from today's San Diego Business Journal's newsflash
Holiday and Poinsettia Bowls Make $41M Impact
By Mike Allen
4/26/2007
"San Diego’s two postseason college football games generated a combined $41 million in economic impacts to the region, according to a report released April 26 by the San Diego Bowl Game Association.
The Pacific Life Holiday Bowl, played on Dec. 28, was said to result in $34.2 million in economic impact, including $17.7 million in direct spending, and $16.5 million in indirect spending. The game between California and Texas A&M — won by California — drew 62,395 fans to Qualcomm Stadium.
The San Diego County Credit Union Poinsettia Bowl, played Dec. 19 and in its second year, generated a combined impact of $6.8 million that included $3.54 million in direct visitor spending, and $3.3 million in indirect spending. Total attendance at the game between Texas Christian University and Northern Illinois and won by TCU in Qualcomm Stadium was 29,709."
for complete article and more info see: http://sdbj.com/enews_article.asp?aID=57871253.5402164.1466725.3670639.8156596.119&aID2=112816&lid=33&sid=&cID=Z
Friday, April 27, 2007
Chicago Cubs sale expectations
From today's Crain's Chicago Business:
Baseball commissioner sees heated bidding for Cubs
April 27, 2007
"(AP) — Bidding is certain to be fiercely competitive when the Chicago Cubs go up for sale at the end of the season, but baseball's commissioner stressed that all offers will have to go through Major League Baseball first." ......
"The team is a ``month or two away'' from getting any prospective buyers, Selig said. " ....
"Cubs parent company Tribune Co. earlier this month accepted an $8.2 billion buyout offer from billionaire investor Sam Zell, who said he will sell the team after the end of the season and use the proceeds to pay down debt.
The announcement puts one of sports' most storied and star-crossed franchises on the block, a year shy of the 100th anniversary of its last World Series title. Analysts have estimated the Cubs could fetch $600 million or more.
Billionaire entrepreneur Mark Cuban, Phoenix sports executive Jerry Colangelo and actor Bill Murray are among those reported or rumored to have interest, along with numerous Chicago business figures."
for complete story and more information see: http://chicagobusiness.com/cgi-bin/news.pl?id=24454
Baseball commissioner sees heated bidding for Cubs
April 27, 2007
"(AP) — Bidding is certain to be fiercely competitive when the Chicago Cubs go up for sale at the end of the season, but baseball's commissioner stressed that all offers will have to go through Major League Baseball first." ......
"The team is a ``month or two away'' from getting any prospective buyers, Selig said. " ....
"Cubs parent company Tribune Co. earlier this month accepted an $8.2 billion buyout offer from billionaire investor Sam Zell, who said he will sell the team after the end of the season and use the proceeds to pay down debt.
The announcement puts one of sports' most storied and star-crossed franchises on the block, a year shy of the 100th anniversary of its last World Series title. Analysts have estimated the Cubs could fetch $600 million or more.
Billionaire entrepreneur Mark Cuban, Phoenix sports executive Jerry Colangelo and actor Bill Murray are among those reported or rumored to have interest, along with numerous Chicago business figures."
for complete story and more information see: http://chicagobusiness.com/cgi-bin/news.pl?id=24454
Disney v Anaheim and Garden Grove
from Orange County Business Journal's newsflash today:
Disney Group: Close to Signature Mark
By Sandi Cain - 4/27/2007
"A Walt Disney Co.-led initiative effort is close to collecting enough signatures to put the issue of homes in the Anaheim Resort area to a vote, according to backers.
The initiative would bar non-tourist development in the area around Disney's theme parks unless they are approved by Anaheim voters.
The Disney-led group, dubbed Save Our Anaheim Resort, saw a setback on Tuesday when a 3-2 City Council majority voted to allow homes within the Anaheim Resort District.
The group has 30 days to gather 13,200 signatures in an effort to overturn the council’s decision.
Anaheim Mayor Curt Pringle, State Senator Lou Correa (D-Anaheim), Orange County Clerk-Recorder Tom Daly (former mayor of Anaheim) and Lucy Dunn, chief executive of the Orange County Business Council, back the group's efforts."
for complete story and further info see: http://www.ocbj.com/enews_article.asp?aID=67860529.7187266.1466816.8056544.75247202.101&aID2=112823&lid=30&sid=&cID=Z
Disney Group: Close to Signature Mark
By Sandi Cain - 4/27/2007
"A Walt Disney Co.-led initiative effort is close to collecting enough signatures to put the issue of homes in the Anaheim Resort area to a vote, according to backers.
The initiative would bar non-tourist development in the area around Disney's theme parks unless they are approved by Anaheim voters.
The Disney-led group, dubbed Save Our Anaheim Resort, saw a setback on Tuesday when a 3-2 City Council majority voted to allow homes within the Anaheim Resort District.
The group has 30 days to gather 13,200 signatures in an effort to overturn the council’s decision.
Anaheim Mayor Curt Pringle, State Senator Lou Correa (D-Anaheim), Orange County Clerk-Recorder Tom Daly (former mayor of Anaheim) and Lucy Dunn, chief executive of the Orange County Business Council, back the group's efforts."
for complete story and further info see: http://www.ocbj.com/enews_article.asp?aID=67860529.7187266.1466816.8056544.75247202.101&aID2=112823&lid=30&sid=&cID=Z
Nashville waterfront development plans moving along
from GlobeSt 4/26/2007
$250M Waterfront Project Moves Closer to Reality
By Melissa Kress
"NASHVILLE-With specific plans in hand, a development partnership is setting its sights on a Nov. 29 groundbreaking for Cumberland Yacht Harbor. The $250-million lifestyle community and marina is being helmed by Tower Investments, LLC, which owns a majority interest, and Hardaway Group, Inc., Parkes Development, LLC and Varallo Investment Properties, LLC." ....
"Cumberland Yacht Harbor will rise on 43 acres on the Cumberland River at Mill Creek. Villas will be built alongside a 13.5-acre harbor with a marina accommodating more than 200 boats up to 100 feet in length. The project will include approximately 30,000 sf of retail/commercial space, and a public docks and slips.
The community will offer seven floor plans, ranging in price from $349,000 to $1.9 million and in size from 980 sf to 4,040 sf. According to Worth Properties’ Laura Baugh, who will be leading the team of listing agents selling the units, there are 100 villas in phase one being offered at preconstruction prices, with 45% of phase one pre-sold. In response to demand, the development team added four new floor plans to its original design, Braugh said, noting that potential buyers had expressed an interest in smaller villas with different configurations. Mike Manous, of Manous Consulting & Design, Inc., is the project architect, master planner, and interior and landscape designer.
Located 10 minutes--by water or land--from Riverfront Park in Downtown, Cumberland Yacht Harbor will also become the permanent home of the Nashville Yacht Club." .....
"Cumberland Yacht Harbor follows closely with the city’s Riverfront Concept Plan, a 20-year plan for the Downtown riverfront. The Riverfront Concept Plan is a joint effort led by Metro Nashville/Davidson County and the US Army Corps of Engineers with assistance from the Nashville Civic Design Center and public input." ...
for the complete story see: http://www.globest.com/news/894_894/nashville/160128-1.html
$250M Waterfront Project Moves Closer to Reality
By Melissa Kress
"NASHVILLE-With specific plans in hand, a development partnership is setting its sights on a Nov. 29 groundbreaking for Cumberland Yacht Harbor. The $250-million lifestyle community and marina is being helmed by Tower Investments, LLC, which owns a majority interest, and Hardaway Group, Inc., Parkes Development, LLC and Varallo Investment Properties, LLC." ....
"Cumberland Yacht Harbor will rise on 43 acres on the Cumberland River at Mill Creek. Villas will be built alongside a 13.5-acre harbor with a marina accommodating more than 200 boats up to 100 feet in length. The project will include approximately 30,000 sf of retail/commercial space, and a public docks and slips.
