Monthly Archives: August 2007

Venetian Macau is big, but Macau is bigger

August 31, 2007 11:12 am

If you’re not totally Macau-ed to death by the coverage of the Venetian Macau’s opening, here’s a great summary of what the big deal is. From the Economist:

Its construction involved filling in the sea between two of Macau’s islands to recreate the Las Vegas strip, and then carefully cutting out tiny canals to provide at least a hint of Venice. On August 28th the Venetian Macau, the world’s biggest casino, opened its doors to an ocean of people eager to get to its tables.

A packed ceremony in the casino’s 15,000-capacity arena culminated in Diana Ross singing “Ain’t No Mountain High Enough”—reflecting, perhaps, the hopes of both the gamblers with their stacks of chips, and the firm behind the casino, Las Vegas Sands. It would be hard to find a project more amenable to hype, or an industry less shy about disclosing its extravagance. The enormous building, Asia’s largest, required 20,000 construction workers and 3m sheets of gold leaf. Running it takes 16,000 employees and enough power for 300,000 homes. Construction costs swelled from $1.8 billion to $2.4 billion—more, the South China Morning Post pointed out, than Macau’s entire public-works budget for the past five years.

The Venetian has 870 tables and 3,400 slot machines in the world’s largest gambling hall, which is encircled by 350 shops, more retail space than any Hong Kong mall. That is also over twice as many tables as existed in all of Macau in 2002, when a local monopoly was broken and the Las Vegas operators were allowed in. This brought together American firms, with their business plans and architectural schemes honed in Nevada, and enthusiastic Chinese punters. Macau’s old casinos could not compete. Las Vegas Sands opened its first casino in Macau in 2004, and it became profitable overnight, as did casinos opened by fast-moving rivals. Investors took a while to understand the market’s potential, but between late 2005 and early 2007 shares in Las Vegas Sands doubled.

Chinese gambling | Macau wow | Economist.com

Is the Venetian really the largest building in Asia? I’m not saying it isn’t, but that’s a pretty grand claim.

I don’t even want to think about how they do table drops for 870 games. The next time I’m over there, I’ve got to get a tour and see how they can get a place that big to work. Scheduling dealers alone must be quite a task.

I wonder what Venetian Macau would have cost to build in Vegas? Considering that it was cheaper to build than Wynn Las Vegas and much bigger, I’m guessing that the costs might be prohibitive.

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Econ 411 at UNR

August 29, 2007 2:07 pm

Today’s my first day of class at the University of Nevada Reno, so I’ve spent most of the day poking around campus and getting my NetID so I can log onto a computer, check my email, and see what’s happening in the world. Ergo, I will not post on any external news stories.

I never thought I’d use “ergo” in a post, but as steeped in academia as I am today it seems to feel right.

It’s nice being in a city that’s about 30 degrees cooler than Las Vegas, though I’m sure spending hours in the airport each week is going to take it’s toll. I finished most of Douglass North’s Structure and Change in Economic History on the way up (OK, I had a head start) and I’m looking to do quite a bit of reading while waiting for flights. The upshot for you? More book reviews, hopefully.

If anyone has any suggestions for a decent lunch spot on or around UNR’s campus, please email me. I had a spinach and cheese stromboli at the Overview in the student union today, and I’m not looking forward to 15 more weeks of that.

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Reveling in a new casino

August 28, 2007 12:11 pm

I probably should post on the opening of the Venetian Macau, but I won’t, at least not today. Instead, there’s a casino project on the drawing board in Atlantic City that looks more interesting to me today. From the AC Press:
Revel Entertainment Group, an upstart gaming company backed by Wall Street investment giant Morgan Stanley, plans to develop a $2 billion casino hotel that will top out at nearly 4,000 rooms and tempt customers with an array of retail and entertainment attractions.

Revel wants to build two hotel towers of 1,936 rooms each, but market conditions will dictate the timing of the second one. The towers will soar 700 feet high, becoming the tallest buildings in town and dwarfing anything else currently on the Boardwalk.

