pacomartin
pacomartin
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November 28th, 2011 at 12:40:00 PM permalink
Quote: Ayecarumba

While the hotel may be forced to rebrand, does the casino have to as well? Who actually holds the gaming license for the casino in the Hilton? Hilton Corporate could still operate the casino, while the hotel changes over. After all, they were operating a "Space Quest" slot parlor within the casino while the Star Trek attraction was operating.

The main problem with the Hilton is the location. They are far from just about everything, and do not have enough on their property to keep guests from cabbing it to the Strip.



Colony Resorts was the one that applied for the name change.
Ayecarumba
Ayecarumba
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November 28th, 2011 at 1:05:26 PM permalink
Thanks Paco. I noted in the NGC documents that the "Parball Corporation" was the last to hold the license. It appears to be a holding company for Caesars Corporate Gaming.

I anticipate that a complete change over, with new cheque designs would be in order. However, the new license holders are supposed to coordinate with the old when the old cheques are retired. They have to post notice of exchange deadlines sometime in advance. I suspect they will introduce new logos, and use both designs for a while as they gradually take the old Hilton cheques out of circulation.
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Doc
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November 28th, 2011 at 1:59:28 PM permalink
Quote: Ayecarumba

Thanks Paco. I noted in the NGC documents that the "Parball Corporation" was the last to hold the license. It appears to be a holding company for Caesars Corporate Gaming.


Whoa! That one caught me by surprise. I can't remember the history of these things (of course pacomartin can!), but I was thinking something progressed like:
Bally's ---> bought by Hilton ---> spin off & name change to Park Place ---> more acquisitions ---> name change to Caesars ---> sold LV Hiton ---> Harrah's purchased Caesars ---> Harrah's taken private ---> name changed to Caesars

If that is anywhere close to correct, then the LV Hilton hotel (and casino, I assume) have been separated from Harrah's for at least half a dozen years, with a lot of organization changes since then. Can any part (or holding company) of Harrah's/Caesars still be holding the license for the casino at the LV Hilton?
teddys
teddys
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November 28th, 2011 at 3:03:05 PM permalink
Colony Resorts owns the LV Hilton. At one time, they owned the AC Hilton, Resorts AC, Resorts Tunica and Bally's Tunica. Now those are all spun off, and they are left with LV Hilton (LVH). They horribly mismanaged their properties and pretty much ran them into the ground.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
Tiltpoul
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November 28th, 2011 at 3:31:52 PM permalink
Quote: teddys

Colony Resorts owns the LV Hilton. At one time, they owned the AC Hilton, Resorts AC, Resorts Tunica and Bally's Tunica. Now those are all spun off, and they are left with LV Hilton (LVH). They horribly mismanaged their properties and pretty much ran them into the ground.



In all fairness, their strategy was to get deals at fire sale prices on casinos and turn them for a profit. The only one they successfully managed to sell was Resorts East Chicago, and Ameristar was somewhat idiotic to get that property given the landscape of Horseshoe changing.

Also, Resorts Tunica was the old Harrah's which was a piece of s$%^ anyways. Resorts actually made an effort to turn the property around, and initially, it was one of my favorite properties in Tunica. Bally's Tunica was never really anything special, and its small size was the ONLY reason it looked successful. While I never went to ACH or Resorts AC while they owned it, I imagine they screwed it up pretty bad.
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Ayecarumba
Ayecarumba
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November 28th, 2011 at 4:47:52 PM permalink
Quote: Doc

Whoa! That one caught me by surprise. I can't remember the history of these things (of course pacomartin can!), but I was thinking something progressed like:
Bally's ---> bought by Hilton ---> spin off & name change to Park Place ---> more acquisitions ---> name change to Caesars ---> sold LV Hiton ---> Harrah's purchased Caesars ---> Harrah's taken private ---> name changed to Caesars

If that is anywhere close to correct, then the LV Hilton hotel (and casino, I assume) have been separated from Harrah's for at least half a dozen years, with a lot of organization changes since then. Can any part (or holding company) of Harrah's/Caesars still be holding the license for the casino at the LV Hilton?



