Castagna and Uncle Louie at the
New Frontier Implosion
Last Updated: September 12, 2008
This is Nick Christenson's Las Vegas Casino Death Watch page. Here we track the hotel/casinos that we feel are most likely to close their doors in the near future.
This page focuses on the larger Las Vegas Strip and Downtown hotel/casino combination properties. We're not going to make quite the same effort to keep track of the locals places since unless their name has "Station" or "Coast" in it, they all look to us like they might close their doors at any time. Of course, these days there aren't that many locals joints that don't have "Station" or "Coast" in their names. Also, these properties don't tend to have the same sort of history associated with them that the more familiar names do.
We also don't plan to expand the Death Watch to casinos outside of Las Vegas. We're not nearly as familiar with those places, and we can't get as much good information about them. Besides, Las Vegas is still where the big expansion is, and where many of the major closings have been.
Please note that this is not intended to be some sort of insult to these properties, and we're definitely not trying to kick anyone when they're down. We're a big fan of the "Old Vegas" style. We'd much rather have spent time at the Desert Inn then, say, New York--New York. We think of the properties listed below much like an aging relative or sick friend. We'll shed a tear when they're gone, but it may be time to take a dose of reality and come to terms with the fact that these places may not be around much longer, so we should enjoy them while they're still with us.
We also encourage folks to give business to these places. I never got a chance to visit the Dunes, the Landmark, the Sands, the Hacienda, or the Pioneer. While this isn't likely to rate very high on my list of life's big disappointments, if I had an opportunity to see these places in their prime, I'd certainly want to do so. This list is designed to help folks appreciate historic Las Vegas locations before they're gone.
Finally, this information is compiled by us and represents only our opinions. There are no good reasons to think that our predictions here mean anything. We have no "inside information", and compile this list only from what we hear from folks we meet and articles we read. This information is likely to be wildly inaccurate, so take that as you will.
For those of you interested in Las Vegas casino ownership information, We've created a page to track that information. Fans of the Death Watch may want to check it out. Several people have asked for information on who owns what property, whether they're publicly tradable or not, and what their stock ticker symbol is. All this information is available on the new page.
Image: Las Vegas "legend" Frank
Castagna and Uncle Louie at the
New Frontier Implosion
09/12/08
Even though it's on Boulder Highway, at the site of the former Nevada Palace, we should probably at least have mentioned the opening of the Eastside Cannery. This event happened a couple of weeks ago. The Cannery folks ahve created a solid and stable business by providing good value aimed at the locals' "mid-market". We congratulate them on their achievement. Some back story on this company is available.
09/11/08
Quoting Ben Spillman from the RJ, "After months of billionaire bickering, it looks as if a jury will decide whether Las Vegas gamblers can tell the difference between the Plaza hotel-casino and a hole in the ground." Succinct, informative, and witty. Just what the Death Watch is looking for.
09/07/08
So, what's going on at the Riviera?
Liz
Benston at the Las Vegas Sun lets us know. The bottom line: Times
are tough.
09/04/08
Does it really count to put a casino on the Death Watch if it
never opened? We're not so sure, but it hasn't kept people from
asking about the Cosmpolitan.
Finally,
we have some answers. Basically, the new owners, Deutsche Bank,
thinks the way forward is shorter than the way back, about what we
expected.
09/01/08
Ben Spillman in the RJ reports that
the improvements
to the Gold Spike are making that place, well, not a dump. This
we've gotta see.
08/21/08
From the "That Was Fast" department,
the Tropicana has
reached a contract with the Culinary union. We don't know the details,
but the agreement was described as being in line with those signed at
other Strip properties last year. At the Death Watch, we want to
congratulate Tropicana CEO Scott Butera for being far more sensible and
fair than the previous Tropicana management, and we're glad that this
was settled without a strike.
08/20/08
The RJ reports that
the Tropicana will
resume talks with the Culinary union. The article states that
the Trop will take a "very material change in direction." We hope
this means that this means that the ridiculous positions that the Trop
took during the last round are a thing of the past, and that a new
contract that's good for all parties will be signed soon.
08/18/08
Columbia Sussex' travails after purchasing Aztar's Tropicana assets
have been well chronicled here.
What
went wrong? The LV Sun's Liz Benston let's us know.
08/16/08
We know that nothing is going on at the former New Frontier site that
is slated to become the Las Vegas version of New York's Plaza Hotel.
