Binnions SOLD

[*TT*]

[ QUOTE ]
Building from scratch is really next to impossible. Not only would it be impossible to get a return given the horrid location and extreme construction costs, they don't even own all the land the site is on. IIRC here are parcels literally in the middle of the site that are leased from 3rd party owners who I believe to this point have steadfastly refused to sell.

[/ QUOTE ]

I didn't mean tear down Binions _ I agree that would be a waste of money, I meant tho repair the business itself. renovate the rooms, replace the staff, create a new marketing vision, etc. Even then I know its a tall order, and may not be fiscally viable.

[*TT*]

[ QUOTE ]
[ QUOTE ]
And If memory serves me right, I could be wrong, Binions sits on leased land.

[/ QUOTE ]

I think that's right.
I've also heard from someone in the know at Binion's that their parking garage is a higher valued asset than the hotel/casino.

[/ QUOTE ]

Thats something I have been told more than once, its probably based on truth. And for what its worth the Binion's valet rules!

[CrushinFelt]

Bulldoze it all. History shmistory, downtown sucks.

[Don Olney]

Until Las Vegas gets a TRAM/MONO-RAIL type system to shuttle people back a forth from the strip to downtown I do not see the Freemont area casinos doing much anymore. I know they have a small loyal following but it will not sustain that market much longer.

[bav]

[ QUOTE ]
Binion's has a garage?

[/ QUOTE ]
Binion's has at least three parking garages and I think a lot big enough to build another. The one attached to the casino isn't very large, but the ones across Ogden are large. I think they basically have 1.5x as much realestate behind, on the other side of Ogden, as they have facing Fremont.

Mind you, I don't think Binions owns the land on which they sit. 'Least ways, not all of it. Downtown casinos are mostly (completely?) in that unpleasant realm of not owning the land on which they sit.

[LasVegasMichael]

[ QUOTE ]
I know they have a small loyal following but it will not sustain that market much longer.

[/ QUOTE ]

We differ on this point.

As the Strip grows more and more upscale every year, more and more mod and lower level tourists will be "forced" to go Downtown in order to fit their financial needs.

I, for one, love the fact that the Strip is climbing the upscale ladder every year, but also respect the fact that the lower middle class bring a lot of money to Vegas as well, collectively, over the course of the year.

The Hawaiians make up a good chunk of Downtown's revenue (at least at the Boyd properties), and they are just the old standbys that aren't going away or dissappearing any time soon (especially considering the hyper aggressive and attractive marketing campaign that Boyd has used in Hawaii for years).

[sternroolz]

They are supposed to be renovating all the rooms over then next year or so. The casino itself had already undergone some renovations and new carpeting since the begining of the year. They can start by dumping the godawful BJ game they have. If they went back to the $5 minimum single deck 3:2 pay BJ, even with only 50% pen, their tables would be full.

Those making fun of downtown are wrong. Main Street Station is still pretty nice and the rooms have been redone in the past couple years in a bit more modern look. Same with the rooms at Fremont. 4 Queens has been renovated and the rooms are nice. The casino is clean. Golden Nugget is outstanding. Really nice. El Cortez also renovated its tower rooms and the casino. LVC and Plaza are dumps and their owner badly needs to sell to someone who might do something with those properties. Golden Gate is not renovated, and I hope they do not. I love the wood and fixtures and paintings, and the deli with the Piano Player is exceptional. Plus they have $3 BJ and craps and the cheapest alcohol downtown.

[VOX]

A thought for the new owners of the Binions property: how about a name change? Harrah's owns the Horseshoe name, no Binion is involved in the property... why not re-name it the Mint?

[LasVegasMichael]

[ QUOTE ]
A thought for the new owners of the Binions property: how about a name change? Harrah's owns the Horseshoe name, no Binion is involved in the property... why not re-name it the Mint?

[/ QUOTE ]

I don't know if you were being faceious or not, but I strongly agree that bringing Back the Mint name would be a wonderful idea, IMO. Makes more sense, and would definately bring an additional nostalgia to the property.

[Don Olney]

You are right, Boyd does a great marketing thing but that is not enough cash for all the properties downtown.
The average Joe keeps the lights on but does not put profits into the bottom line.
Last Casino numbers I looked at the downtown area has been bleeding for the past 4 years. Profits are down, room occupancy is down. Something has to be down to get traffic to the downtown area and the taxi/bus system is not the way.