The community will offer seven floor plans, ranging in price from $349,000 to $1.9 million and in size from 980 sf to 4,040 sf. According to Worth Properties’ Laura Baugh, who will be leading the team of listing agents selling the units, there are 100 villas in phase one being offered at preconstruction prices, with 45% of phase one pre-sold. In response to demand, the development team added four new floor plans to its original design, Braugh said, noting that potential buyers had expressed an interest in smaller villas with different configurations. Mike Manous, of Manous Consulting & Design, Inc., is the project architect, master planner, and interior and landscape designer.
Located 10 minutes--by water or land--from Riverfront Park in Downtown, Cumberland Yacht Harbor will also become the permanent home of the Nashville Yacht Club." .....
"Cumberland Yacht Harbor follows closely with the city’s Riverfront Concept Plan, a 20-year plan for the Downtown riverfront. The Riverfront Concept Plan is a joint effort led by Metro Nashville/Davidson County and the US Army Corps of Engineers with assistance from the Nashville Civic Design Center and public input." ...
for the complete story see: http://www.globest.com/news/894_894/nashville/160128-1.html
MGM Mirage debuts plans for M Resort in Las Vegas
from GlobeSt 4/26/2007
MGM Mirage Bets $160M on South-End Resort
By Brian K. Miller
"LAS VEGAS-MGM MIRAGE is investing $160 million in M Resort, an 80-acre project here by local investor-developer Anthony A. Marnell III, to whom MGM is selling its two casinos in Laughlin, NV, for $200 million. The M Resort site, located in Henderson, NV, fronts Las Vegas Boulevard about 10 miles south of the six-mile stretch commonly referred to as The Strip." ...
"MGM’s investment in the planned $1.8-billion, 1,000-room casino-resort and commercial center will be in the form of a subordinated convertible note. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.
M Resort will rise in multiple phases, with the $700-million first phase consisting of 400-room resort, a 100,000-sf casino, a 70,000-sf events center, a full-service spa and several restaurants on 40 acres. Planned amenities include an outdoor canyon pool and entertainment venue, oversized guest rooms, suites, a top-of-the-tower lounge and a convention center.
Site work is under way for the project, which will sport an Italian contemporary design. Actual construction is slated to begin in trhe next several weeks. First phase completion is slated for mid-2009. No updated information was provieded regarding the second phase. Previously, plans called for another 1,000 hotel rooms, an unknown amount of retail and approximately 1,950 condominiums in multiple mid-rise towers.
Catty corner from the M Resort site, Olympia Gaming is planning to develop Southern Highlands Resort. Olympia received approval for the 100-acre, $2-billion mixed-use project last fall from the Clark County Commission. The $750-million first phase is slated to include 600 hotel rooms and an undisclosed amount of retail, entertainment and convention space. " ....
for complete article see: http://www.globest.com/news/894_894/gsrwest/160139-1.html
MGM Mirage Bets $160M on South-End Resort
By Brian K. Miller
"LAS VEGAS-MGM MIRAGE is investing $160 million in M Resort, an 80-acre project here by local investor-developer Anthony A. Marnell III, to whom MGM is selling its two casinos in Laughlin, NV, for $200 million. The M Resort site, located in Henderson, NV, fronts Las Vegas Boulevard about 10 miles south of the six-mile stretch commonly referred to as The Strip." ...
"MGM’s investment in the planned $1.8-billion, 1,000-room casino-resort and commercial center will be in the form of a subordinated convertible note. The note matures eight years from its effective date and contains certain optional and mandatory redemption provisions. MGM has the right to convert the note into a 50% equity interest in The M Resort after 18 months of the note's issuance if not repaid.
M Resort will rise in multiple phases, with the $700-million first phase consisting of 400-room resort, a 100,000-sf casino, a 70,000-sf events center, a full-service spa and several restaurants on 40 acres. Planned amenities include an outdoor canyon pool and entertainment venue, oversized guest rooms, suites, a top-of-the-tower lounge and a convention center.
Site work is under way for the project, which will sport an Italian contemporary design. Actual construction is slated to begin in trhe next several weeks. First phase completion is slated for mid-2009. No updated information was provieded regarding the second phase. Previously, plans called for another 1,000 hotel rooms, an unknown amount of retail and approximately 1,950 condominiums in multiple mid-rise towers.
Catty corner from the M Resort site, Olympia Gaming is planning to develop Southern Highlands Resort. Olympia received approval for the 100-acre, $2-billion mixed-use project last fall from the Clark County Commission. The $750-million first phase is slated to include 600 hotel rooms and an undisclosed amount of retail, entertainment and convention space. " ....
for complete article see: http://www.globest.com/news/894_894/gsrwest/160139-1.html
Thursday, April 26, 2007
Canadian casino spending
from canada.com news (4/26/2007)
Canadians gambled $14.5B last year that they didn't win back: Study
Allison Jones
Canadian Press
"TORONTO (CP) - Canadians gambled away $14.5 billion last year playing slot machines, buying lottery tickets and betting at the race track without getting anything in return, a new industry study has found.
The economic report commissioned by the Canadian Gaming Association found the industry made more than $15 billion in revenue last year, including $700 million on non-gambling activities such as food and drinks.
Profits were also found to be massive, pegged at $10.6 billion, including commissions and taxes.
Roughly $7.4 billion enriches provincial coffers, while $3.2 billion is distributed among the Federal government, charities, and lottery operators and retailers.
But critics say the study is far too selective, focusing on the positive impacts of gambling and ignoring the negative ones." ...
"The study, conducted by HLT Advisory Inc., found gaming revenues are on par with profit generated by spectator sports, television, movies, books, magazines and performing arts sectors combined." ...
"Despite these profits, the numbers indicated that gambling revenue in border cities is usually the first to suffer from economic or social changes.
Lyle Hall, a managing director of HLT, said a strong Canadian dollar, border security issues and increased competition in U.S. border markets had adverse effects on casinos in Windsor, Ont., and Niagara Falls in the 2003-04 fiscal year." ....
for the complete article see: http://www.canada.com/globaltv/national/story.html?id=8c06e373-4c73-4bd1-b8f3-4dc5208b6b9d&k=12751
for the executive summary to the CGA report's first volume see: http://www.canadiangaming.ca/english/press/pressrel_detail.cfm?id=15
Canadians gambled $14.5B last year that they didn't win back: Study
Allison Jones
Canadian Press
"TORONTO (CP) - Canadians gambled away $14.5 billion last year playing slot machines, buying lottery tickets and betting at the race track without getting anything in return, a new industry study has found.
The economic report commissioned by the Canadian Gaming Association found the industry made more than $15 billion in revenue last year, including $700 million on non-gambling activities such as food and drinks.
Profits were also found to be massive, pegged at $10.6 billion, including commissions and taxes.
Roughly $7.4 billion enriches provincial coffers, while $3.2 billion is distributed among the Federal government, charities, and lottery operators and retailers.
But critics say the study is far too selective, focusing on the positive impacts of gambling and ignoring the negative ones." ...
"The study, conducted by HLT Advisory Inc., found gaming revenues are on par with profit generated by spectator sports, television, movies, books, magazines and performing arts sectors combined." ...
"Despite these profits, the numbers indicated that gambling revenue in border cities is usually the first to suffer from economic or social changes.
Lyle Hall, a managing director of HLT, said a strong Canadian dollar, border security issues and increased competition in U.S. border markets had adverse effects on casinos in Windsor, Ont., and Niagara Falls in the 2003-04 fiscal year." ....
for the complete article see: http://www.canada.com/globaltv/national/story.html?id=8c06e373-4c73-4bd1-b8f3-4dc5208b6b9d&k=12751
for the executive summary to the CGA report's first volume see: http://www.canadiangaming.ca/english/press/pressrel_detail.cfm?id=15
ME tribal racino approved
from the Bangor Daily News 4/25/2007
House passes bill allowing tribal racino
By The Associated Press
"AUGUSTA - The Maine House on Tuesday gave its final approval to a bill that would allow the Passamaquoddy Indian Tribe to develop a racetrack casino in eastern Maine, leaving only a final Senate vote before the measure is sent to the governor.