Finally, this is
ascknowledged. The Elad group says they'll break down on construction
in 2009.
08/05/08
No big surprise, but the RJ tells us that
the MGM project
in Jean that used to be the Nevada Landing has been officially
scuttled. No work has been done there for a while, so this
just makes it official.
08/02/08
I know you are all wondering, "So what the heck is happening at the
Riviera?" An
article in the Reivew-Journal addresses this question. In short,
a bunch of people have looked at buying the property, but none have
pulled the trigger. In the mean time, they keep doing what they
need to be doing.
08/01/08
Big news from Boyd Gaming.
Boyd will suspend
construction on its Echelon project. Boyd says they hope to
resume construction in 2009. This is huge news, and not good news
for Las Vegas as a whole.
07/31/08
From the "Say It Ain't So!" department,
business partners
of the folks ostensibly redeveloping the shuttered Moulin Rouge
casino are unhappy. In the article by Ben Spillman, one of
the principles in the redevelopment plan is quoted as saying,
"... those that smell the potential success of the Moulin Rouge will
do anything they can to stop its progress." Yeah, we're sure that's
it.
07/18/08
The
Wall Street Journal has a profile of Sahara owner Sam Nazarian.
He says he's going after the L.A. party crowd. Uh, don't they already
visit the Palms and Hard Rock? We'll see if he can lure them to
a 56 year-old hotel.
07/18/08
Stupak Update: Bob Stupak had survived the first two days of the
final event at the WPT Bellagio Cup poker tournament earlier this
week. However, he failed to show for day 3, and rumor has it that
he needed emergency medical attention, perhaps even surgery. It
is also rumored that he is suffering from leukemia. In any case, we
at the Death Watch wish Mr. Stupak a rapid and complete recovery
from whatever maladies from which he may suffer.
07/13/08
While the gist of Ben Spillman's article in the RJ is that
Fitzgerald's isn't going anywhere,
the prospect for
it changing hands is higher than we might have previously thought.
It's worth keeping an eye on this.
07/02/08
The
folks ostensibly redeveloping the Lady Luck want more land from the city
before they start fixing up the Lady Luck. At the Death Watch, we
might suggest that these developers do something, even
anything before the city considers giving them cheap land.
06/27/08
Apparently, the Klondike has been demolished while we weren't looking.
We're unsure if the high winds of a few weeks ago are responsible,
or if human intervention was necessary. In either case, we were as
surprised by the news as was the Las Vegas Advisor, from whom we
learned it.
06/16/08
Both Gaming Today and the Review-Journal
have articles on the Hard Rock Hotel and Casino. The expansion
of this property is under way, despite the difficult economic times.
06/10/08
Surprising nobody,
the deal to buy Hooters is off. The potential buyer is still
interested, but shockingly, has experienced some problems raising
money in this financial climate.
05/31/08
The site of the
demolished Klondike is up for sale. This isn't surprising. It's
hard for an independent operator without a proven track record to get
financing in this market.
05/31/08
In NORM!'s Saturday column, he mentions that
former casino mogul
Bob Stupak is in the hospital, recovering from surgery and that Mr.
Stupak has been battling leukemia for more than a year. We at
the Death Watch send him our best wishes.
05/12/08
Ben
Spillman takes a tour of the renovations at the Gold Spike. The
rebuilding process is certainly occurring. Will it be enough to
turn the Spike into a desirable place to stay and gamble? That
remains to be seen.
05/07/08
It's the end of the era.
Jackie Gaughan has
sold his stake in the El Cortez to his business partner, Kenny Epstein.
Gaughan has owned and operated the Las Vegas casinos for more years than
any of the Death Watch team has been alive. Mr. Gaughan, on behalf of
everyone here at the Death Watch, we wish you well in your well-earned
retirement.
05/04/08
Tropicana
Entertainment is expected to file for bankruptcy. We can only hope that
this means that the Las Vegas Tropicana ends up on the market, where it will
be acquired by a more worthy owner.
04/29/08
Half way down Norm's column in the RJ,
he reveals plans
for Steve Wynn's golf course behind his eponymous hotel. The
plans include 5200 more rooms (creating an even 10,000), a
1.5 million square foot convention center, a huge lake, and a giant
hand giving the finger to Sheldon Adelson's Venetian complex and
convention center to the immediate south. Okay, so we made up that
last part, but he may as well have added it to the list.
