussion in 'Downtown Hotels & Casinos' started by kansas, Apr 21, 2014.

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  1. kansas

    kansas Newbie

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    Just wondering....
     
  2. joshrocker

    joshrocker VIP Whale

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    Binions keeps having rumors going around that they are working on the rooms. It's a "i'll believe it when i see it" thing for me at this point.
     
  3. Darreningreenwood

    Darreningreenwood Low-Roller

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    IF they survive long enough...I'd have to say "yes, eventually". I'm guessing Binion's would happen much sooner than the LVC; there have been rumors of Binion's reopening their rooms for the last year or so. None of these rumors have panned out, though Binion's has done a lot of other work lately. The remodeled cafe, new carpets, Cowgirl Up and Whiskey Licker bars, mainly. If they can get the downstairs cleaned up and turned around, it's only a matter of time before they reopen upstairs.

    Now for LVC...That's the million dollar question. Tamares Group (which owns LVC and the Plaza) is trying to do something with the place, but that's been more of closing down parts than opening parts up. You'd have to think that they wouldn't open up rooms at the LVC until they can get visitation up at the Plaza. There's still a lot they need to do before they can even think of reopening rooms at LVC.
     
  4. Viva Las Vegas

    Viva Las Vegas Ramblin' Gamblin' Man

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    The firm which owns Plaza and LVC is a real estate firm, not a casino firm. They purchased LVC and the other properties as a real estate play, and have already flipped The Western and Gold Spike. I'd expect nothing until they sell (or remodel the LVC to sell) their remaining two properties, which take a while until demand downtown picks up enough to bump up occupancy rates and room rates over $30 on a weekday.

    Binion's rooms have asbestos issues and will never be remodeled under the current ownership who are short of funds to take on this project. They can barely keep the 4Q rooms operable and cover their land rent payments. I wouldn't expect a sale anytime soon until occupancy/room rates increase.
     
  5. makikiboy

    makikiboy VIP Whale

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    I agree with Viva on this one, with the DTG opening there might not be a demand for rooms yet but I would expect the LVC to open up when there is more of a demand for rooms (maybe in a few years?).

    Too bad, while many called the LVC a "dump" I enjoyed staying there because they had cheap low rates. I wasn't looking forward to the resort fees that the owners started at the Plaza and would probably add to the lvc rooms.

    I stayed at the lvc a couple of years ago, they were trying to renovate the rooms using the extra supplies from the Plaza remodel. The carpets in the room were the same as the Plaza's and I think they were using the wallpaper from the Plaza as well. Since the Plaza remodel and resort fees weren't filling their rooms as they planned the lvc remodel was put on hold and the rooms closed, hopefully one day they can reopen again.

    Because of the issues with Binions rooms I would expect that Binions rooms won't open up until they are sold (at most they are probably doing superficial changes to the rooms, carpets, wallpaper, furniture). I doubt the current management would spend a lot of money to upgrade and modernize rooms since it would take years to make up for the cost of remodeling.

    But this is all speculation and JMHO, hopefully someone will purchase places like Binions but like the DTG they are going to have to put in a lot of money to upgrade and modernize the place.
     
  6. fremont4ever

    fremont4ever Tourist

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    I can't see either of them opening their rooms ever again under their current ownership. Neither ownership group has the funding or inclination to improve the rooms, and in their current shape those rooms can't generate enough $$$ to make them profitable - even with the expected amount that a potential gambler would bring.
     
  7. tatterdema

    tatterdema VIP Whale

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    Tamares has PLENTY of money to fix up the LVC. It is headed by the 48th wealthiest person in the UK, and its current holdings include:

    Private companies: EcoStream - develops lubricants by recycling and re-refining used engine oils[7]
    Foris Telecom - global wireless broadband mobile WiMAX carrier and Internet service provider[8]
    Mustavaaran Kaivos - engages in the exploration of Mustavaara vanadium-iron-titanium deposits[9]
    N-trig - provider of DuoSense technology combining pen, zero-pressure touch and multi-touch for mobile and fixed computers into a single device[10]
    Pontifax - venture capital fund with $120 million of assets under management, focusing on the Israeli life sciences sector[11]
    Se-cure Pharmaceuticals - clinical stage, biotech company focused on developing safe and effective therapeutic solutions, targeting high prevalence medical conditions[12]
    Siklu - builds gigabit wireless backhaul solutions operating in the 60, 70 & 80 GHz millimeter wave bands[13]
    Tamares Telecom - Israeli service provider that supplies and operates communication services[14]
    Tower Vision - tower management company specializing in the provision of passive infrastructure to the wireless telecommunications industry[15]

    Public companies: Dori Media Group - international entertainment group active in the production, distribution and broadcasting of telenovelas[16]
    Knafaim (TASE: KNFM) - Israeli-based holding company focused on the aviation industry, controlling shareholder of El Al[17]
    Outotec (OMX: OTE1V) - develops and provides technology solutions for the sustainable use of Earth's natural resources[18]
    Protalix (NYSE MKT: PLX) - biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins[19]
    Restamax (OMX: RESTA) - Finnish-based company with a chain of some 60 restaurants, cafés and nightclubs[20]
     
  8. vegasvic

    vegasvic VIP Whale

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    LVC used to be a good place to stay. Nice rooms at a good rate. It's been all downhill since Mel Exber passed and Jackie Gaughan sold it (2002).
     