Kevin DeSanctis, Revel’s chief executive officer, said the emphasis on hotel rooms fits in with the city’s evolution from a gambling market historically dominated by daytrippers to one that targets wealthier overnight guests.

“When you think about Atlantic City today, the reality is that Atlantic City just can’t rely on the convenience customer anymore,” he said of gamblers who stay for only a few hours before heading home. “From our perspective, in order to attract a customer to stay overnight, you have to give them reasons to stay overnight. That’s exactly what this property is designed to do.”

The 48-story towers will be built in two phases. Combined, they will give Revel more hotel rooms than any other Atlantic City casino. But if Revel elects to stay with only one tower, four other casinos in town will have more rooms based on their existing inventory or expansion projects that will open in 2008.

Before moving forward with construction of the second tower, Revel will study the market and decide on the proper mix of suites and standard rooms, DeSanctis explained.

“I’d love to build the two towers first,” he said. “But the reality is, we’re not exactly sure what types of rooms will make sense. So if the customers like more suites, then we’ll build more suites. But if they like more rooms, then we’ll build more rooms.”

Revel is clearing the 20-acre oceanfront tract where the casino is planned. The site is bordered by New Jersey, Oriental and Metropolitan avenues, overlooking the Boardwalk next to Showboat Casino Hotel. A grand opening is scheduled in 2011.

Plans revealed for $2B. casino hotel

This is exactly the kind of project that the city needs. I don’t see any belly-aching about the Bader Field site here–just a desire to build the best in the market and let the customers decide for themselves.

I like the two towers concept (no, that’s not a Tolkien reference, at least not an overt one). I think that’s what they should have done with the Taj’s expansion. I read somewhere that Shah Jahan, who built the REAL Taj Mahal as a tomb for his favorite courtesan, wanted to build a matching tomb for himself in black. Instead, his son overthrew him and imprisoned him in the Red Fort.

Just imagine how cool an identical Taj tower in black would have looked! At least it wouldn’t be the usual white concrete/red lighted sign look that dominates the city. I haven’t seen enough of the actual expansion to say anything insightful…yet. But I still like the thought of the white and black towers, side by side.

I’d really like to see renderings for the Revel project. It sounds like the bold move ahead the city needs. If you click through, you’ll read that they’re even going to include a wedding chapel–something I can’t believe no one in AC has done yet.

It’s great to hear about new construction on the Boardwalk.

While we’re talking about that end of town, I still haven’t gotten a satisfactory explanation about why Harrah’s painted the Showboat beige. I guess, like the Mormon Will’s true provenance, it’s something I’ll just have to be content not knowing.

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Running in moonlight

August 27, 2007 12:45 pm

Well, I didn’t get stepped on by a cow or abducted by aliens, so I’m back after running the E.T. Full Moon Midnight (1/2) Marathon Saturday night/Sunday morning. I really liked the race, and I’ll do it again next year.

I decided to pay $25 for the bus trip out to Rachel, which was a great idea, since I didn’t have to worry about finding the place and, in theory, would be able to sleep on the way back. We started running the 1/2 marathon at 12:20, and it was a truly surreal experience. For a while, I was with a big pack of people with headlamps, but when I broke away from them and looked back, it was a bit freaky: imagine yourself running down a desert road in the middle of the night, seeing a bunch of people with headlamps chasing you. Very sci-fi.

Even when I was by myself (which was pretty much everything after mile 7 or so), I didn’t need a flashlight because the moon was so bright.

I can’t really verbalize what it felt like running by moonlight, in the middle of a desert…probably the best way is that it’s closest I’ll ever get to running on Mars (yes, I know there’s no air on Mars). So even though we didn’t see any aliens, it really felt extra-terrestrial.

The course was uphill for the first seven miles or so, which was a little more than I expected, and I definitely felt the altitude (it’s around 5000 feet). But this was a really fun race, and quite a novel experience for me. If I lived out in the desert, I’d do a lot more running at night. Schedule permitting, I’ll run this one again next year.

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Fremont East: Neon and check cashing!

