Discussion in 'Casino Industry & Development' started by UTE, Mar 18, 2016.
10 years from now we'll all still be talking about the snails pace activity going on at this site.
Can't wait to see the progress next month!
Good article on president of RW being named. Says cranes should arrive in next few months.
Can someone clarify what exactly Resorts World is supposed to be? I am reading everywhere it is supposed to be a Chinese themed resort however I get confused when driving by and it lists other countries like Malaysia, Philippines, etc. I get the impression that it will be a resort highlighting other countries in the "world".
I think what is shown on the fencing in front of the property refers to places where Genting/Resorts World already has existing properties.
Ok that makes sense. I kept seeing London and wondered how that will fit into the Chinese theme.
Just did a search and Genting Group is a Malaysian conglomerate and have resorts in Malaysia, United Kingdom, Singapore, Hong Kong, Philippines, USA, Korea, China.
In recent "hotel Business" article, resorts World casino hired Edward Farrell as President. He will oversee the resort for full operation in 2020.
recent news article
The Las Vegas Sun said today that the Resort World's casino will be 100,000 sq. feet. Maybe the Resorts World downsized?
I always wished Boyd finished building the casino that they started there. Sigh!
I always wished Boyd hadn't ash-canned the perfectly good casino they had there!
All the major companies had big plans in those days. I remember Harrah's wanted to build a "supercasino block" that went across flamingo road but they couldn't buy the Bill's casino (now Cromwell) that was on the corner. Harrah's was lucky that they didn't start any work before the market crashed. MGM already started Aria/City Center so they couldn't back out but Boyd started work on Echelon place and tore down the 'dust but were left holding the bag when the market took a dive so they were left without a strip hotel. Had the market crashed a year or more earlier they could have backed out of development and saved the 'dust but they already made the commitment to build Echelon.
But Boyd came out okay since these guys (Genting) bought them out so now they had a cash infusion that allowed them to take over other casinos (Cannery, etc.).
So sad, when I go by the area I only see hulks in the block (although it looks like there is some work going on and they already built the big parking structure). Also sad to drive past the Fountainbleu because it looks like they weren't too far from completion when they went bankrupt. Hope somebody picks up the property and completes the place or else it may end up being imploded.
It looks like a "Go"
If all goes as planned, prepare to party in Las Vegas in 2020
the Stardust was such a cherished brand. I could understand if they wanted to implode and build an all new Stardust. but no, somebody had a better plan.
I really believe that they thought it to be more lucrative if they totally wipe it and re-brand it and re-theme it, than to either incrementally or all at once re-do it.
The Stardust was a well known and respected brand, and the property was actually in good shape, but they mostly attracted middle age to older visitors, almost all for gaming, at lower price points than the newer mega-resorts.
They wanted the younger dollars! Had they simply added an oh-so-trendy velvet rope club and a couple of overpriced absentee-celebrity-chef restaurants, the El Lay party kids would have avoided it and the regulars would have complained. Boyd wanted the younger oh-so-hip crowd with boocoo bux. Their strategy was to close the place, let the regulars migrate to other (hopefully Boyd) properties and forget about the 'Dust, then rebuild using a different model and ring the register.
They didn't count on having a nasty recession!
I'm sure they did not see the Great Recession coming until they were past the point of no return on their demolition.
The Linq is a more practical way of accomplishing what CET, or back then HET, wanted to do. They wanted to physical link the casinos together and it really didn't make sense then, either. Converting that little street does make the casinos north of Flamingo seem more connected. They never really publicly announced a fully developed plan so it doesn't seem like they failed. Plus. the maneuvering with Westward Ho ended up costing Boyd there last grip on the strip. Closing the 'Dust was bad but giving up Barbary Coast was tragic. The only major thing rumored that was really never brought up again was rebranding Bally's. That would have require more investment than they've been willing to put into the place.
Everyone was so quick to copy City Center before it was even built that folks made a ton of bad decisions. They were even quick to copy the Linq and the Grand Bazaar even now and they aren't solid wins. Had Boyd just stayed the course with the Stardust. they would have been able to try and position it more mid range for a smaller investment or to try and go big now. The more you hear from younger gamblers, they want a lot the same things that older gamblers want in a casino. Boyd would have really benefited from being on the strip today with the way they run their casino. The dining, shows and other retail stuff could have worked itself out.
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