  9. makikiboy

    makikiboy VIP Whale

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    It's not about the having the money to fix up the lvc, it is determining if it is worth spending money to fix up the place. They need to look at their bottom line, if they can spend the bucks to fix up the place and then make enough of a profit to make the money back.

    Big businesses will not spend money if they aren't going to make something off of it. Hard to say if/when they will make their money back so right now I'm guessing that it wasn't cost effective to spend money to redo lvc at this time.
     
  10. C0usineddie

    C0usineddie VIP Whale

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    Of course they will. They are in a transitional period right now. They arent being used right now so basically they are just sitting there and can do so for years to come if need be. They arent bringing in revenue but also they arent costing as much in utilities and upkeep. Its alot cheaper to renovate then to build new so I am sure they will come around some day.


    With the area getting nicer and nicer downtown they have prime properties even if they are dumps right now.

    Look at all the tee shirt shops on the strip. its got to be some of the most valuable real estate in the world. how can these dumpy shops possibly afford to operate? the answer is that they are most likely owned by the big corporations and the tee shirt shops bring in more then a dirt lot.
     
  11. KCSCOTT

    KCSCOTT Tourist

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    I talked to a pit boss at Binions this week and he said they are going to probably reopen rhe rooms in September
     
  12. mikenhe

    mikenhe VIP Whale

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    I can't believe that.

    to reopen binions they'll have to redo all the rooms - they have been empty for years. imagine the plumbing and electric issues that are sat their waiting for them.

    The only way they can do it is to start sorting out a couple of floors at a time - even then the logistics are horrible doing that.


    it'll take 6 months min at full on work to sort it - probably closer to a year. and that's just the work.



    I thought the main problem was the ownership of the land - Binions is a number of different parcels of land that been accumulated over the years with different leases on each bit of it. theres no way any money is going for such huge improvements until they can sort out long term leases or actually buy the land freehold (or a combination of both).


    I'd love to see the mint tower reopen but the old prices we used to pay are long gone if they do..
     
  13. merlin

    merlin VIP Whale

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    To be fair, they should be in close to the condition they were left in.
     
  14. 44inarow

    44inarow VIP Whale

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    I thought I remembered reading somewhere that Binion's turned out to have a pretty serious asbestos problem that made doing any kind of renovation prohibitively expensive.
     
  15. NickyDim

    NickyDim VIP Whale

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    As more and more realize the value of downtown, like many of us here have in the last few years, and how the strip(especially the more affordable CET props) is getting more expensive, they will have no choice but to find more rooms downtown. I most definitely think, regardless of the cost, they will be opening those towers or knocking them down and rebuilding new ones. I'm surprised that we haven't seen a new casino/hotel started in the last 2 years downtown. It's sure to happen. Especially with Zappos development all over downtown making it a nicer place to hangout.
     
  16. jimboguy

    jimboguy Blubbery Whale

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    Do you not count Downtown Grand as a new casino/hotel because of it previously being the shuttered Lady Luck?
     
  17. merlin

    merlin VIP Whale

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    If they dont renovate then they dont have to worry about any asbestos, new linens, faucets, even carpets would go a long way.
     
  18. NickyDim

    NickyDim VIP Whale

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    I'm thinking totally new or a razing and build Strip style for a new place. Not that I want that, I certainly do not. I like downtown respectful of it's history. I'm just surprised it hasn't happened.
     
  19. woodsie

    woodsie High-Roller

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    The block the Trader Bills used to reside on would be a good candidate for a demolishion and new build. Theres pretty much nothing of value there any more and it be an awesome complement to The D and Downtown Grand.
     
  20. gambler

    gambler VIP Whale

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    Sometime in 2013, I read an article written by Joe Schoenmann (Joe Downtown). He wrote that there was a rumor that one of the hotels downtown planned to open one of their towers for the Zappos people to live in. Thinking about it at the time, I assumed he was talking about Binions. I couldn't think of any other hotel downtown that had a tower closed.

    I never read anything more about it though so it's possible it was just rumor. When Binions renovated their coffee shop and then recently replaced all the carpet and built the new street bar it did make me think they may be sprucing the place up in anticipation of opening rooms. If I recall correctly, there was also a comment about converting the rooms into larger units. I wish I could find the article again. I think it was published in an issue of Spirit magazine which is Southwest airlines in-flight magazine. I've googled and can't find their archives though.

    Haven't heard much about Zappos lately and their lack of available housing so it's hard to say if they are even still looking for housing options. Still, it does seem like Binions is freshening up the place.
     
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