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Once Struggling Las Vegas Casino Seeing Better Results

“Last November the former Regent Las Vegas was purchased in a U.S. Bankruptcy Court auction for $80 million by Vancouver, British Columbia-based Hotspur Resorts.

“Hotspur leased the $366 million property's casino to Nevada-licensed Millennium Management, the operators building the Cannery, a $105 million locals casino in North Las Vegas.

“Millennium principal Bill Paulos won't say how much Millennium pays for its 10-year lease of the gambling space, now renamed the Rampart Casino at the Resort at Summerlin.

“But, one year after the ownership change both hotel and casino operators say they couldn't be happier with their results, or more upbeat about the JW Marriott's and Rampart's prospects.

“…The hotel's brand affiliation has been a huge boost for the property, as the Marriott name and reservation systems drive business and JW Marriott customers seek out the upscale brand's properties.

“…A new, intensive marketing approach emphasized Las Vegas locals, the casino's target market.

“…The property's 1,070 slot machines are producing an average daily win of almost $100 per machine per day, double the year-ago daily average of less than $50 per machine.

“About one-third of the devices have been converted to ticket-in, ticket-out slots, another contributing factor in the improved slot performance.

“…Table play has also multiplied on the Rampart's 21 table games, Paulos said…”

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