teddys
teddys
Joined: Nov 14, 2009
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December 9th, 2011 at 8:49:39 AM permalink
Apologies if this was mentioned before:

Golden Gate owners purchase Fitzgerald's

Quote:

Independent downtown researcher Frank Martin said he thinks the Fitzgeralds purchase is a good deal for the market.

"In my opinion, the owners are making a good strategic move for the future," Martin said.

But he added that based on continuing stagnation in downtown gambling revenue, it's not likely the casino floor will add new workers.

"He may very well want to increase employment," Martin said. "But I suspect that he wants to increase employees in food, beverage, entertainment, and room departments.

"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
OneAngryDwarf
OneAngryDwarf
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December 9th, 2011 at 9:08:19 AM permalink
One of the nicer downtown joints buying one of the dumpier ones...interesting. Hopefully they'll fix it up a bit. That parking garage is like something out of a horror movie.
"I believe I've passed the age/of consciousness and righteous rage/I've found that just surviving was a noble fight... I once believed in causes too/I had my pointless point of view/And life went on no matter who was wrong or right..." --Billy Joel
Tiltpoul
Tiltpoul
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December 9th, 2011 at 10:52:56 AM permalink
Out of curiosity, who owns the Fitz in Tunica and Majestic Star in Gary, Indiana?
"One out of every four people are [morons]"- Kyle, South Park
pacomartin
pacomartin
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December 9th, 2011 at 12:08:02 PM permalink
Quote: teddys

Apologies if this was mentioned before:

Golden Gate owners purchase Fitzgerald's

Quote:

Independent downtown researcher Frank Martin said he thinks the Fitzgeralds purchase is a good deal for the market.

"In my opinion, the owners are making a good strategic move for the future," Martin said.

But he added that based on continuing stagnation in downtown gambling revenue, it's not likely the casino floor will add new workers.

"He may very well want to increase employment," Martin said. "But I suspect that he wants to increase employees in food, beverage, entertainment, and room departments.



My original comment was that downtown Las Vegas has far more employees to make the same amount of gaming revenue then Boulder Strip, or The Strip, or any other gaming district. When you have that kind of mismatch in operating costs and revenue, the market normally corrects itself by consolidation of operations.

Of course, the reporter's comeback was that the owners of Golden Gate promised all kinds of new jobs if the merger was permitted. I was stuck with the bullshit that business owners always shovel when seeking regulatory approval. For example Southwest Airlines promised that if regulators would allow them to purchase AirTran airlines that they would keep most, if not all of the existing markets. Of course, once they get approval they begin cutting cities.

But it is difficult to call people liars in print, since they can always declare they had good intentions but the market just wasn't right. So I had to equivocate a little.

I did flat out ask one reporter why he was regurgitating all the misdirection that the executives were dishing out. He said that frankly the executives should get their say, and if he completely ignores it they won't return his calls. He also said people want to hear good news.

teddys
teddys
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December 9th, 2011 at 1:25:50 PM permalink
Quote: Tiltpoul

Out of curiosity, who owns the Fitz in Tunica and Majestic Star in Gary, Indiana?

Either Don Barden's Barden Gaming corporation or his estate, not sure of the corporate structure.

We know of at least one new hire -- he is on this board. So they evidently did some casino floor hiring.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
pacomartin
pacomartin
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December 9th, 2011 at 1:53:49 PM permalink
Quote: teddys

Either Don Barden's Barden Gaming corporation or his estate, not sure of the corporate structure.

We know of at least one new hire -- he is on this board. So they evidently did some casino floor hiring.



Don Barden's company bought all three properties. The corporation already owned the Majestic star. However, after a few years, he transferred the Vegas property to private ownership, which was separate from the MS. I think he wanted it for collateral in case he wanted to do his own project.

He was actively trying to sell the Vegas property for years before he died.
FleaStiff
FleaStiff
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December 9th, 2011 at 3:11:19 PM permalink
Quote: pacomartin


I did flat out ask one reporter why he was regurgitating all the misdirection that the executives were dishing out. He said that frankly the executives should get their say, and if he completely ignores it they won't return his calls. He also said people want to hear good news.

People want to hear the truth. Most corporate press releases are what you've termed misdirection and reporters too frightened to dig for the dirt probably only write pablum that is not much different than the press release. Send that reporter back to journalism school.
NicksGamingStuff
NicksGamingStuff
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December 9th, 2011 at 3:52:53 PM permalink
I read something online, that the company that bought Fitz (desert rock enterprises) filed some trademark patents for " The D Hotel & Casino" and "The D Bar" perhaps that is the new name?
Tiltpoul
Tiltpoul
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December 9th, 2011 at 3:58:26 PM permalink
Quote: pacomartin

Don Barden's company bought all three properties. The corporation already owned the Majestic star. However, after a few years, he transferred the Vegas property to private ownership, which was separate from the MS. I think he wanted it for collateral in case he wanted to do his own project.

He was actively trying to sell the Vegas property for years before he died.



I guess I'm confused. I thought city council in Gary, IN wanted to get rid of the Barden corporation, even if that meant shutting down the two casinos licenses they owned. Another player told me that they shut them down, but the website says it's open, although it's just CASINO, not CASINOS. It wouldn't surprise me if they moved all operations onto the original Star boat.
"One out of every four people are [morons]"- Kyle, South Park
EvenBob
EvenBob
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December 9th, 2011 at 4:05:54 PM permalink
In any other city, a building built in 1979 would be
condsidered almost new, or not that old. In Vegas
its considered ancient, how is it even still standing
on its own. There's nothing wrong with the Fitz
that a renovation won't cure. I remember when it
was brand new, seems like yesterday.
"It's not enough to succeed, your friends must fail." Gore Vidal

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