04/25/08
The Las Vegas Sun has a report on
Station
Casinos plans for the Wild Wild West site. The new project is named
"Viva", and it looks like it might span as much as 110 acres! It sounds
like ground-breaking (and, consequently WWW closing,) won't be until at
least 2010.
04/25/08
The fifth item down in the RJ's Business "In Brief" column has a
report about
the credit rating of Hooters Hotel. Moody's says, "Given the
prolonged turbulence in the credit markets, the rating agency expresses
skepticism regarding the materialization of the transaction in its
current terms." In Death Watch speak, this means, "We don't think
the sale is going to go through."
04/16/08
The Tropicana owners
buy themselves some more time. The company's debt holders agreed to
give the company some time to raise money rather than forcing Chapter 11
on them.
04/10/08
Harrah's may not be building in Las Vegas,
but they'll be changing
the company name, anyway. The name of the company will become
Caesars Entertainment Corporation.
04/05/08
The Golden Gate gets a cash
infusion and a new co-owner. The extra cash should help the place
transform itself into a boutique hotel. Will putting extra money in the place
have a payoff? I guess we'll see.
03/27/08
Will they really build an
Elvis-themed casino at the SE corner of Harmon and the Strip? Let's see,
a company with no money to build in this credit market ... hmmmm, we doubt it,
but it's fun to put on the radar.
03/27/08
Earlier this year, the Death Watch predicted that the Crown Las Vegas site was
the least credible new building process.
Today we get confirmation
of this. The owner of the land is looking to sell. Who's to blame? The
tight credit markets, of course.
03/22/08
From the "Say It Ain't So" department,
the statue of Benny Binion
on the NE corner of Ogden and Casino Center will be moved to the South Point.
We understand that Benny would have liked to be associated with the equestrian
center down there, but wouldn't it be more appropriate to keep the statue near,
oh I don't know, the casino that still bears his name? It appears that Binion's
new owner Terry Caudill is just trying to be classy here, but the thought of
this makes us sad.
03/21/08
Has the Golden Gate been sold?
Not entirely, just
half of it has. Two brothers will become half owners with Mark
Brandenburg continuing to hold the other half.
03/20/08
The Tropicana has
a new President. Scott Butera is said to be a specialist in reorganizing
financially troubled companies. Sounds like they got the right guy.
03/20/08
The Gold Spike empire
continues to expand. The new owners bought a nearby apartment complex.
In the same article, Clark County commissioners approve the $6 billion
Strip plans for the new Plaza. Apparently, no mention was made of any
possible delays. Instead, the representatives of the Plaza say they're
"forging ahead as planned".
03/17/08
Cosmopolitan, we hardly knew ye!
The
Wall Street Journal reports that Deutsche Bank has begun foreclosure
proceedings against the not-yet-completed Cosmopolitan. We expect someone
to open this place, it just might not be the people who planned it.
03/15/08
Happy birthday to us! The Las Vegas Casino Death Watch celebrates
10 years of history this month. Actually, our records aren't
really clear about when this page first went live, but we think it was
March 1998, so we'll celebrate in the middle of the month. It is hard
for us to believe we've been at this for ten years, but we have. So
there!
03/13/08
The latest Gaming Today's "Gaming Insider" column has an interesting
paragraph. It suggests that the Plaza (the one slated to be constructed
replacing the New Frontier on the Strip rather than the "down-market" one
downtown) may be a victim of the current credit markets. It's possible
that its development will proceed more slowly than was originally planned.
03/11/08
Binion's ownership
passes to TLC Casino Enterprises, run by Terry Caudill. The Death
Watch wishes the new owners luck in returning this place to profitability.
03/08/08
Riviera Holdings
has put a halt to their apparent effort to solicit a sale of the property.
We understand that conditions right now aren't conducive to such a
transaction, but we find it curiously odd that this was the one place
ostensibly on the market for which there were no external bids that
we have heard about over the last four years.
03/06/08
Yet another memo from the "Shameless Self-Promotion" department, those
loyal Death Watch readers who also play poker may be interested in
knowing that Death Watch maintainer Nick Christenson has recently
co-authored the book,
Winning
Strategies for No-Limit Hold'em, published by
ConJelCo. Some of our readers
may want to check it out. Note, this officially marks the first advertisement
in the history of the Death Watch. "We regret nothing!"
03/06/08
The Las Vegas Sun refers us to the London Times who has their own take on
the notorious
Sheldon Adelson/Steve Wynn perpetual pissing match.
