Sunday, February 15, 2004
Copyright © Las Vegas Review-Journal

INSIDE GAMING: Castoffs catcher may snag Castaways

Despite doubts the recently closed Castaways will ever reopen as a hotel-casino, industry insiders are speculating Carl Icahn is the one major player who could keep it going. He already owns Arizona Charlie's East on Boulder Highway and could use the former Showboat for overflow, at least initially. Moreover, in November a real estate partnership he controls filed papers with the Securities and Exchange Commission suggesting an interest in buying an added hotel-casino in Las Vegas. Icahn also owns the Stratosphere and the other Arizona Charlie's.

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What's in a name? "Plazzo," marketing gurus tell us, is the working name for the soon-to-be-announced $1 billion, 3,000-room resort development adjacent to The Venetian. Both will be owned and operated by Las Vegas Sands, which also owns the Grand Canal Shoppes and the Sands Expo and Convention Center. But the new resort, now called Phase II, will be distinctly "not Venetian," company officials have said. Of course, the name might always be changed, just as Le Reve became Wynn Las Vegas. That'd make it Adelson Las Vegas.

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Gone are the days when players can pack six-shooters in casinos, but high rollers are taking along the modern-day equivalent. Personal attorneys are being paid fortunes to tag along with some high-stakes players, including Kerry Packer, a high-rolling media mogul and the richest man in Australia who once dropped $20 million on one visit to Bellagio. Trust seems to be crumbling over how fairly some first-class casinos are policing their own rules and how fair the games are becoming. Never mind security issues.

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Atlantic City casinos, slow to catch on to the Las Vegas model of attracting big-name metro restaurants, soon will have a showdown of two major New York-based steakhouses. Old Homestead opened its first venue outside of the Big Apple at Borgata in July. The Palm, which has spread to more than 25 locations from its Gotham roots, will open in March at Tropicana. The Borgata folks aren't worried. "We're delighted that they were able to get a couple of good restaurants over there," Bob Boughner said.

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Quote of the week. "To us, it's just another day at the office," said Station Casinos Chief Financial Officer Glenn Christenson, describing his company's reaction to the proposed merger of Boyd Gaming Corp. and Coast Casinos. His point was that whether separate or combined, the same executives and the same properties will be competing against Station Casinos.

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.