August 24, 2007 11:55 am

Downtown Las Vegas has its problems–flat or declining revenues for its casinos, and uncertainty about where it’s going. Will the Arts District lead to a full-blown gentrification of the area, or will a new arena draw crowds? While those questions remain, teh city is trying to help out by sprucing up what has traditionally been a very tourist-unfriendly area, Fremont East. From KLAS:

A multi-million dollar re-do of an area in downtown Las Vegas is finished. It’s called Fremont East. Downtown doesn’t have a great reputation for being safe, but the city hopes the new area will change that.

Tonight there is a big lighting ceremony to show off the improvements. When you spend $5.5 million to try to transform an area, it better have a visible impact. A giant martini glass is part of the three block transformation. Tonight, it will be lit up at 7:45 p.m.

But that’s not all they’ve done down here. The project started in January, a public-private partnership between local businesses and the city. That means both the city and businesses pitched in the money.

Workers widened sidewalks, improved the landscaping, and created an arched gateway that will be lighted. There are four 40-foot tall retro-looking neon signs. The area is obviously trying to capitalize on Glitter Gulch’s old reputation in a good way.

Mayor Oscar Goodman calls it a Renaissance from Fremont Street East’s reputation for crime and drugs. “The perception is that it’s dangerous. It’s not dangerous. I’ve walked there every single day. It shouldn’t be scary because if you talk to Metro, they’re going to tell you it’s as safe a place as there in any community.”

Part of the goal is to try to lure some of the 18 million people out of Fremont Street every year, and try to get some of them to venture to the new businesses in the area.
Las Vegas Now – Breaking News, Local News, Weather, Traffic, Streaming Video, Classifieds, Blogs – Fremont Street East to Show Off Multi-Million Dollar Improvements

Watching the live report this morning, something struck me: this is basically beautifying a stretch of street where the main businesses are check cashing places and bars. Now, I’ve gone to poetry readings at the Beauty Bar (which is one of the bars in question), and I think it’s a welcome alternative to the casino club scene and the ubiquitous video poker dens. So I’m not saying that there’s something wrong with Fremont East–on the contrary, I’ll continue to go there when I’m downtown.

But only in Vegas could putting neon lights up around bars and a check cashing place be considered a high point of civic involvement. It makes me wonder whether the money could have been better spent on something like, oh, law enforcement or schools instead. This being Vegas, though, we get a big neon martini glass, and all is well.

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Gaming Expansion at G2E

August 23, 2007 11:59 am

I’ve finally gotten official word today: I’m moderating a panel at this year’s Global Gaming Expo. Here’s the session:

Gaming Expansion: Push and Pull Factors in 2008 and Beyond
Tuesday, November 11, 9:15 AM-10:15 AM
In recent years, gaming expansion has been inconsistent, with dramatic victories in Pennsylvania and Kansas, partial success in Florida, and rejection in Rhode Island. This panel will examine the factors that drive gaming expansion for suppliers, operators and states. In addition to handicapping the chances of continuing expansion, attendees will hear several viewpoints on the ongoing phenomenon.

Should be fun. Optimally, I’d like to have someone on the panel who’s opposed–or at least bearish–on continued expansion, but I’m not sure that someone against gambling expansion would go to a gambling industry conference. Still, I’m looking forward to it, and I encourage you to attend, if you’re going to G2E.

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Full moon + ETs = fun run

August 22, 2007 1:20 pm

This run sounds like fun–I’m doing it this Saturday/Sunday. It’s the ET Full Moon Midnight Marathon, 1/2, 10K:

Running along the fringe of the mysterious Area 51, this stretch of highway (375) has an overwhelming number of reported UFO sightings. So much so, that in 1996 the federal government officially named highway 375 the Extraterrestrial Highway. Not only is the ET Highway full of alien fun, it traverses some gorgeous scenery as well. At roughly 4000-5600 foot elevation, the high desert abounds with joshua trees and other vegetation unique to the area. This road is also “open range”, so don’t be surprised if you’re passing cows on course!

www.calicoracing.com

We get into a bus at the Atrium Suites at 8:30, arrive in Rachel 2.5 hours later, and start running the half-marathon at 12:30. Running a half-marathon in the dark (you’re supposed to bring a flashlight) is a first for me, so I’m excited.

