A Bankruptcy, A Cosmopolitan, Lady Gaga, Al Green and the Wynn Group
Bankruptcy Ends
by Ray Poirier Ray writes for www.gamingtoday.com. Gaming Today published weekly articles, columns, sports betting advice and a wide variety of other items about gaming in general and the industry.
It’s official! Fertitta Gaming, a consortium headed by Frank Fertitta III and his brother, Lorenzo Fertitta, have officially taken Station Casinos Inc. out of bankruptcy.
The move was approved by U.S. Bankruptcy Judge Gregg Zive on Friday.
The original company filed for bankruptcy protection in July 2009 when it was unable to meet its debt payments. After contentious litigation, the reorganized group was able to satisfy the judge that the Fertitta plan was in the best interest of the company that operates mostly locals-type casinos.
Cosmopolitan in Vegas Partners with Marriott Int’l by Gaming Today staff
The Cosmopolitan of Las Vegas hotel-casino is turning to Marriott International Inc. for customers.
The under-construction resort on Wednesday said it has sealed a distribution agreement with Marriott to be part of its Autograph Collection, a set of
independent upscale hotels the franchiser launched last year.
The partnership gives the nearly 3,000-room Cosmopolitan access to Marriott’s vast customer database, and gives loyal Marriott customers their first option to stay in the middle of the Las Vegas Strip and win rewards points.
Cosmopolitan officials say it will be the largest resort in the Autograph Collection and its only property with gambling. John Unwin, Cosmopolitan’s chief executive, said in a statement that the deal would broaden its market share and drive growth. “This platform enables us to build an iconic luxury brand at the heart of the Las Vegas Strip while simultaneously leveraging the seventh largest retail website in the world,” Unwin said. Details of the deal were not immediately disclosed.
Lady Gaga a Big Hit in Vegas by Monti Rock III from www.gamingtoday.com
The big news last week was Lady Gaga was a complete sellout at the MGM Grand Arena. Lady Gaga and her entourage dazzled and bedazzled the audience. In this day and age a sellout performance in a venue that large is quite unbelievable. Bottom line is her musical talents shine through the gimmicks and bizarre costumes. Last week, surrounded by my own entourage, I had the pleasure of seeing Al Green perform at the Hilton. It was a star-studded audience that jumped to their feet during and after every song to offer their applause. This man is amazing. He “leads” his band with the snap of a finger while performing. These one- and two- night events hosted by the Hilton always seem to fill the showroom and keep the audience asking for more.
Wynn Nightclubs
by Phil Hevener Phil writes for Gaming Today
Steve Wynn is loving the nightclub business. He may find it difficult to say anything nice about the Las Vegas business climate, but he has no trouble waxing euphoric about at least one aspect of business here, the ability of he and his team to create and maintain an atmosphere that encourages spending.
Every casino has blackjack tables and slot machines, but creating a successful club, he suggests, requires the touch of an artist.
He opened his latest club May 30, to serve the Wynn-Encore complex; it’s the Beach Club and he says it is “profitable and ahead of plan.” The Beach Club has a related club called Surrender that Wynn describes as havinga “minimal impact” on other Wynn-Encore clubs.
“This aspect of our Las Vegas business is quite incredible and in sharp contrast to the softness of the market.” Talking about the combined contributions of his five or six clubs at both hotels, Wynn added, “That’s a business, the younger person recreational market, that could do over $160 million for us with a profit margin in the mid-40s (percent), so we’re very happy about that.”
From Gamblersdata
In a related note, Paris Hilton’s boyfriend, Cy Waits, was also arrested in the traffic stop. Waits was recently appointed to an executive position in Wynn’s nightclubs. Cy has since been fired from his job as head of nightclub operations Wynn and Encore hotel properties.
