There was an article in Time magazine about Las Vegas recently. It said table gaming is becoming less of a draw and the casinos are betting on slots. Actually, young people are spending more money on booze and shows than gambling at all. Maybe this is a national trend and no need to be concerned locally.
dredger wrote:^ Tropicana like any other company can be burden with debt so I wouldn't agree wholeheartedly with your comments Roger. Hopefully, I will be mistaken for what I perceive will happen and what will happen after the sale. .
Don't get me wrong, I'm not saying that Icahn can't drag the properties down, but just saying that even if Lumiere is Icahnized, it still won't be nearly as bad for the city as say the TWA demise or loss of a manufacturer employing thousands with high pay. Casinos essentially just shift entertainment dollars from within the region and not creating new $$ for the economy) and are low pay jobs; the other thing in our favor is that with no more casino licenses to let in Missouri, it essentially is a monopoly. It may get down-trodden and employ and attract fewer people, but it isn't going anywhere and the overall hit to Saint Louis wouldn't be that great.
I'm really concearned about what this means for the Four Seasons. It's been ranked a five star hotel and is a big plus to have in our city. I know an earlier article said they would continue to operate as a Four Seasons. But with Tropicana being more of a "economy" option in the casino universe would The Four Seasons want to continue to lend it's name to this hotel. I so would have liked to see one of the more prestigeous names in the business to have bought it.
Remember, Lumiere is a premium product sold at a premium price. I sure don't think Icahn Enterprises is going to stick their thumbs into Lumiere's eyes and gouge it into a haven for slots and kill off a profitable modern hotel franchise with it.
Also, while I'm not a giant fan of Carl Icahn, he has successfully operated American Railcar here in Greater STL. Which is nice.
^True. I think it was built for $507MM. Of course, it opened in December 2007, right when real estate was cresting its peak. Book value of the casino as of 6/28/13 was $401.5MM. It was sold for $260MM. It had revenues of $180.81MM for the 12-month period ended 3/31/13. Still, the gaming industry has been taking it roughly in recent years, especially as most people don't have the disposable income like they used to. There's now a glut in the casino world, too many venues, not enough gamblers. Compared to other casino buyouts, this one did pretty well, such as the comparable buyout of PNK's Lake Charles, LA casino for around $214MM, I believe minus an additional $37MM credit charge. Both, of course, were sold quickly for FTC approval of PNK's buyout of Ameristar Casinos nationally.
Same time, no, Lumiere's acquisiton was not as much as, say, Hollywood Casino's purchase of Harrah's STL a couple years ago, I think right at $600MM for their entire site and management of their hotel.
Unfortunately I don't see Tropicana developing the surrounding area. Was hoping a company with a vision was going to come in with plans for some vacant parcels on the Landing.
^Perhaps they'll sell that land to developers who will actually build up on all those parking lots. I have a whole lot more faith in having the casino run the casino & selling the land to developers who will actually develop non-casino properties on the land, rather than having the casino play developer and muck it up. At most, I see Tropicana building a garage and helping developers source retail into new buildings.
However, Babinski said Tropicana is mulling a “bigger idea” for the area than the existing parking lots but first wants to see how the new Ballpark Village development across downtown does during the off season.
So basically we can expect another Ballpark Village on the landing... super.
The casino could benefit from some beautification around the immediate area. In fact, I'm actually very surprised that the Lumiere and the Four Seasons hasn't push for more development or at least beautification around the area. If you want big time gamblers from out of town to stay for extended periods of times or even just weekends, you must make the surrounding areas more vibrant, safer, brighter, and frankly beautiful. This is something Las Vegas does, it makes their casinos more than just a gambling hall, it makes their casinos a resort and destination. A casino resort with Arch views and a revitalized/connected landing would go a long way. I wish we could remove 70, but since that is off the table for a generation, can we at least have Lumiere embrace the surrounding areas?
Yes, I remember that statement by Slay. I'm sure he has already seen the plans. Remember there was a recent tweet about Koman working on a project that would "rival" BPV, maybe even bigger? I wonder if that's the plan. I think if a mixed use landing TOD project was packaged right it would sell well. Something like the Banks in Cincinnati, except with Metrolink and a Casino. I've always wondered why Metro and the city never scouted out a developer from a major TOD project in the city. Grand, Laclede's Landing and Union Station come to mind. Seems like it would sale well. I'd rather see 6 $100 million TIFs for TODs in the city than 1 $600 million TIF for McKee with zero certainty.
goat314 wrote:The casino could benefit from some beautification around the immediate area. In fact, I'm actually very surprised that the Lumiere and the Four Seasons hasn't push for more development or at least beautification around the area.