But the 84-59 vote in the House still lacked a two-thirds majority that would be needed to override a veto, which Gov. John Baldacci has promised. An earlier Senate vote also narrowly missed the two-thirds threshold." ...
"The Passamaquoddy tribe wants to give Washington County’s economy a shot in the arm by creating a harness-racing track with 1,500 slot machines, as well as a hotel, conference center, restaurants and other amenities.
Currently, the only slot machines in Maine are at Hollywood Slots, which is near the Bangor Raceway at Bass Park.
Under the proposal, the Passamaquoddy racino would have to be within 45 miles of either of its two reservations in the region and at least 100 miles from the Bangor Raceway, the nearest commercial track."
for complete story and further news see: http://bangordailynews.com/news/t/news.aspx?articleid=149077&zoneid=500
House passes bill allowing tribal racino
By The Associated Press
"AUGUSTA - The Maine House on Tuesday gave its final approval to a bill that would allow the Passamaquoddy Indian Tribe to develop a racetrack casino in eastern Maine, leaving only a final Senate vote before the measure is sent to the governor.
But the 84-59 vote in the House still lacked a two-thirds majority that would be needed to override a veto, which Gov. John Baldacci has promised. An earlier Senate vote also narrowly missed the two-thirds threshold." ...
"The Passamaquoddy tribe wants to give Washington County’s economy a shot in the arm by creating a harness-racing track with 1,500 slot machines, as well as a hotel, conference center, restaurants and other amenities.
Currently, the only slot machines in Maine are at Hollywood Slots, which is near the Bangor Raceway at Bass Park.
Under the proposal, the Passamaquoddy racino would have to be within 45 miles of either of its two reservations in the region and at least 100 miles from the Bangor Raceway, the nearest commercial track."
for complete story and further news see: http://bangordailynews.com/news/t/news.aspx?articleid=149077&zoneid=500
Chicago Olympic bid news
from Crain's Chicago Business News
Olympic bid tests Daley's sharing skills
By Gregory Meyer
April 23, 2007
"After successfully wooing the U.S. Olympic Committee, Mayor Richard M. Daley now must work with the group as an equal partner in the quest to bring the 2016 Summer Games to Chicago.
Unlike the leaders of past American nominees, he won't have a passive business partner. Burned by New York's failed bid to win the 2012 games, the U.S. Olympic Committee (USOC) is determined to play a more active role this time — lending expertise to Chicago's first-time candidacy, but potentially grabbing decision-making power from a mayor accustomed to calling the shots.
"The USOC made clear this would be unlike prior bid processes, where it would pick a city, pat them on the back and say, 'Go get 'em,'" says David Simon, president of the Southern California Committee for the Olympic Games, which ran Los Angeles' bid against Chicago. "What's changed now is the USOC made clear from day one that they want to form a partnership with whatever city they selected." .....
"The Chicago bid committee has signed a contract setting rules for promotions and marketing, the use of Olympic logos and interaction with the international Olympic community. Chicago and USOC officials agreed to meetings in May and June to hash out roles and responsibilities, spokesmen say." .....
"But the mayor and his Olympics chief, Aon Corp. Executive Chairman Patrick Ryan, must now forge a deeper working relationship with the USOC and its chairman, Peter Ueberroth. Unity will be critical to their two-year campaign for the 2016 games. The International Olympic Committee will pick the host city in 2009 from a field expected to include Rio de Janeiro, Prague, Madrid and Tokyo.
Messrs. Ueberroth and Daley share a passion to win the games, but could differ on matters ranging from strategy to staffing. Finances — particularly decisions that significantly increase the city's costs — also could cause friction."......
"Consultant Marc Ganis says the USOC will take the lead on international outreach. Marketing and PR was "one of the weaker aspects of Chicago's bid" and will probably take more direction from the USOC, says Mr. Ganis, president of Sportscorp Ltd. in Chicago." .....
"USOC officials want to avoid the kind of dysfunction that plagued New York's bid, which included a last-minute argument over the terms of cooperation between the USOC and the city, according to a person familiar with the situation." ....
for complete article see: http://chicagobusiness.com/cgi-bin/news.pl?id=24673
Olympic bid tests Daley's sharing skills
By Gregory Meyer
April 23, 2007
"After successfully wooing the U.S. Olympic Committee, Mayor Richard M. Daley now must work with the group as an equal partner in the quest to bring the 2016 Summer Games to Chicago.
Unlike the leaders of past American nominees, he won't have a passive business partner. Burned by New York's failed bid to win the 2012 games, the U.S. Olympic Committee (USOC) is determined to play a more active role this time — lending expertise to Chicago's first-time candidacy, but potentially grabbing decision-making power from a mayor accustomed to calling the shots.
"The USOC made clear this would be unlike prior bid processes, where it would pick a city, pat them on the back and say, 'Go get 'em,'" says David Simon, president of the Southern California Committee for the Olympic Games, which ran Los Angeles' bid against Chicago. "What's changed now is the USOC made clear from day one that they want to form a partnership with whatever city they selected." .....
"The Chicago bid committee has signed a contract setting rules for promotions and marketing, the use of Olympic logos and interaction with the international Olympic community. Chicago and USOC officials agreed to meetings in May and June to hash out roles and responsibilities, spokesmen say." .....
"But the mayor and his Olympics chief, Aon Corp. Executive Chairman Patrick Ryan, must now forge a deeper working relationship with the USOC and its chairman, Peter Ueberroth. Unity will be critical to their two-year campaign for the 2016 games. The International Olympic Committee will pick the host city in 2009 from a field expected to include Rio de Janeiro, Prague, Madrid and Tokyo.
Messrs. Ueberroth and Daley share a passion to win the games, but could differ on matters ranging from strategy to staffing. Finances — particularly decisions that significantly increase the city's costs — also could cause friction."......
"Consultant Marc Ganis says the USOC will take the lead on international outreach. Marketing and PR was "one of the weaker aspects of Chicago's bid" and will probably take more direction from the USOC, says Mr. Ganis, president of Sportscorp Ltd. in Chicago." .....
"USOC officials want to avoid the kind of dysfunction that plagued New York's bid, which included a last-minute argument over the terms of cooperation between the USOC and the city, according to a person familiar with the situation." ....
for complete article see: http://chicagobusiness.com/cgi-bin/news.pl?id=24673
Las Vegas super-regional lifestyle center under development
From GlobeSt 4/25/07 06:25pm
Turnberry’s Town Square Takes Shape
By Brian K. Miller
"LAS VEGAS- Town Square, a 1.5 million-sf super regional lifestyle center south of Mandalay Bay is on track to open its 976,000-sf first phase later this year, according to the developers, Turnberry Associates and Centra Properties. The development includes 1.15 million sf of retail space and 352,000 sf of office space in 22 buildings. A total of 17 buildings are under construction and six have been topped off.
Turnberry’s new senior director of leasing George Radu tells GlobeSt.com that the company has in hand fully executed leases and LOIs for 83% of the retail in the project. Most of the retail spaces that remain to be leased are pad sites that were always intended to be constructed as part of the second phase, he says. As for the office portion of the project, Radu says the Las Vegas Chamber of Commerce has signed on for 28,000 sf but was unable for provide preleasing totals and they could not otherwise be obtained Wednesday." .......
"Turnberry’s Town Square development is in an open-air, main street-themed design that will have 150 retail shops and at least one dozen restaurants. Amenities include a 9,000-sf children’s park at the heart of the development that will include a hedge maze, a 25-foot tall tree house, a staging area for children’s performances and an interactive, two-level miniature replica of the center.
Anchor retail tenants include Rave Motion Pictures, Robb & Stucky, Borders and 24-Hour Fitness. Fry’s Electronics adjacent to the site was acquired by Turnberry and Centra and will be incorporated as a Town Square anchor. Restaurants opening their first store in Las Vegas at Town Square will include Tommy Bahama’s Tropical Café and Emporium, Yard House, The Grape and Texas de Brazil. Bar Louie, Brio and Claim Jumper also will open restaurants within Town Square.
