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  • Some Casinos won, others lost

    Like a blackjack player who has been playing for hours, these powerful corporate casinos can look at piles of chips and see if they are wearing good or bad shoes. Two casinos in Nevada are looking for new styles. Regent Casino in Summerlin, NV, filed for Chapter 11 bankruptcy protection on Nov. 21. The casino defaulted on a $5 million loan in September, laid off 500 workers in October, and closed two restaurants. It opened in July 1999. Pre-opening construction delays and cost overruns are responsible for the financial problems, Regent reported. Regent will remain open as it plans to reduce its stake in Blackjack at least from $5 to reorganize its finances and attract more local businesses. It will also actively seek more meetings and convention businesses. The newly opened $1.4 billion Aladdin Casino on Streep also began to draw heat, reporting a loss of $40.2 million to Wall Street's $4.06 million profit. The company said it would seek additional financing through additional borrowing or debt or equity financing if needed. Two payments are on the horizon. Aladdin will have to pay $5 million to financial institutions in December and $11.7 million in interest in January. However, management has been optimistic, citing the restructuring of some slot areas, the popularity of London club casinos, room share and increased convention business. "We recognized because we experienced that all of our predecessors would actually be in a growing season," Richard Goeghlin, CEO of Aladdin Gaming, said in a recent conference call to investors. He hinted at the slow opening of Venice and Paris in 1999. But the skies aren't all cloudy in the gaming world. Mandalay Resorts Group, which owns properties such as Las Vegas' Mandalay Bay, Luxor, Excalibur, Monte Carlo and Circus-Circus, as well as other properties in Loughlin, Reno and Detroit, recently reported a 3% increase in business from last year. Isle of Capri casinos, which operate casinos in the Midwest and Gulf Coast regions, reported an 11% increase, while Ameristas casinos, which operate gaming properties in the Midwest, reported a 16% increase.

  • Greektown Casino Springs to Life

    Motown's newest casino, the Greek Town Casino, officially opened on Friday, Nov. 10, in a sea of enthusiastic gamblers and great fanfare. Detroit Mayor Dennis Archer cut ribbons and officially opened the $200 million Griektown Casino in front of about 3,000 customers, many of whom waited hours to be the first to get into chilly, breezy downtown nights. The 75,000-square-foot Mediterranean-themed casino offers 2,400 slot machines and 104 table games. The casino also offers three restaurants, five lounges, and a florist shop. Griektown Casino has the largest stage of any Detroit casino in the Apollo Lounge, where customers can enjoy both headlines and local celebrities, and watch special events on a 10-foot x 10-foot projection screen. Glicktown Casino has something else you don't often find in gambling places: windows. The non-smoking room has 10 tables, 90 slot machines, and large skylights, and large windows grace the bar and lounge area adjacent to the two gaming areas. Owned by the Salt St. Marie Tribe of Chippewa Indians and the Detroit Investor Group, the Griektown Casino is located across the street from the Atrium Suite Hotel & Conference Center in Detroit's Griektown Tourist Area. It is Detroit's third casino opening, following the MGM Grand Detroit and Motor City Casino.

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