No doubt. Demo of Sligo Steel should be a priority, and that would make available a large swath of development potential to the north and northeast.
Edit: and development to the north would help mask that nasty utility substation... it would be nice if some screening/fencing could soften that ugliness.
I can only assume that Koman was involved with the new Casino Queen, and we know how well that turned out</sarcasm>
Previous Lumière Place management under Pinnacle had once considered redoing the area from the casino complex to the Mississippi River as condos and mixed-use projects. That plan eventually died with the recession and change of leadership at the casino operator.
However, Babinski said Tropicana is mulling a “bigger idea” for the area than the existing parking lots but first wants to see how the new Ballpark Village development across downtown does during the off season.
I seriously hope that the "Phase II" of Lumiere Place still includes the condos and mixed-use projects, however I think adding the previously talked about Ferris Wheel along the river and other attractions could make the landing a unique destination. There are already bars and restaurants on the Landing, so hopefully whatever is built it will complement the existing businesses and further enhance what’s left of our historic riverfront.
vpr611 wrote:I seriously hope that the "Phase II" of Lumiere Place still includes the condos and mixed-use projects, however I think adding the previously talked about Ferris Wheel along the river and other attractions could make the landing a unique destination. There are already bars and restaurants on the Landing, so hopefully whatever is built it will complement the existing businesses and further enhance what’s left of our historic riverfront.
Wouldn't make it unique anymore! LHM (Lodging Hospitality Management) has already announced it'll be placing a 200ft. ferris wheel at Union Station (though, sadly, not the idea that I posed -- having it actually rise through the trainshed roof...). Much better location at US than LL anyway, and will hopefully lead to even more development in/under the trainshed (c'mon trainshed ice rink!)
vpr611 wrote:I seriously hope that the "Phase II" of Lumiere Place still includes the condos and mixed-use projects, however I think adding the previously talked about Ferris Wheel along the river and other attractions could make the landing a unique destination. There are already bars and restaurants on the Landing, so hopefully whatever is built it will complement the existing businesses and further enhance what’s left of our historic riverfront.
Wouldn't make it unique anymore! LHM (Lodging Hospitality Management) has already announced it'll be placing a 200ft. ferris wheel at Union Station (though, sadly, not the idea that I posed -- having it actually rise through the trainshed roof...). Much better location at US than LL anyway, and will hopefully lead to even more development in/under the trainshed (c'mon trainshed ice rink!)
Yeah, no messing with Kevin's Union Station ferris wheel. It is his idea and he's angling to be the operator! Kevin, will you be taking tips, btw?
How about a 630 ft ferris wheel Hey that would beat out Las Vegas right? Adding condos or apartments to Lacledes landing would help out both Lumiere and the landing itself.. Everyone's not going to gamble but the one that do are likely to spend a lot cash... There needs to be a bigger draw to the landing and i believe residential is #1... Are there any plans to get rid of that ugly hotel/motel across from Lumiere?
roger wyoming II wrote:Yeah, no messing with Kevin's Union Station ferris wheel. It is his idea and he's angling to be the operator! Kevin, will you be taking tips, btw?
Ha! Nah, no vanity here. All I ask is that they name it after me...
The Landing's a tough nut, sure enough, because for every preserved/revitalized historic building there's a big ol' parking lot where another once stood. Hard to say 'no' now to new modern design when its historic assets now only make up about 40% of it. That'd be outstanding if Tropicana built on top of its surface lot (preferably with a dig-down for tenant parking). The original Phase 2 design, with the river-facing units looking kind of like a windowed flood wall, was pretty cool/interesting.
Have to agree, I thought the original phase II was a pretty good plan and at same time was realistic about the river levels and the rail track. I also thought it was geared towards the city instead of another cheap entertainment gimmick next to a casino. Or at least that was my take away from looking at the display of phase II that Pinnacle had in Southwest Baggage claim area for a while.
As far as a tough nut to crack. I believe that nut is cracked if Tropicana puts money back into the casino, Drury puts in a residential tower and Koman shows ups to party with a new HQ for Bunge NA. How much office space did Koman built out for Cityplace at the end of the day? and that is 90% leased. Having Drury family buying into the landing and being able to get a developer like Koman who has actually built out Class A office space showing up at the Landing would be big. At that point, some one with political pull will say to themselves that the raised freeway will have to go.
^Cool. Seems like a no-brainer and a savvy move by the new ownership (Tropicana) to differentiate the sports bar, and give it a little more local appeal.