Town Square is located at the south end of The Strip, at the junction of I-15 and the 215 Beltway."....
for complete story see: http://www.globest.com/news/893_893/gsrwest/160097-1.html
Turnberry’s Town Square Takes Shape
By Brian K. Miller
"LAS VEGAS- Town Square, a 1.5 million-sf super regional lifestyle center south of Mandalay Bay is on track to open its 976,000-sf first phase later this year, according to the developers, Turnberry Associates and Centra Properties. The development includes 1.15 million sf of retail space and 352,000 sf of office space in 22 buildings. A total of 17 buildings are under construction and six have been topped off.
Turnberry’s new senior director of leasing George Radu tells GlobeSt.com that the company has in hand fully executed leases and LOIs for 83% of the retail in the project. Most of the retail spaces that remain to be leased are pad sites that were always intended to be constructed as part of the second phase, he says. As for the office portion of the project, Radu says the Las Vegas Chamber of Commerce has signed on for 28,000 sf but was unable for provide preleasing totals and they could not otherwise be obtained Wednesday." .......
"Turnberry’s Town Square development is in an open-air, main street-themed design that will have 150 retail shops and at least one dozen restaurants. Amenities include a 9,000-sf children’s park at the heart of the development that will include a hedge maze, a 25-foot tall tree house, a staging area for children’s performances and an interactive, two-level miniature replica of the center.
Anchor retail tenants include Rave Motion Pictures, Robb & Stucky, Borders and 24-Hour Fitness. Fry’s Electronics adjacent to the site was acquired by Turnberry and Centra and will be incorporated as a Town Square anchor. Restaurants opening their first store in Las Vegas at Town Square will include Tommy Bahama’s Tropical Café and Emporium, Yard House, The Grape and Texas de Brazil. Bar Louie, Brio and Claim Jumper also will open restaurants within Town Square.
Town Square is located at the south end of The Strip, at the junction of I-15 and the 215 Beltway."....
for complete story see: http://www.globest.com/news/893_893/gsrwest/160097-1.html
Want to go golfing in the Midwest?
Check out Crain's Chicago Business' new feature -- an interactive golf map covering IL, WI, and IN
http://interactive.chicagobusiness.com/golf-guide/
http://interactive.chicagobusiness.com/golf-guide/
Las Vegas minor league ball and sports issues
From In Business Las Vegas 4/20/07
Minor league, major fun
51s begin baseball season as GM Don Logan says Southern Nevada not ready for big leagues
By Richard Velotta / Staff Writer
"....In Las Vegas, the buzz has crested, then crashed over whether the city ever is going to get a major league franchise in basketball, hockey or baseball. Las Vegas Mayor Oscar Goodman has made the quest of attracting the big leagues to Southern Nevada one of his rallying cries during his first two terms.
The city is on the verge of getting more news this week about its efforts to attract the National Basketball Association to town. Most are acknowledging that the news isn't expected to be good if you're one of those longing to see the likes of the Los Angeles Lakers and the Phoenix Suns making regular trips to Las Vegas.
The NBA Board of Governors was scheduled to meet and one of the topics on the agenda is the city's proposal to house a franchise. Even the ever-exuberant Goodman is pessimistic about the prospects of getting a team this go-around, based on what he's hearing from the office of Commissioner David Stern.
But a few blocks from City Hall, there's lots of cheering and even a few fireworks.
The tradition of baseball is back and Don Logan is returning to his schedule of 15-hour workdays and managing the business of providing the national pastime in a city overflowing with entertainment options.
Logan, president and general manager of the Las Vegas 51s, helped open the team's silver anniversary season in Las Vegas with a home stand against Pacific Coast League rivals Salt Lake City and Colorado Springs last week." ...
" 'No other professional franchise has survived here, much less for 25 years,' Logan said. 'It's something to be proud of in the entertainment-rich environment Las Vegas is.'".........
"Ironically, the 51s parent company, the Mandalay Entertainment Group, has a television and film distribution subsidiary. The sports side of Mandalay owns four teams in addition to the 51s - the Dayton Dragons, the Frisco Roughriders, the Erie SeaWolves and the Hagerstown Suns in addition to managing New York Yankee team affiliates in Staten Island, N.Y., and Scranton/Wilkes-Barre, Pa. The company also ran the Las Vegas Thunder hockey team for seven years." .....
Logan said Las Vegas is still a relatively small television market, currently 48th in the nation. That's still higher than Jacksonville, Fla., and Buffalo, N.Y., cities that have National Football League franchises.
But Logan is leery of the stated population of Southern Nevada, estimated at more than 1.7 million.
"The stated population is larger because a lot of people have summer homes here," he said.
He also said that because Las Vegas is unusual in that it is a "three-shift town" with a potential sports fan base that is either working or sleeping when games are played. Las Vegas also doesn't have a lot of what Buffalo and Jacksonville have - nearby suburban communities.
"Jacksonville can actually draw from Orlando and along the east coast of Florida and that helps them," Logan said.
That lack of fan base and television market hurts Las Vegas in the eyes of professional sports business people more than most people realize, Logan said.
"The one sport that I think could work here is NFL football," Logan said. "It's only an eight-game home schedule. But do you think we're going to get an NFL team before Los Angeles? Besides, the NFL has articulated its stance on gambling very clearly."
The NBA also has stated an aversion to being associated with the gaming industry, which is why few were optimistic about any kind of a breakthrough in this month's NBA meetings.".....
for the complete story see: http://www.inbusinesslasvegas.com/2007/04/20/feature2.html
Minor league, major fun
51s begin baseball season as GM Don Logan says Southern Nevada not ready for big leagues
By Richard Velotta / Staff Writer
"....In Las Vegas, the buzz has crested, then crashed over whether the city ever is going to get a major league franchise in basketball, hockey or baseball. Las Vegas Mayor Oscar Goodman has made the quest of attracting the big leagues to Southern Nevada one of his rallying cries during his first two terms.
The city is on the verge of getting more news this week about its efforts to attract the National Basketball Association to town. Most are acknowledging that the news isn't expected to be good if you're one of those longing to see the likes of the Los Angeles Lakers and the Phoenix Suns making regular trips to Las Vegas.
The NBA Board of Governors was scheduled to meet and one of the topics on the agenda is the city's proposal to house a franchise. Even the ever-exuberant Goodman is pessimistic about the prospects of getting a team this go-around, based on what he's hearing from the office of Commissioner David Stern.
But a few blocks from City Hall, there's lots of cheering and even a few fireworks.
The tradition of baseball is back and Don Logan is returning to his schedule of 15-hour workdays and managing the business of providing the national pastime in a city overflowing with entertainment options.
Logan, president and general manager of the Las Vegas 51s, helped open the team's silver anniversary season in Las Vegas with a home stand against Pacific Coast League rivals Salt Lake City and Colorado Springs last week." ...
" 'No other professional franchise has survived here, much less for 25 years,' Logan said. 'It's something to be proud of in the entertainment-rich environment Las Vegas is.'".........
"Ironically, the 51s parent company, the Mandalay Entertainment Group, has a television and film distribution subsidiary. The sports side of Mandalay owns four teams in addition to the 51s - the Dayton Dragons, the Frisco Roughriders, the Erie SeaWolves and the Hagerstown Suns in addition to managing New York Yankee team affiliates in Staten Island, N.Y., and Scranton/Wilkes-Barre, Pa. The company also ran the Las Vegas Thunder hockey team for seven years." .....
Logan said Las Vegas is still a relatively small television market, currently 48th in the nation. That's still higher than Jacksonville, Fla., and Buffalo, N.Y., cities that have National Football League franchises.
But Logan is leery of the stated population of Southern Nevada, estimated at more than 1.7 million.
"The stated population is larger because a lot of people have summer homes here," he said.
He also said that because Las Vegas is unusual in that it is a "three-shift town" with a potential sports fan base that is either working or sleeping when games are played. Las Vegas also doesn't have a lot of what Buffalo and Jacksonville have - nearby suburban communities.
