Bonusbud Casino Blog

Harrah’s Gaming says it won’t build its planned $500 million casino and resort near Mulvane, the Kansas Lottery said Monday.

In a news release, the lottery says a representative from the casino development company informed the agency of its decision this afternoon in a letter.

Jeffrey Ungerer, of Sumner Gaming Joint Venture, wrote: “We truly regret that we must withdraw our gaming application as a result of circumstances beyond our control that do not permit us to meet the proposed schedule for the project. In the event the financial climate improves, we may be interested in reapplying for a gaming license should the process in the South Central zone be reopened for bids.”

Harrah’s teamed with a Topeka development firm on its project near Mulvane. The investment group, Sumner Gaming, was one of four that applied for a casino license in Sumner County under a 2007 expanded gambling law.

But after Sumner Gaming was selected as the state’s preferred developer in Sumner County, the national economy has deteriorated. Financing for development projects has gotten difficult to obtain as the nation’s financial institutions have struggled.

“We are, of course, disappointed that Harrah’s has withdrawn its plans for a casino in Sumner County for financial reasons,” said Kansas Lottery Executive Director Ed Van Petten in a statement. “They tell us it is not feasible for them to move forward with the project at this time, and we have to respect their decision. The lottery will be taking steps to re-open bids in the South Central zone. While this is a challenging time for the gaming industry as a whole, we believe a gaming facility in Sumner County will eventually become a reality.”

The state’s gaming law, which took more than a decade for the Legislature to pass, was designed to spur economic development and generate state tax revenues by permitting four “destination” casinos in Kansas. But the law has struck tough times. Already, Penn National Gaming has backed out of plans to build a casino near Pittsburg.

Other casinos are planned near Kansas City, Kan., and Dodge City.

The lottery plans to solicit new developers for both the Pittsburg and Sumner County areas.

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RENO, Nev. - Monarch Casino & Resort Inc., the owner of the Atlantis Casino Resort Spa in Reno, Nev., said Wednesday its net profit in the third quarter fell 50 percent as revenue sank and promotional giveaways crept higher.

Net profit fell to $4 million, or 25 cents per share, from $8 million, or 41 cents per share, in the year-ago quarter. Net revenue dropped 11 percent to $38.8 million from $43.6 million.

Analysts surveyed by Thomson Reuters expected earnings per share of 21 cents and revenue of $38.5 million.

Casino operating expenses grew 8.2 percent to $10 million, due largely to the giveaway of free food, drinks and other services to patrons.

Chief Executive John Farahi cited the weak economy in Northern Nevada for revenue shrinkage while profits were hurt by “aggressive marketing and discount programs initiated by our competitors.”

Shares of Monarch Casino slipped 10 cents to close at $6.70.

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The gaming industry was long thought to be recession proof

Southeastern Connecticut is gearing up to deal with a huge economic dislocation as Foxwoods casino lays off 700 workers.

The gaming industry was long thought to be recession proof, but the latest downturn is beginning to take its toll. After Mohegan Sun’s decision to delay its expansion plans comes the news that Foxwoods will lay off about six percent of its workforce. The Eastern Connecticut Workforce Investment Board has dealt with many large scale layoffs in the region, helping to place or retrain affected workers. But the Board’s director John Beauregard says this one is daunting.

“Reabsorption will definitely be a challenge, especially with the economy the way it is right now. That number of 700, if indeed it does stay at that level, ranks among the largest that we’ve dealt with in a decade or so. I think we would have to go back to some of the layoffs we experienced during defense downsizing to hit those kinds of numbers.”

The Mashantucket Pequot tribe, the owners of Foxwoods, have said the layoffs will come across the board, affecting both hourly employees and management. The layoffs will be staggered over the next two weeks. It’s just four months since Foxwoods opened its new MGM Grand expansion, which resulted in 2 thousand new jobs.

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