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Best of Ken Adams
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Wynn (and Trump) Watch - January 2003
31 January 2003
By Ken Adams
Some months this section tracks a major company, often Harrah's,
following the trendsetters in the hopes of getting a glimpse of the future.
The last couple of months, this space has been devoted to the two most flamboyant
personalities in the industry. Watching Donald Trump and Steven Wynn may not
always, though it might, give you a hint of things to come, but it can be very
entertaining.
The Donald leads off: this month Trump completed his refinancing
and received final approval from the state of New Jersey, not without a little
testiness on his part. He is making a run at the last license in Illinois.
And, though he denies that is his purpose, is sneaking in the backdoor in Nevada.
In Nevada, a person or entity can only be licensed if there is a specific casino
property or an interest in a property. Licensing in Nevada is a comparatively
long process, and without a license the lead-time on development is at least
a year longer. Donald Trump has purchased enough Riviera stock to require licensing.
Now, should he decide to do a Nevada project he has a foot in the door. He
still would be required to submit for a separate license, but the process will
be quicker and easier, and if there are any issues, he will know in advance.
Wonder if he has a dream he would like to put up against Steve's? The financial
results of his properties never quite measure up to Wynn's properties, but he
does seem to want the challenge.
Scrutiny During Process Angers Trump.
…The Casino Control Commission approved the deal ($475 million bond refinancing)
without pause, but Trump was angry that the DGE and its boss, Attorney General
David Samson, put it to such scrutiny. "I have great respect for the
commission and I have great pride that they gave us a 4-0 vote, but I do
believe that if you're going to get people to invest in Atlantic City, a different
attitude is going to have to be given by the attorney general," Trump
said… Joe Weinert, Press of Atlantic City, 1-23-03
Consortium Waiting Decision About 10th
And Last Casino License. Donald Trump remains the leading candidate
to run a proposed casino in Crestwood. …"We are trying to determine
which gaming operator has the wherewithal to provide what we need to put together
the best package to bring before the state gaming board," sources said.
Brent Watters, Southtown Daily,
1-15-03
Riviera Stake Makes Trump Apply Himself.
… Trump's 358,000 shares do put him over the threshold, meaning the New York
and Atlantic City developer will be required to submit an application for
a Nevada gaming license. …"I have great respect for Nevada,"
Trump said. "It will be an honor to be licensed in Nevada."
Jeff Simpson, Gaming Wire, Las Vegas Review-Journal,
1-30-03
Trump Reports Record EBITDA.
Trump Hotels & Casino Resorts, Inc. EBITDA for the year ended December
31, 2002 increased to $321.6 million, $51.4 million higher than the $270.3
million reported for the year ended December 31, 2001, or a 19.0% increase.
…Consolidated net loss for the year ended December 31, 2002 was $12.0 million,
compared to a net loss of $25.3 million loss for the year ended December 31,
2001. -Business Wire,
Yahoo Business, 1-30-03
Meanwhile, as The Donald struggles with financing and trying
to make a profit, sneaks in Nevada's back door and tries to get Illinois last
license, Steve is drooling in Macau and dreaming in Las Vegas.
Wynn Expecting To Win In Macau. Steve Wynn thinks Wall Street
has yet to figure out just how powerful his Macau casino opportunity is.
The Strip developer expects to break ground on his planned $500 million Macau
casino by April, but said recently that investors haven't caught onto the
property's prospects. Wynn plans to open the gambling operation about 16
months after the Macau groundbreaking, meaning the casino would open in mid-summer
2004. … Deutsche Banc casino bond analyst Andrew Zarnett said it's difficult
for investors who haven't seen a Macau casino to understand what the pending
opening means. "These casinos have wall-to-wall gamblers,"
Zarnett said. "You can think about it, but until you see it for yourself,
you don't truly understand it." Jeff
Simpson, Gaming Wire, Las Vegas Review-Journal, 1-21-03
Higher Expectations Challenge Casino
Developer. Casino developer Steve Wynn admitted to attendees at the
2003 International Builders' Show on Tuesday that it is growing harder to
beat people's high expectations for his new projects. "Now whether we're
building homes or hotels, the challenge to create a better mousetrap is ever
more daunting than it was before," Wynn said to a capacity crowd inside
the 7,000-seat Aladdin Theater. …Unlike his previous Strip developments…Wynn
said Le Reve has been designed from the inside out. As a result, its signature
theme won't be visible from outside the property. "It's beautiful,
but you can't look in. The audience in this hotel is in the hotel," Wynn
said of Le Reve's faux 150-foot-tall mountain that will hide a 100-foot-wide
waterfall, lake and choreographed musical water show. Once Le Reve's proposed
outdoor water and light show has finished, Wynn said he hopes his guests
will feel as though they have recently experienced a dream. Chris
Jones, Gaming Wire, Las Vegas Review-Journal, 1-22-03
Copyright GamingWire. All rights reserved.
Recent Articles
Best of Ken Adams

Ken Adams is the principal in the gaming consulting firm, Ken Adams and Associates. Formed in 1990, Ken Adams and Associates specializes in information, analysis, and strategic planning for Indian tribes, casino operations and gaming manufacturers. Ken spent over 20 years in the hotel-casino industry, prior to founding Ken Adams and Associates. He held the positions of: Director of Casino Operations, Casino Manager, and Keno Department Manager. During this time, he developed numerous innovative marketing and customer development programs and systems for evaluating casino performance. Some of those programs, such as slot clubs and tournaments, have become industry standards. Ken is also actively involved in gathering and disseminating information that is important to the gaming industry. He is editor and publisher of and the Adams' Report, a monthly newsletter specializing in identifying trends in casino gaming, regulation and manufacturing, the Adams Daily Report, an electronic newsletter that provides electronic links to the key gaming stories of the day, and the Adams Review, a special report distributed by Compton Dancer Consulting that provides editorial commentary on gaming trends.
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Ken Adams is the principal in the gaming consulting firm, Ken Adams and Associates. Formed in 1990, Ken Adams and Associates specializes in information, analysis, and strategic planning for Indian tribes, casino operations and gaming manufacturers.
Ken spent over 20 years in the hotel-casino industry, prior to founding Ken Adams and Associates. He held the positions of: Director of Casino Operations, Casino Manager, and Keno Department Manager. During this time, he developed numerous innovative marketing and customer development programs and systems for evaluating casino performance. Some of those programs, such as slot clubs and tournaments, have become industry standards.
Ken is also actively involved in gathering and disseminating information that is important to the gaming industry. He is editor and publisher of and the Adams' Report, a monthly newsletter specializing in identifying trends in casino gaming, regulation and manufacturing, the Adams Daily Report, an electronic newsletter that provides electronic links to the key gaming stories of the day, and the Adams Review, a special report distributed by Compton Dancer Consulting that provides editorial commentary on gaming trends.
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