"Jacksonville can actually draw from Orlando and along the east coast of Florida and that helps them," Logan said.
That lack of fan base and television market hurts Las Vegas in the eyes of professional sports business people more than most people realize, Logan said.
"The one sport that I think could work here is NFL football," Logan said. "It's only an eight-game home schedule. But do you think we're going to get an NFL team before Los Angeles? Besides, the NFL has articulated its stance on gambling very clearly."
The NBA also has stated an aversion to being associated with the gaming industry, which is why few were optimistic about any kind of a breakthrough in this month's NBA meetings.".....
for the complete story see: http://www.inbusinesslasvegas.com/2007/04/20/feature2.html
Stratospere sale; Bally-Sands deal
from Las Vegas Business Press 4/24/07
Stratosphere owner announces casino sale
Bally lands $56 million deal
By Matt Ward
"American Real Estate Partners announced the sale of its four Nevada gaming operations Monday to Whitehall Street Real Estate Funds in a $1.3 billion deal.
The deal will need approval from state gaming regulators before Whitehall, an affiliate of Goldman, Sachs & Co, takes possession of the Stratosphere Casino Hotel & Tower, Arizona Charlie’s Decatur, Arizona Charlie’s Boulder and Aquarius Casino Resort in Laughlin. Also included in the deal are 17 acres of undeveloped land surrounding the Stratosphere.
Investor Carl Icahn, chairman and general partner of AREP, said in a statement that he anticipates the company realizing a $1 billion profit on its initial investment in gaming properties in 1998 when the company purchased the Stratosphere." ...
"In other gaming news, Bally Technologies Inc. announced Monday that it had signed a $56 million deal with casino operator Las Vegas Sands Corp. LVS will purchase a variety of Bally gaming products for its nine casino resorts in Las Vegas, Macau and Singapore.
Included in the contract are casino management systems, slot management products, cashless gaming solutions and interactive displays for up to 16,000 slot machines, the companies reported."
for the complete story see: http://www.lvbusinesspress.com/articles/2007/04/24/news/news_update/doc462d111cb41c1460423747.txt
Stratosphere owner announces casino sale
Bally lands $56 million deal
By Matt Ward
"American Real Estate Partners announced the sale of its four Nevada gaming operations Monday to Whitehall Street Real Estate Funds in a $1.3 billion deal.
The deal will need approval from state gaming regulators before Whitehall, an affiliate of Goldman, Sachs & Co, takes possession of the Stratosphere Casino Hotel & Tower, Arizona Charlie’s Decatur, Arizona Charlie’s Boulder and Aquarius Casino Resort in Laughlin. Also included in the deal are 17 acres of undeveloped land surrounding the Stratosphere.
Investor Carl Icahn, chairman and general partner of AREP, said in a statement that he anticipates the company realizing a $1 billion profit on its initial investment in gaming properties in 1998 when the company purchased the Stratosphere." ...
"In other gaming news, Bally Technologies Inc. announced Monday that it had signed a $56 million deal with casino operator Las Vegas Sands Corp. LVS will purchase a variety of Bally gaming products for its nine casino resorts in Las Vegas, Macau and Singapore.
Included in the contract are casino management systems, slot management products, cashless gaming solutions and interactive displays for up to 16,000 slot machines, the companies reported."
for the complete story see: http://www.lvbusinesspress.com/articles/2007/04/24/news/news_update/doc462d111cb41c1460423747.txt
Las Vegas Aladdin transitioning to Planet Hollywood Resort
from today's Las Vegas Business Press
Alas, Aladdin's lamp is out
Planet Hollywood makes long-awaited arrival
BY MATT WARD
"It is perhaps the quietest Las Vegas "implosion" ever.
This is a town where resort casinos grow up to be megaresort casinos atop the dusty ruins of historic mainstays. The Aladdin Resort & Casino officially joined the Stardust, the Dunes, and the Desert Inn as the latest to depart stage left, even if the explosion was more glamorous than those of the dynamite sort.
In a not-so-subtle ceremony on Tuesday, partners in the newly branded Planet Hollywood Resort & Casino celebrated their property's gradual transformation from the failure-prone Aladdin to a hip new Strip spot. Only time will tell if indeed that old Aladdin bankruptcy genie is back in the bottle to stay. The official grand opening is still half-a-year away." ....
"The Planet Hollywood will call its mall the Miracle Mile Shops after famous shopping avenues in the U.S." ....
"Building its resort brand through strategic relationships -- particularly taking advantage of its access to Hollywood glitterati -- will perhaps be Planet Hollywood's signature saving grace. First, Pepsi Co. signed a 10-year commitment, and will distribute 12 million cans throughout California and Nevada. This tsunami of soda will hail Planet Hollywood's coming-out party as well as give it a marketing surge unlike any other.".......
"The PH, as it's branded in some spots, will share many of the concepts that other Las Vegas properties do. A central Heart Bar is reminiscent of the MGM Grand Casino Hotel and Hard Rock Hotel & Casino's centerpieces. Famous eateries like New York's Striphouse and L.A.'s famous Pink's will serve signature dishes. Pink's is actually a popular hot dog stand and will be part of Planet Hollywood's not-yet-complete sports book.
But the property will also feature a few twists on the common concepts. For instance, a bar near the Strip entrance called the Extra Lounge is themed after the "Extra" gossip TV show. A mini-stage area will allow "Extra" crew members to do standups from the property." ......
"With so much competition along the Strip, and so much on the way with MGM's Project CityCenter going up across the street, Planet Hollywood officials are hoping to carve out a niche. Spokeswoman Andrea Roqueni says something to entice everyone is available, from the show "Stomp Out Loud" in its own theatre, to the magic of Hans Klok in the Aladdin Theater for the Performing Arts.
Miracle Mile, as the 1.3-mile shopping mall is newly named, will soon get a new look and some new merchants, too. Trader Vic's, Urban Outfitters and a Hawaiian Tropic Zone are scheduled to open."....
Earl said the improved Miracle Mile, named in reference to famed shopping districts in L.A. and Chicago, will soon be "seamlessly integrated, inside and outside" with the rest of the property. It will also still have to compete with Forum Shops at Caesars and whatever new retail component is added to City Center. "We will be completely different. We all go after a different niche," Roqueni said.
Earl says his aspirations are somewhat higher. "We had the biggest challenge bringing this to life ... to ensure Planet Hollywood surpasses all other properties," he said. "It's not just a resort and casino. It's an amalgamation of three important entities, the planet itself and the Miracle Mile" as well as Westgate's Planet Hollywood Towers.
No matter how competitive Planet Hollywood ends up once all the pieces are in place in September, Actor Bruce Willis guaranteed that at least one record would fall to the property on Sept. 28 and 29. "We will be throwing the biggest party Las Vegas has ever seen."
for the complete story see: http://www.lvbusinesspress.com/articles/2007/04/26/news/iq_13827274.txt
Alas, Aladdin's lamp is out
Planet Hollywood makes long-awaited arrival
BY MATT WARD
"It is perhaps the quietest Las Vegas "implosion" ever.
This is a town where resort casinos grow up to be megaresort casinos atop the dusty ruins of historic mainstays. The Aladdin Resort & Casino officially joined the Stardust, the Dunes, and the Desert Inn as the latest to depart stage left, even if the explosion was more glamorous than those of the dynamite sort.
In a not-so-subtle ceremony on Tuesday, partners in the newly branded Planet Hollywood Resort & Casino celebrated their property's gradual transformation from the failure-prone Aladdin to a hip new Strip spot. Only time will tell if indeed that old Aladdin bankruptcy genie is back in the bottle to stay. The official grand opening is still half-a-year away." ....
"The Planet Hollywood will call its mall the Miracle Mile Shops after famous shopping avenues in the U.S." ....
"Building its resort brand through strategic relationships -- particularly taking advantage of its access to Hollywood glitterati -- will perhaps be Planet Hollywood's signature saving grace. First, Pepsi Co. signed a 10-year commitment, and will distribute 12 million cans throughout California and Nevada. This tsunami of soda will hail Planet Hollywood's coming-out party as well as give it a marketing surge unlike any other.".......