The Death Watch recommends that the next time the two of them are in the
same room they just bring a tape measure, drop their pants, and settle
this thing once and for all.
03/04/08
The ostensible new owners
say that the Hooters brand will be shed from the Hooters casino. That's
all fine, but let's actually see you close the deal first.
03/01/08
Revenue downtown increased over last year, but
as Ben Spillman
points out, this was mostly gains at the Golden Nugget, the rest
of the pack didn't do so well. No big revelations in this article,
but a good summing-up of the state of downtown by Spillman.
02/29/08
02/26/08
From the "Shameless Self-Promotion" department, for the fourth year in a
row,
Death
Watch author Nick Christenson is interviewed regarding his thoughts on
the state of Las Vegas casino openings and closings at
VegasTripping.com.
02/26/08
From the "General Franco is Still Dead" department, one of our favorite
columnists, Benjamin Spillman, writes about
the
fact that the Lady Luck is still closed. Good reporting on a topic
near and dear to our hearts.
02/25/08
More
on the proposed revival of the Moulin Rouge. There are good
reasons to be skeptical about this. We will get interested once
real construction happens.
02/23/08
The Gaming Commission
approves upgrade plans
for the Sahara. A few key words. This make-over plan "is conceptual".
Also, the Sahara owners say, "There are some areas we might take down and
remodel, but you're not going to see a big implosion here." That pretty
much tells us what we want to know.
02/22/08
The sale of the
Stratosphere and Arizona Charlie's properties are now officially owned
by Whitehall Street Real Estate Funds, a subsidiary of Goldman Sachs.
The also own a big piece of the Las Vegas Hilton.
02/21/08
02/15/08
The nation's economic
slow down comes to the Las Vegas casino industry. We are hearing about
layoffs at a wide variety of properties, both upscale and down market.
At the Death Watch, we always hate to hear folks losing their jobs or
getting their hours cut, so we hope this is short-lived. Don't be
surprised by disappointing numbers in 1Q 2008. If the malaise persists,
some companies may consider improving their bottom line by selling
non-core assets, but we don't think it has come to that yet.
02/11/08
We know Death Watch readers are always jonesing for news pieces that
cover the Gold Spike.
The
Las Vegas Sun has a new one for us. Ah, that's the stuff.
02/08/08
The
Nevada Gaming Control Board confirms that they are investigating Columbia
Sussex' operations in Nevada. This includes the Tropicana. They won't
say what they're investigating them for, just that they're
investigating.
02/08/08
Redevelopment plans
for the Moulin Rouge site look more serious than they ever have.
At the Death Watch we have to admit that we don't think this is a good
idea, but we wish the developers luck with this project. Of course, we
don't have a timetable for construction yet... .
02/04/08
The Gold Spike has
been sold again! Instead of being developed as an upscale boutique
property, the plan by the new owners seems to be to combine the place with
the Travel Lodge next door, to make one giant, well, bigger, crappy casino.
Only, they're talking about doing it without so much "crappy", we're sure.
02/03/08
Columbia Sussex, owners of the Tropicana, fires back at Las Vegas Sun reporter
Jeff Simpson.
So,
Jeff Simpson fires back at the Tropicana. Columbia Sussex, we suspect
that trading newspaper items is a battle that is unlikely to go well for you.
Of course, the Death Watch has no qualms about taking sides in this battle.
Go Jeff Simpson!
02/03/08
A number of loyal Death Watch readers have pointed out that the Nevada
Palace will close at the end of February. It will be replaced with a
Boulder Highway version of the Cannery, slated to open this fall. We
hadn't been reporting on it because, frankly, we don't know anyone with
a majority of their teeth who says they'll miss it, but you never know.
In any case, it will be gone and bulldozed real soon.
02/02/08
Apparently, the Hooters
deal is still kicking. Someone is paying real money to keep this alive,
which makes it seem more real to us that some of these deals.
01/29/08
Harrah's is now
a privately held company. We believe this change in ownership will
slow some projects due to the new company's debt load, but it will also
free them up to do some things that might not be popular with Wall Street.
01/25/08
Today there was a major fire at the Monte Carlo on the Las Vegas Strip.
Of course, in a situation such as this our first hope is that nobody
was injured or worse. The damage looks to be significant, and we expect
this event will significantly impact the hotel portion of the resort
for a while, but we don't expect any long term impact to the property's
viability from this.
