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Inside Gaming: Wynn Hits Trifecta With Date22 March 2004LAS VEGAS -- Steve Wynn last week confirmed a certain date for opening his much-ballyhooed Wynn Las Vegas resort: April 28, 2005, which is both his wife, Elaine's, birthday and the 55th anniversary of the opening of the Desert Inn. Seems like a long time to wait, but there's a lot to be done. He plans a full-bore, all-at-once opening akin to the coup he pulled off with the 3,000-room Mirage in 1989. That was a marked contrast with the 3,800-room Excalibur that opened a year later in itty-bitty phases. Wynn says the significance of The Mirage's opening was to show Wall Street what he could do -- a feat he probably wants to repeat. *** Value added. Real estate sources are saying the 7-acre tract south of the Plaza, part of the Barrick Gaming deal, has the edge in becoming the most valuable piece of real estate per square foot in Las Vegas. Economists say values soar where transportation routes cross, and the plans are well-along to locate the planned regional transit hub for the downtown area, Transportation Central, on the parcel, along with a half dozen connectors to the new "uptown" development. Developers say it'll all be done by 2007. *** Developers who doubt downtown's destiny lies in development are saying the torturous sale of Binion's Horseshoe illustrates the insurmountable problem of leasehold vs. fee simple land ownership. But Manhattan and Honolulu are both mainly leasehold. So as is most of central London, including Belgravia, Mayfair and the land under Buckingham Palace, which is owned by Gerald Grosvenor, the Duke of Westminster and the richest British citizen. For centuries, no British monarch has squawked like the nay-sayers in Las Vegas. More to come. *** Wonder why some Nevada gaming operators, such as Caesars Entertainment and MGM Mirage, are smitten with operating in New York? Well, a staggering $35 billion will be spent this year on legal gambling in New York, wagered on everything from lottery games to video-slot machines and horse racing, a new study shows. That does not include the $8 billion a year being wagered at three Indian-run casinos that are operating in the state. "The state of New York is a gambling addict," said state Sen. Frank Padavan of Queens, who conducted the study. *** Quote of the week: "Wow! That's the first time anybody ever handed me a check like that," John Wilhelm, International President of the Hotel Employees and Restaurant Employees Union could hardly contain himself after being "handed" a three-by-five foot check for almost $2 million by U.S. Department of Labor Secretary Elaine Chao. The Inside Gaming column is compiled by Gaming Wire Editor Rod Smith. You can contact him by phone at (702) 477-3893, fax (702) 387-5243 or e-mail at rsmith@reviewjournal.com. Copyright GamingWire. All rights reserved. |