"The PH, as it's branded in some spots, will share many of the concepts that other Las Vegas properties do. A central Heart Bar is reminiscent of the MGM Grand Casino Hotel and Hard Rock Hotel & Casino's centerpieces. Famous eateries like New York's Striphouse and L.A.'s famous Pink's will serve signature dishes. Pink's is actually a popular hot dog stand and will be part of Planet Hollywood's not-yet-complete sports book.
But the property will also feature a few twists on the common concepts. For instance, a bar near the Strip entrance called the Extra Lounge is themed after the "Extra" gossip TV show. A mini-stage area will allow "Extra" crew members to do standups from the property." ......
"With so much competition along the Strip, and so much on the way with MGM's Project CityCenter going up across the street, Planet Hollywood officials are hoping to carve out a niche. Spokeswoman Andrea Roqueni says something to entice everyone is available, from the show "Stomp Out Loud" in its own theatre, to the magic of Hans Klok in the Aladdin Theater for the Performing Arts.
Miracle Mile, as the 1.3-mile shopping mall is newly named, will soon get a new look and some new merchants, too. Trader Vic's, Urban Outfitters and a Hawaiian Tropic Zone are scheduled to open."....
Earl said the improved Miracle Mile, named in reference to famed shopping districts in L.A. and Chicago, will soon be "seamlessly integrated, inside and outside" with the rest of the property. It will also still have to compete with Forum Shops at Caesars and whatever new retail component is added to City Center. "We will be completely different. We all go after a different niche," Roqueni said.
Earl says his aspirations are somewhat higher. "We had the biggest challenge bringing this to life ... to ensure Planet Hollywood surpasses all other properties," he said. "It's not just a resort and casino. It's an amalgamation of three important entities, the planet itself and the Miracle Mile" as well as Westgate's Planet Hollywood Towers.
No matter how competitive Planet Hollywood ends up once all the pieces are in place in September, Actor Bruce Willis guaranteed that at least one record would fall to the property on Sept. 28 and 29. "We will be throwing the biggest party Las Vegas has ever seen."
for the complete story see: http://www.lvbusinesspress.com/articles/2007/04/26/news/iq_13827274.txt
Friday, April 20, 2007
news
Shopping Center Business (Apr): nice piece on Mesa del Sol, 9,000-acre development near Albuquerque (largest urban development under construction in the U.S.); lifestyle centers
Indian Country Today (April 18): Alaska native buys New England Football franchise in CT
M&C (Apr): mid-tier convention city upswing; Marriott targeting New Orleans convention market; spas; centers in Mexico and the Caribbean; destination guides on Arizona, Atlantic City, Dallas/Fort Worth, San Antonio, and Vancouver
National Real Estate Investor (Apr): sports-anchored development in Louisville; new Chicago luxury condo tower; Dubai sells "Ireland"-- the Irish island in their planet resort development; city review of Houston
Journal of Real Estate Economics (Spr): technical piece on the economic value of sports events
The Economist (4/14); international feature report on Brazil
San Fernando Valley Business Journal (4/16): Valley tourism and hotel news
Los Angeles Business Journal (4/16): L.A. County home market (including condos)
California Real Estate Journal (4/16): San Diego County municipalities vying for Chargers; National City developments; Riverside developing high-tech sector and housing for it; Grand Avenue project taking L.A. parking lots
American Indian Report (April): revisions for Class II gaming; Monument Valley tourism
Business Week (4/30): retail developments in India; Wal-Mart; travel Dubai
Indian Country Today (April 18): Alaska native buys New England Football franchise in CT
M&C (Apr): mid-tier convention city upswing; Marriott targeting New Orleans convention market; spas; centers in Mexico and the Caribbean; destination guides on Arizona, Atlantic City, Dallas/Fort Worth, San Antonio, and Vancouver
National Real Estate Investor (Apr): sports-anchored development in Louisville; new Chicago luxury condo tower; Dubai sells "Ireland"-- the Irish island in their planet resort development; city review of Houston
Journal of Real Estate Economics (Spr): technical piece on the economic value of sports events
The Economist (4/14); international feature report on Brazil
San Fernando Valley Business Journal (4/16): Valley tourism and hotel news
Los Angeles Business Journal (4/16): L.A. County home market (including condos)
California Real Estate Journal (4/16): San Diego County municipalities vying for Chargers; National City developments; Riverside developing high-tech sector and housing for it; Grand Avenue project taking L.A. parking lots
American Indian Report (April): revisions for Class II gaming; Monument Valley tourism
Business Week (4/30): retail developments in India; Wal-Mart; travel Dubai
Thursday, April 12, 2007
Ray Braun and John Robinett in the news.......
... no matter how you spell John or ERA....
from the 4/5 St. Petersburg (FL) Times
Coasters Plunge, Numbers Soar
by Mark Albright
"If there's any question about the drawing power of new headline thrill rides, take a peek at Florida theme park attendance in 2006.
The biggest gainer was Disney's Animal Kingdom, where attendance soared 8.6 percent after the debut of the Yeti-chases-runaway-roller-coaster Expedition Everest. Meanwhile, Busch Gardens Africa got a lingering boost from the second year afterglow of SheiKra, Florida's first dive coaster, which along with some new special events, propelled the Tampa park to 4.3-million visitors in 2006. The performance nudged Busch Gardens up a notch to the nation's 11th most popular theme park. It's one reason why Busch will close SheiKra down for two weeks after Memorial Day to punch up the fear factor by yanking out the floor from its trains.
"Adding a major ride can bring a 5 to 10 percent increase in attendance," said John Robinette, senior vice president of Economic Research Associates in Los Angeles that compiled the annual attendance report released Wednesday by InPark, a theme-park trade journal based in Milwaukee.
While the modus operandi of theme parks has never changed - a safe and secure, aesthetically pleasing environment for a family gathering - updating the setting keeps people coming back.
"Rule number one in the theme park business is 'thou shalt invest,' " added Ray Braun, senior vice president of the same firm." ......
for the article see: http://pqasb.pqarchiver.com/sptimes/access/1250319771.html?dids=1250319771:1250319771&FMT=FT&FMTS=ABS:FT&date=Apr+5%2C+2007&author=MARK+ALBRIGHT&pub=St.+Petersburg+Times&desc=COASTERS+PLUNGE%2C+NUMBERS+SOAR
from the 4/5 St. Petersburg (FL) Times
Coasters Plunge, Numbers Soar
by Mark Albright
"If there's any question about the drawing power of new headline thrill rides, take a peek at Florida theme park attendance in 2006.
The biggest gainer was Disney's Animal Kingdom, where attendance soared 8.6 percent after the debut of the Yeti-chases-runaway-roller-coaster Expedition Everest. Meanwhile, Busch Gardens Africa got a lingering boost from the second year afterglow of SheiKra, Florida's first dive coaster, which along with some new special events, propelled the Tampa park to 4.3-million visitors in 2006. The performance nudged Busch Gardens up a notch to the nation's 11th most popular theme park. It's one reason why Busch will close SheiKra down for two weeks after Memorial Day to punch up the fear factor by yanking out the floor from its trains.
"Adding a major ride can bring a 5 to 10 percent increase in attendance," said John Robinette, senior vice president of Economic Research Associates in Los Angeles that compiled the annual attendance report released Wednesday by InPark, a theme-park trade journal based in Milwaukee.
While the modus operandi of theme parks has never changed - a safe and secure, aesthetically pleasing environment for a family gathering - updating the setting keeps people coming back.