Sorry for the confusion Doc. You are correct. I was looking at the Flamingo Hilton history. Park Place Entertainment sold the LV Hilton to Colony in 2004, around the same time Park Place became Caesars Entertainment. Colony set up a holding company to run the Hilton, including the casino shortly after.
Simplicity is the ultimate sophistication - Leonardo da Vinci
pacomartin
pacomartin
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November 28th, 2011 at 5:00:53 PM permalink
Quote: teddys

Colony Resorts owns the LV Hilton. At one time, they owned the AC Hilton, Resorts AC, Resorts Tunica and Bally's Tunica. Now those are all spun off, and they are left with LV Hilton (LVH). They horribly mismanaged their properties and pretty much ran them into the ground.



Resorts International Holdings, LLC (RIH), also known as Colony Resorts Holdings (CRH) is an affiliate of Colony Capital, LLC based in Las Vegas, Nevada. RIH was created by Colony Capital in 2000 after it purchased Resorts Atlantic City from Sun International for $144 million.



The LVH - casino changed hands in 2004, when Caesars Entertainment sold the property to Colony Capital, for $280 million.

In 2005 Colony Resorts purchased four more properties from Caesars and Harrah's for a total of $1.24 billion prior to the Harrah's buyout of Caesars.

The four properties are:
Bally's Tunica,
Resorts Casino Tunica,
Ameristar Casino East Chicago (sold April 2007 to Ameristar for $675 million)
Atlantic City Hilton.

On December 10, 2009, it was announced that Resort International wasn't able to pay the mortgage for more than a year for the Atlantic City property and made a deal to have the loan canceled and surrender the property to RAC Atlantic City Holdings L.L.C. (which is owned by the lenders, Wells Fargo and others).

=============================================================


Hilton is owned by Ladbrokes PLC which doesn't want the name associated with another gaming company.

Quote: Ladbroke's history

It was towards the end of 2005 that Hilton Group’s management, responsible for two of the world’s premier brands, Hilton and Ladbrokes, announced that agreement had been reached, subject to shareholder approval, to sell the Hilton International Hotel division to Hilton Hotel Corporation, its US corporate cousin, for £3.3 billion. The deal, involving the sale of more than 400 Hilton International hotels, reunited Hilton’s 2,800-strong hotel network some 40 years after the asset split.

The Company’s name reverted to Ladbrokes PLC, Christopher Bell, the former head of Ladbrokes Worldwide, was appointed Chief Executive and the cashing in of the Hilton chips led to an epic £4 billion special payout for shareholders: no small achievement for an enterprise that, less than four decades earlier, had been capitalised at under £1 million.

The historic development of the international hotel portfolio gave way to a selective extension of Ladbrokes’ overseas interests hand in hand with the rapid growth of the eGaming operation. In 2006, Ladbrokes’ exploratory focus on Asia led to a consultancy association with the China Sports Lottery: an entrée into a country and a market described by management as a “strategic imperative.”

Doc
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November 28th, 2011 at 6:36:28 PM permalink
Quote: Ayecarumba

Sorry for the confusion Doc. You are correct. I was looking at the Flamingo Hilton history.

OK. And that's relevant to the reason I started this thread in the first place -- I am interested in adding to my collection the new chips from (Flamingo) Margaritaville Casino and the Las Vegas (former Hilton) Hotel and Casino when I next visit the city.
Ayecarumba
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November 28th, 2011 at 6:55:07 PM permalink
It will be interesting to see what actually happens, since the name change could be a play to get the Hilton name off the joint before the foreclosure gets approved.

New places also include the "Downtown Grand" (formerly the "Lady Luck"), and possibly the renamed "Las Vegas Club/Vegas Club/LVC/The Vegas Club". I don't know what the timeline on the DG is like though.
Simplicity is the ultimate sophistication - Leonardo da Vinci
Doc
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November 28th, 2011 at 7:31:01 PM permalink
Quote: Ayecarumba

New places also include the "Downtown Grand" (formerly the "Lady Luck"), and possibly the renamed "Las Vegas Club/Vegas Club/LVC/The Vegas Club". I don't know what the timeline on the DG is like though.


I did not get a Lady Luck chip before the place closed, and I will definitely want to get one from whatever they call the place when a new casino finally opens. As for the corner of Main and Fremont Streets, I was aware that the name changed from Las Vegas Club to Vegas Club and back to Las Vegas Club. Once I went in to try to get a "Vegas Club" souvenir chip, but they were still using the same chips I had collected before, with the original name. Was the name actually "LVC" at one time? I don't think they ever changed the exterior lights/sign that say "Las Vegas Club", no matter what the real name of the place was.

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