If I don’t post anything on Monday, I either got abducted by aliens or stepped on by an irate cow.

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Exchanging cards and dollars

August 21, 2007 1:14 pm

There’s not too much pressing news, so I’m posting a link to this article about why poker players might be good at playing the currency exchange game:

Poker is arguably the most popular game of chance in modern gambling. Its popularity has seen unprecedented heights over the last decade with tournaments frequently broadcast on major cable channels such as ESPN. Many people have become familiar with the famous poker stars of today, who have become household names.

What makes these well known poker players great? Would these talents translate to other ventures? We think so. In fact we think that we’ve found the perfect alternative occupation for skilled poker players. The answer is Forex trading.

Forex is the trading of different countries’ currencies in order to gain profits. Poker players possess many of the same attributes of a good Forex Trader. Don’t believe us? Well, we’ve created a list of the top 11 Reasons why poker players make great Forex traders:

11 Reasons Poker Players Make Great Forex Traders | Currency Trading.net

I’m getting more and more requests to post things. I bring a lot of it on myself. I don’t think it’s a coincidence that less than 24 hours after posting on the coincidental naming of a Las Vegas master-planned community after part of J.R.R. Tolkien’s Middle Earth, I got an email from a site called “Free Geekery.”

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An Elven refuge in Las Vegas

August 20, 2007 12:30 pm

Las Vegas isn’t known for rampant Tolkienism, but this is just too funny: they’ve turned part of Middle Earth into a master-planned community. Really:

Located in the scenic master planned community of Mountain’s Edge, Rivendell features elegantly designed single story homes in a exclusive gated community. Mountain’s Edge will be a complete community including shops, restaurants, parks and schools within the community.

Community Detail: Rivendell at Mountains Edge

I’m looking for a new house, so maybe I’ll see if anything opens up in Lothlorien or the Shire. With home prices being what they are, I’d settle for something in downtown Mordor if the commute to UNLV wouldn’t take so long.

Should I be surprised or relieved that Cirque hasn’t done a Tolkien-themed show on the Strip? It’s a toss-up.

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Gambling ref pleads guilty

August 16, 2007 1:54 pm

Tim Donaghy, the NBA ref accused of gambling on games that he refereed, has plead guilty. From USA Today:

The Boston Celtics, favored by four points, faced the 76ers in Philadelphia on Dec. 13 and won 101-81 in what seemed to be just another NBA blowout featuring bad Atlantic Division teams.

On or about the same date in Pennsylvania, an NBA referee assigned to that game had spoken in code with someone by phone to give him his pick for what NBA team to bet on. The next day, that “top-tier” referee, Tim Donaghy, met with gambling associates in Pennsylvania to pick up his cash payment for the pick.

On or about Dec. 26, Donaghy made a similar call to give another pick. That night he worked the Memphis Grizzlies-Wizards game in Washington, won 116-101 by the 7½-point favorite home team.

And on or about March 11 of this year, Donaghy met with a man in Toronto and got a cash payment. That night he worked the game won by the 6½-point favorite Raptors 120-119 vs. the Seattle SuperSonics.

In a court very different from where he once worked, Donaghy, 40, pleaded guilty Wednesday to two felony charges in the gambling scandal that has stunned the sports world. Released on $250,000 bond from federal court in Brooklyn, he faces up to 25 years in prison when he is sentenced Nov. 9 for conspiracy to engage in wire fraud and transmitting betting information through interstate commerce.

“Some of my picks included games I had been assigned to referee,” Donaghy said. It is not known if he made officiating calls during the game to help the team he predicted would win.

The “rogue” referee, as NBA Commissioner David Stern described Donaghy, must pay a $500,000 fine and at least $30,000 in restitution.

Former ref Donaghy details his gambling deception – USATODAY.com

As with the Tocchet case, I would hope that some good can come out of what is an awful situation for everyone involved–namely, a serious discussion of the relationship between gambling and sports. But, since this is just a “rogue” referee, I guess we won’t be hearing too much more about gambling and sports—until the next “isolated incident” erupts into scandal.

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