"Rule number one in the theme park business is 'thou shalt invest,' " added Ray Braun, senior vice president of the same firm." ......
for the article see: http://pqasb.pqarchiver.com/sptimes/access/1250319771.html?dids=1250319771:1250319771&FMT=FT&FMTS=ABS:FT&date=Apr+5%2C+2007&author=MARK+ALBRIGHT&pub=St.+Petersburg+Times&desc=COASTERS+PLUNGE%2C+NUMBERS+SOAR
Chicago Olympics... the continuing saga...
from Crain's Chicago Business today:
Madigan backs state guarantee for OlympicsBy Brandon Glenn
April 12, 2007
(Crain’s) — "Illinois House Speaker Michael Madigan supports the governor’s proposal to provide a $150-million state guarantee that could be used if the 2016 Olympics lose money." ....
"In his own letter, Mr. Madigan said he “will use all my efforts” to see that the General Assembly passes the governor’s proposal before the end of its session in May.
The city of Chicago has already pledged $500 million in guarantees in the event of an operating loss from the Olympics. ".....
for complete story see: http://chicagobusiness.com/cgi-bin/news.pl?id=24576
Madigan backs state guarantee for OlympicsBy Brandon Glenn
April 12, 2007
(Crain’s) — "Illinois House Speaker Michael Madigan supports the governor’s proposal to provide a $150-million state guarantee that could be used if the 2016 Olympics lose money." ....
"In his own letter, Mr. Madigan said he “will use all my efforts” to see that the General Assembly passes the governor’s proposal before the end of its session in May.
The city of Chicago has already pledged $500 million in guarantees in the event of an operating loss from the Olympics. ".....
for complete story see: http://chicagobusiness.com/cgi-bin/news.pl?id=24576
News
Business Week (4/16): one of their usual graphic tables breaking out the pros and cons and features of the Chicago and L.A. Olympic bids
Indian Country Today (4/11): ME racino getting state backing; reservation-based small businesses on the rise
IGWB (April): UK casino issues; UK "super casino;" rise of casinos in Seoul; Singapore and Macau news briefs; Station Casinos breaking ground in Vegas; Ontario, Canada casinos; Macau resorts; and CA casinos as slots proving ground
Nation's Restaurant News (3/29): casual dining sales down in winter
Street and Smith's Sports Business (3/19): Giants/Jets borrowing for stadium; Washington Nationals' suite pricing may rise (with comparative chart of suite prices); national spotlight feature on India
Forbes (4/23): feature on Spokane, WA; tabled piece on the largest 200 MSAs in the U.S. with rankings (business costs, living costs, crime, income, jobs...); top-10 places to live/work; Santa Cruz, CA recovery from earthquake with no-growth policy
ForbesLife (Feb): Caribbean golf courses
Fortune (4/16): for all our avid golfers.... their "Life at the Top" luxury special report comcludes that the most "deluxe" club is the Callaway FT-5 driver at $535.00 and they also provide a hole-by-hole summary from Greg Norman of how to play the front nine at Red Sky Golf Club in Colorado
Indian Country Today (4/11): ME racino getting state backing; reservation-based small businesses on the rise
IGWB (April): UK casino issues; UK "super casino;" rise of casinos in Seoul; Singapore and Macau news briefs; Station Casinos breaking ground in Vegas; Ontario, Canada casinos; Macau resorts; and CA casinos as slots proving ground
Nation's Restaurant News (3/29): casual dining sales down in winter
Street and Smith's Sports Business (3/19): Giants/Jets borrowing for stadium; Washington Nationals' suite pricing may rise (with comparative chart of suite prices); national spotlight feature on India
Forbes (4/23): feature on Spokane, WA; tabled piece on the largest 200 MSAs in the U.S. with rankings (business costs, living costs, crime, income, jobs...); top-10 places to live/work; Santa Cruz, CA recovery from earthquake with no-growth policy
ForbesLife (Feb): Caribbean golf courses
Fortune (4/16): for all our avid golfers.... their "Life at the Top" luxury special report comcludes that the most "deluxe" club is the Callaway FT-5 driver at $535.00 and they also provide a hole-by-hole summary from Greg Norman of how to play the front nine at Red Sky Golf Club in Colorado
Wednesday, April 11, 2007
Real Estate and Retail databases
See your email for announcements of new corporate accounts for RealtyRates.com and ICSC's Centers & Malls.
Chicago Olypic bid news
from Crain's Chicago Business
Guv offers $150-million backing for Olympics
By Greg Hinz
April 11, 2007
(Crain’s) — "The city of Chicago isn’t the only area government that could have “skin” in the chase to host the 2016 Olympics.
When Chicago's delegation makes its final pitch to the U.S. Olympic Committee (USOC) this weekend in Washington, D.C., one of the things they’ll have with them is a letter from Gov. Rod Blagojevich promising to push for $150 million in state guarantees that may be needed if a Chicago Olympics runs a financial deficit.
The previously unreported letter says the guarantees would have to be approved by the Illinois General Assembly and would be employed only if the city runs through other contingency and back-up funds, including $250 million of its own money.
The March 28 letter was addressed to Pat Ryan, who heads Chicago’s Olympics exploratory committee. It has been sent on to the USOC, which this weekend is scheduled to decide between Chicago and Los Angeles as the American contender to host the 2016 Summer Games. ".....
"As have Mr. Ryan, Mayor Richard M. Daley and others, the letter strongly suggests that the state money never may be needed.
Specifically, it says, the guarantee would come into play only if Chicago games lose money rather than make a projected $500-million profit, that the loss exceeds $200 million budgeted for contingencies, and that the loss exceeds $250 million in guarantees that already has been approved by the Chicago City Council.
The city also has offered a second $250-million guarantee, which would come after the state’s $150 million. ".....
"The chance that local government money may be needed is more than theoretical. Taxpayers in Montreal only recently finished paying off billions of dollars in debt left by the 1976 games.
The combined $650 million in guarantees from Chicago and Illinois is somewhat larger than $250 million in guarantees being offered each by California and the city of Los Angeles." ....
"In addition to Chicago guaranteeing up to $500 million in cost overruns, the Chicago Park District has agreed to spend $15 million for a West Side aquatics center that would be used for the games. Officials also have said they need to line up an additional $100 million in guarantees from a private or public entity that has not been named." ....
for the complete story see: http://chicagobusiness.com/cgi-bin/news.pl?id=24553
--------------------------------------------------------------------------------
Guv offers $150-million backing for Olympics
By Greg Hinz
April 11, 2007
(Crain’s) — "The city of Chicago isn’t the only area government that could have “skin” in the chase to host the 2016 Olympics.
When Chicago's delegation makes its final pitch to the U.S. Olympic Committee (USOC) this weekend in Washington, D.C., one of the things they’ll have with them is a letter from Gov. Rod Blagojevich promising to push for $150 million in state guarantees that may be needed if a Chicago Olympics runs a financial deficit.
The previously unreported letter says the guarantees would have to be approved by the Illinois General Assembly and would be employed only if the city runs through other contingency and back-up funds, including $250 million of its own money.
The March 28 letter was addressed to Pat Ryan, who heads Chicago’s Olympics exploratory committee. It has been sent on to the USOC, which this weekend is scheduled to decide between Chicago and Los Angeles as the American contender to host the 2016 Summer Games. ".....
"As have Mr. Ryan, Mayor Richard M. Daley and others, the letter strongly suggests that the state money never may be needed.
Specifically, it says, the guarantee would come into play only if Chicago games lose money rather than make a projected $500-million profit, that the loss exceeds $200 million budgeted for contingencies, and that the loss exceeds $250 million in guarantees that already has been approved by the Chicago City Council.
The city also has offered a second $250-million guarantee, which would come after the state’s $150 million. ".....
"The chance that local government money may be needed is more than theoretical. Taxpayers in Montreal only recently finished paying off billions of dollars in debt left by the 1976 games.
The combined $650 million in guarantees from Chicago and Illinois is somewhat larger than $250 million in guarantees being offered each by California and the city of Los Angeles." ....
"In addition to Chicago guaranteeing up to $500 million in cost overruns, the Chicago Park District has agreed to spend $15 million for a West Side aquatics center that would be used for the games. Officials also have said they need to line up an additional $100 million in guarantees from a private or public entity that has not been named." ....
for the complete story see: http://chicagobusiness.com/cgi-bin/news.pl?id=24553
--------------------------------------------------------------------------------
Monday, April 9, 2007
News...
