Tribal Casinos Fairing Well
Written on 2 May 2008 by adminIn an economy that is suffering a serious downturn one would think that opening a new casino and resort would be an extremely risky business. Richard Milanovich, the chairman of the newly opened Agua Caliente Casino Resort and Spa in Rancho Mirage, isn’t too worried about how the new $300 million establishment will fair. He’s confident that this new resort destination will ride out the economic storm just fine.
Agua Caliente is the third high-rise casino resort to go up in the Interstate 10 strip through Coachella Valley. The Morongo Casino Resort and Spa near Banning, and the Fantasy Springs Resort Casino are the closest neighbours to the Agua Caliente and all three of them are owned by Native American Indian tribes. Another casino and resort was built by a different tribe near Temecula as well. A fourth resort, a Ritz-Carlton is set to open in Rancho Mirage before the end of 2008.
One would think Milanovich would be worried, but he knew that the tribe could not go without the hotel considering tired gamblers would not want to leave the casino floor only to have to travel to their lodgings for the night. Because of this and other factors, he’s sure that all four resorts will fair very well.
Lately it seems that tribal-owned establishments are fairing well in this bad economy with more of the rooms being filled than many on the Vegas strip. What’s the tribe’s secret? That’s anybody’s guess, but the Morongo has shown a steady occupancy rate as compared to other establishments in a hundred mile radius. The financials are holding their own, new promotions are being offered and they are even hiring staff in all departments. The fact that they adjust to the economic conditions and go with the flow is surely a positive reason for the consistency.
Plus, the offer the competition of the other hotels and some of the business that Las Vegas is losing as people are staying closer to home. Gamblers in the surrounding areas are stopping at the Rancho Mirage resorts instead of travelling on because of high gas prices and less disposable cash. These resorts are just as nice as the ones found in Vegas and considerably closer. In addition to the casino floor, Agua Caliente has a 2,000 seat event venue and they hope to find a few big names to appear there and attract a little more business.
The management staff at all the casinos off of Interstate 10 does realize that they’ll never get all of Las Vegas’s traffic, but what they are getting is a good start.
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Tags: mirage resorts, morongo casino resort, resort casino, tribal casinos, vegas strip
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Casino billionaire wins libel case against Daily Mail
Written on 2 April 2008 by admin
UK newspaper pays out a ‘substantial’ sum to Sheldon Adelson for defamation
Sheldon Adelson is the mogul of the casino world and the 12th richest man in the world. Owner of the Sands Corporation, which includes the biggest hotels in Las Vegas and Macau, Adelson has fingers in many pies.
This week, he won a court case against the British paper the Daily Mail, for comments they made in their paper almost three years ago.
Casting a shadow on Adelson’s character and businesses, they wrote that he employed “cut-throat, ruthless and despicable business practices” and called him a “ruthless casino baron”. The paper also claimed that Adelson had been in secret talks to buy Manchester United football club – a claim that Adelson categorically denies.
The Daily Mail paid out an undisclosed but ‘substantial’ sum in compensation, as well as paying Sheldon Adelson’s legal costs. They were also forced to print an apology. Adelson’s lawyers said that the paper had paid out almost £4 million, making this one of the most expensive libel cases ever.
Although Adelson is unlikely to have suffered a dent in his gargantuan fortunes as a result of the publication, the statements made by the Daily Mail were an attack on his reputation and character – the article even mentioned unsubstantiated incidents involving Adelson’s wife and stepsons in what could only be described as a character assassination.
After the case, Adelson commented that he was “delighted that we have been fully vindicated and that the Mail has recognized that the allegations it made are utterly false.”
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Tags: casino world, manchester united football club, sheldon adelson