01/19/08
Big plans in the
works for the Greek Isles. This is the place on Convention Center
that was once the Debbie Reynolds, once the Paddlewheel, and who knows
what else. Sounds good? Not so fast. First, the current owners plans
to give current staff six months notice when something is going to happen.
Second, those magic words, "still arranging financing." **cough**
01/17/08
The Cosmopolitan
project appears to be in a bit of trouble. The lender has delivered
a notice of default on a construction loan. The developer says they had
"anticipated and planned for this." For us, to have "anticipated
and planned for" a loan to come due means that we acquired or set aside
the money to pay it. In the business world we guess it means something
else.
01/05/08
No news is what passes
for news on the Klondike site. Nothing is officially happening. Oooh,
that rascally credit market!
01/02/08
Jeff
Simpson of the Las Vegas Sun prognosticates on the Las Vegas Strip for
2008. Jeff knows his stuff. His predictions probably won't all
come true, but we can't find any that we think are way out of line.
01/01/08
What better way is there to kick off the new year than with news that a
Hooters buy-out is
still possible. Don't keep us in suspense!
12/16/07
New Jersey has refused to renew the gaming license for the Columbia Sussex
folks, owners of the Tropicana both in that jurisdiction and in Las Vegas.
Jeff
Simpson of the Las Vegas Sun has done a great job following the silliness
of the Tropicana owners in this town, and he opines that Nevada should
consider yanking the Trop's license here as well. There are many ways the
issues faced by the Atlantic City Trop could come to influence Las Vegas
operations. This whole mess captures our attention.
12/12/07
In locals casino news, the Cannery properties, including management of the
casino at the Marriott-owned Rampart and the new east side Cannery under
construction on Boulder Highway,
will be sold to
an Australian company run by James Packer. This involves a new
license, so expect it to take more than a year to close. I wouldn't
imagine that this sale will lead to fundmamental changes at the
properties, but who knows?
12/03/07
The Las Vegas Sun has a good article on
the
issues surrounding the name dispute between the downtown Plaza hotel and
the new "Plaza"-themed resort to be constructed on the Strip.
12/01/07
The Tropicana submits
another contract proposal to its union workers. Basically, Columbia
Sussex, who has already cut hundreds of jobs at the Trop, wants to change
the union pension plan to a 401(k) and trim health benefits. The unions
don't seem to agree that this is a good idea. I feel quite confident that
the union will not cave on these demands, so unless Columbia Sussex changes
their tune drastically in the next couple of months, expect the labor
dispute to continue. Frankly, it would take a radical change in position
by Trop management to avoid a strike at this property.
11/20/07
The New Frontier was demolished to make way for place that is intended
to have The Plaza brand. But wait, isn't there already a place in town
with that name? The
opening rounds of that court case are underway.
11/19/07
Here is a list of the New Frontier implosion videos we know about. We'll
add to this list as folks let us know what we've missed.
The "official" Death Watch videos are available through the link in
the next item below.
11/16/07
The Death Watch pictures, video, and commentary
on the New Frontier implosion are available. Enjoy.
11/13/07
The New Frontier main hotel tower was imploded last night. Video and
trip report to follow soon.
11/08/07
Station Casinos
goes private. The stock will no longer be traded on the NYSE.
They will still report to the SEC because some of their debt is publically
financed.
10/26/07
Confirmation appears in the RJ.
The New Frontier
implosion is scheduled for November 13 at 2:30 AM. Save a good spot
for us. Once again, Controlled Demolition, the best in the business,
will be setting it up. Be safe, people.
10/19/07
Gaming Control gave
their approval to the plan to take Station Casinos private. This is
just about the last hurdle before this becomes a done deal.
10/05/07
"Hey Rocky, want to
watch me pull a new development of the Moulin Rouge out of my hat?"
"But that trick never works." "This time for sure!"
09/27/07
I know everyone has been waiting for this, but we have some bad news.
Brace yourselves. According to the Las Vegas Advisor the grand opening
party for Planet Hollywood has been pushed back to November. I know,
you've cleared your schedules and bought a new outfit for it. Try not
to let this ruin your month.
We don't think these places are going to vanish any time soon, but we've
heard others talk about them as if they think they might. These are
our thoughts.
Got any information about Las Vegas casino closings? Don't hesitate
to send us email at:
npc@jetcafe.org.
Return to Nick Christenson's Gambling Information
page.
This page Copyright Nick Christenson, 1998 - 2008, All Rights Reserved.
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