New Orleans City Business (4/2): tourism promoting national understanding of the extent of New Orleans recovery
Planning (Feb): everything you've wanted to know about Philadelphia -- arts, casino development, residential development, downtown living, Philadelphia transit, row house neighborhoods, and college towns
Forbes (4/16): soccer in Europe and China
Tradeshow Week (4/2): misc CVBs news (including New Orleans, Boston, etc)
Tradeshow Week (3/26): Javits Center, Vegas developments
Planning (Feb): everything you've wanted to know about Philadelphia -- arts, casino development, residential development, downtown living, Philadelphia transit, row house neighborhoods, and college towns
Forbes (4/16): soccer in Europe and China
Tradeshow Week (4/2): misc CVBs news (including New Orleans, Boston, etc)
Tradeshow Week (3/26): Javits Center, Vegas developments
Saturday, April 7, 2007
More news....
Kiplinger (3/30) predicts theme parks will have a 3.5%+ revenue growth this year after having only a 3% uptick in 2006.
CP&DR (Apr) Disney's continuing fight to block condo project next to Disneyland; L.A. River/park project
Nation's Restaurant News (4/2) interview with Fenway park chef
San Fernando Valley Business Journal (4/2) Valley group planning modern museum on the region's history
Los Angeles Business Journal (4/2) impact of commercial rents' rise L.A. retail; downtown housing driving restaurant development
Orange County Business Journal (4/2) Disney aiming to market edgier toys
California Real Estate Journal (4/2) Disney's fight over housing plans near Disneyland; Rancho Palos Verdes condo-hotel plans
San Diego Business Journal (4/2) Petco/Padres and ticket sales; residential boom in Baja CA brings $2 million to U.S. Home Depot stores; lists of San Diego area public and municipal, private championship, and semiprivate golf courses
New Orleans City Business (3/19) retail returning to Lakeview; harbor repairs slow and hurting local boating businesses; housing supply/demand causes boom in real estate revenues
CP&DR (Apr) Disney's continuing fight to block condo project next to Disneyland; L.A. River/park project
Nation's Restaurant News (4/2) interview with Fenway park chef
San Fernando Valley Business Journal (4/2) Valley group planning modern museum on the region's history
Los Angeles Business Journal (4/2) impact of commercial rents' rise L.A. retail; downtown housing driving restaurant development
Orange County Business Journal (4/2) Disney aiming to market edgier toys
California Real Estate Journal (4/2) Disney's fight over housing plans near Disneyland; Rancho Palos Verdes condo-hotel plans
San Diego Business Journal (4/2) Petco/Padres and ticket sales; residential boom in Baja CA brings $2 million to U.S. Home Depot stores; lists of San Diego area public and municipal, private championship, and semiprivate golf courses
New Orleans City Business (3/19) retail returning to Lakeview; harbor repairs slow and hurting local boating businesses; housing supply/demand causes boom in real estate revenues
Monday, April 2, 2007
Privitazation of Midway Airport
from today's Crain's Chicago Business
Midway privatization plan hits a bump
By Paul Merrion
April 02, 2007
"Southwest Airlines Co. and other carriers are balking at Chicago's plan to lease Midway Airport to a private operator, putting the brakes on the high-profile deal and the billions it could bring to city coffers.
Concerns raised about the plan have pushed back the timetable for requests for potential bidders, a process the city was hoping to begin last month so that a deal could close by the end of this year." ....
"Leasing Midway, which could fetch as much as $3 billion, is extremely important for Mayor Richard M. Daley, who hopes for a cash windfall to bolster the city's underfunded pension plans and to pay for infrastructure repairs and upkeep. The idea is similar to the agreement to lease the Chicago Skyway in late 2004, which reaped $1.8 billion.
City officials have tried to sell the airlines on the proposal by projecting cost savings over a 20-year period, presuming a private firm can run the airport more efficiently and pass those savings on to the carriers." ........
for complete article see: http://www.chicagobusiness.com/cgi-bin/news.pl?post_date=2007-04-02&id=24441
Midway privatization plan hits a bump
By Paul Merrion
April 02, 2007
"Southwest Airlines Co. and other carriers are balking at Chicago's plan to lease Midway Airport to a private operator, putting the brakes on the high-profile deal and the billions it could bring to city coffers.
Concerns raised about the plan have pushed back the timetable for requests for potential bidders, a process the city was hoping to begin last month so that a deal could close by the end of this year." ....
"Leasing Midway, which could fetch as much as $3 billion, is extremely important for Mayor Richard M. Daley, who hopes for a cash windfall to bolster the city's underfunded pension plans and to pay for infrastructure repairs and upkeep. The idea is similar to the agreement to lease the Chicago Skyway in late 2004, which reaped $1.8 billion.
City officials have tried to sell the airlines on the proposal by projecting cost savings over a 20-year period, presuming a private firm can run the airport more efficiently and pass those savings on to the carriers." ........
for complete article see: http://www.chicagobusiness.com/cgi-bin/news.pl?post_date=2007-04-02&id=24441
The Olympics, Dave Wilcox, and ERA
from 3/30 Crain's Business:
L.A. officials say Olympics would bring city $7 billion
March 30, 2007
(AP) —
"Landing the 2016 Olympics would be a financial bonanza for the city of Los Angeles, bringing in more than $7 billion in revenue and creating nearly 70,000 jobs, city officials said Friday.
The revenue would be generated in large part by an estimated 877,000 out-of-town tourists expected to visit Los Angeles during the games and stay at its hotels, dine at its restaurants and go home laden with souvenirs. People would purchase as many as 6.2 million tickets to various Olympic events, according to the report.
"Bringing the games to Los Angeles will mean Olympic gold for every community in our city," Mayor Antonio Villaraigosa said, stating the $7-billion figure twice for emphasis." .........
"According to the firm Economic Research Associates, which prepared the report, bringing the Olympics to Los Angeles would create 67,825 full-time jobs, many of them in the hospitality and transportation industry. Many would remain after the games, officials said, although they didn't give a figure." ....
"The $7-billion revenue figure is a conservative one and is based on 2007 rather than 2016 dollars, said David Wilcox, the report's lead author. He said his company helped prepare financial estimates for such Olympic host cities as Lake Placid, N.Y.; Salt Lake City; Beijing, and Los Angeles in 1984.
The current Los Angeles revenue estimate is more than double the $3 billion the 1984 Olympics brought to the city." .........
for complete article see: http://www.chicagobusiness.com/cgi-bin/news.pl?post_date=2007-03-30&id=24438
L.A. officials say Olympics would bring city $7 billion
March 30, 2007
(AP) —
"Landing the 2016 Olympics would be a financial bonanza for the city of Los Angeles, bringing in more than $7 billion in revenue and creating nearly 70,000 jobs, city officials said Friday.
The revenue would be generated in large part by an estimated 877,000 out-of-town tourists expected to visit Los Angeles during the games and stay at its hotels, dine at its restaurants and go home laden with souvenirs. People would purchase as many as 6.2 million tickets to various Olympic events, according to the report.
"Bringing the games to Los Angeles will mean Olympic gold for every community in our city," Mayor Antonio Villaraigosa said, stating the $7-billion figure twice for emphasis." .........
"According to the firm Economic Research Associates, which prepared the report, bringing the Olympics to Los Angeles would create 67,825 full-time jobs, many of them in the hospitality and transportation industry. Many would remain after the games, officials said, although they didn't give a figure." ....
"The $7-billion revenue figure is a conservative one and is based on 2007 rather than 2016 dollars, said David Wilcox, the report's lead author. He said his company helped prepare financial estimates for such Olympic host cities as Lake Placid, N.Y.; Salt Lake City; Beijing, and Los Angeles in 1984.
The current Los Angeles revenue estimate is more than double the $3 billion the 1984 Olympics brought to the city." .........
for complete article see: http://www.chicagobusiness.com/cgi-bin/news.pl?post_date=2007-03-30&id=24438
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