Discussion in 'Casino Industry & Development' started by salukidean, Nov 29, 2012.
well there goes a reasonable rate for mid-strip
A group of friends had a reservation for March Madness. They have been moved to Flamingo at the same rate. I suspect they'll do the same for you (just hope you don't get moved to DA QUAD)
Casino Royale is surprisingly decent and fun. Rooms all have fridges, microwaves, coffee makers and are clean and recently renovated. Bathrooms are bigger than downtown facilities and you are literally two dozen steps from the elevator to the strip sidewalk.
I have mixed feelings about the renovation of Bills. On one hand I could see what they are trying to accomplish with a major upgrade and that is to expose the property to a niche market based on location. Then on the other hand the question is what is their niche market? Besides the $5.00 table games their slot floor is noway near what you find with other properties, which is basically because of its size. $165 million is a very high number for a renovation but then I look at the $22 million renovation I was a part of it does add up in the long run.
They are building a pool on top of the building. To do that you have to build additional support for such weight so your talking about gutting out the top floor rooms and corridor ceilings and upgrading the interior support beams and columns. Add in the cost of the pool, chairs, bars and entertainment equipment. $25 million
They are stating they want to turn it into a boutique property, this tells me total upgrade of everything within the 199 guest rooms. Furniture, drapery, entertainment equipment, carpeting, lighting, comfort systems, most likely new windows, wiring and then add in the corridors. My cost out figures to be $25,000.00+ per room, rooms alone $6 to $8 million. Corridor carpeting $2 million
New casino floor and commons area. Knowing they are shutting the property completely down until 2014 indicates total gut job of the property.
Interior doors, bar, lighting, carpeting, paint, restrooms, electronics etc. the best estimate I can give is $55 million.
Exterior upgrade to the building (doors, lighting, new roof). $25 million
Upgrade to parking garage $15 million
Food and beverage equipment $3.5 million
Restaurant upgrades $4 million
Drais nightclub $6 million
New gaming tables and other gaming equipment, entertainment equipment, security cameras etc. $20 million
This all adds up to $163.5 million give or take a few million.
I will add the cost of labor is figured into all of those numbers.
Seeing $165 being spent on Bills is telling me we are going to be surprised when it opens, the downside will be saying goodbye to a middle of the road property.
What I am really, really scared of is CET is going to get halfway through all this and then run out of money, or decide it isn't feasible and there goes Bills and O'Sheas all for naught. It has happened more than once in Vegas.
Every property can't/shouldn't be "high end" or "modern"...because they will still be judged in ranking order and most of these low-end properties turned higher-end properties will probably still be on the bottom of "modern" and "high end"...
Exactly Sco, all properties should not chase the same demographic dollar. Look at how well Circus Circus has done by catering to the low rollers. I highly doubt that a refurbished Bill's is going to compete with the big boys on the strip. I hate to see the demise of the smaller strip casinos; they were fun to visit and offered something very different than the big mega resorts.
And i go back to having Bill's rewarding patrons by including Bills's on TR cards. I, and many other people, frequent casinos that reward TR credits. I, and i'm sure many other people, gamble in casinos like Harrah's, the Quad, Flamingo, Bally's, Paris, and PH for the rewards. Having Bill's, which is part of Harrah's/Caesars property, using their own card just does't make sense.
I haven't been to Vegas the last 2 years until a couple of weeks ago, my points expired. I stayed at IP for a week in early Nov. and Voila! I now have offers from Bally's, Paris, and PH for free up until May. So Bill, are you listening?
Which is why Tropicana and Plaza still suffer from an identity crisis and keep closing restaurants, shows, bars, and other concepts, wouldn't you say?
For the most part the Great Recession is over and the economy appears to be improving, although slowly. I'm sure that the bean counters at CET have learned from example by looking at Boyd and will not be repeating the folly with Linq or associated projects.
My crystal ball says that the New Bills, whatever they name it, will at first be upscaled and yes, targeted at the wannabe-hip crowd, but that market pressures will put things along the lines of Bally's and Flamingo and such.
right on thats the only why im not playing there, im a small time player and dont wanna spread myself too thin They would do much better taking the TR card
we have a reservation there the 2nd weekend in January. I know there not closing till a few weeks later, but do you think there service will completely go down hill now that they know that they are closing?
I'm debating moving our reservation somewhere else.
Yup, you can't just slap on a new coat of paint and tell the the world you're hip now. You could add the Aladdin to that list and maybe even the Gold Spike. Even T.I. struggled for a while after losing the Pirate theme.
The only one that seems to have been successful at this over the last 10 years is the El Cortez, but the key difference for them was not turning it's back on their original clientele. Yes they added the Parlour Bar and the Cabana Suites, but they kept the $3 blackjack and the low-cost coffee shop. They looked to expand their client base, not to swap it out.
But just recently, the wheel by MB has stopped construction, Sahara 's renovation is almost at a standstill, Lady Luck keeps getting pushed back and there are a couple others that are skeletons that may never get finished. CET has bitten off a bit more than it can chew, I just really hope their projects all get finished. But one thing I don't get is why not do them one at a time? If you renovate your house, you don't tear up the floor and walls and furnishings in the bathroom, kitchen, bedrooms and living room at the same time. You go room by room.
probably since interest rates are so low right now, basically borrowing money for free (relatively speaking) Also, housing/building industry is starting to string together consistent positive data, so build now while labor and supplies are still cheap
Good, it is about time.
Lady Luck conversion is officially underway. And with CET's debt load, they are going to keep building and spending until someone finally pays attention to the credit analysts who keep telling Wall Street that they will never be able to pay all this debt off. Even if they could pay stuff off, they need to move on all these renovations quick before they lose market share. Pretty soon, a no resort fee pledge won't be enough.
Yes the magical "coat of paint" & club Nikki +
2-3 Starbucks inside will save them all.
Now all we need is Kim KarTrashian show at the opening,
of the Untralounge Du-Jouir.
Bill's is transformed into a High end resort!
OO, a New concept "Beer Service" you have hostess bring your Lighted bottles of beer & pour it down your throat, then burp you.
Whee One Million Dollars please!
+1 Film-Noir. Could not agree with you more. By the way, love your avatar.
How long will it be closed for guaranteed? February 2013 for at least a year??
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