One of the trends sweeping through the gaming industry over the past decade is selling real estate to real estate investment trusts (REITs). Sometimes companies control their REITs, like MGMResorts (NYSE: MGM) does with MGM Growth Properties (NYSE: MGP) and CaesarsEntertainment (NASDAQ: CZR) does with VIVI Properties(NYSE: VICI), and sometimes real estate is sold to third-party companies.
REITs free up cash for casino companies, often to the tune of billions of dollars. That money can help reduce debt or fund growth projects, which is attractive because it doesn’t fundamentally change a resort’s operations. But Wynn Resorts (NASDAQ: WYNN) has avoided the temptation to sell most of its real estate over the years. If it did, however, the company could free up billions of dollars in cash.
Wynn’s Encore Boston Harbor.
Image source: Wynn Resorts.
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HONG
KONG, Feb 18 (Reuters) – Police in the world’s biggest gambling hub of
Macau are investigating what they suspect is a rare murder in a
five-star casino resort after a Chinese man was found stabbed in his
bed, broadcaster TDM reported on Monday.
Murder
cases have been rare in the Chinese territory since Portugal ceded
control of what had been a colonial backwater on the heel of China’s
southern coast 20 years ago.
The
suspected murder took place in Sands China’s Conrad Macau hotel, TDM
reported, citing police. It comes as slower mainland growth, a weaker
yuan and a simmering trade war with the United States threaten to derail
Macau’s growth.
The
41-year-old victim, an active gambler from the mainland, had been
stabbed. The case was being investigated and no further details were
available, TDM said.
Macau
police and Sands China did not respond to requests for comment. The
company is controlled by U.S. billionaire Sheldon Adelson’s Las Vegas
Sands.
Macau
is the only place in China where casino gambling is legal. Casino
revenues shrank in January for the first time in more than two years.
Violent
crime in Macau has often been linked to its junket operators – the
middlemen who bring China’s wealthiest to the gambling tables. Slower
growth and tighter regulations have made it hard for many small junket
companies to stay in business.
Criminal
gangs known as triads, which are known to operate in Macau, are
typically involved in extortion, money laundering, murder and
prostitution.
(Reporting by Farah Master Editing by Robert Birsel)
LAS VEGAS, Jan. 28, 2019 /PRNewswire/ — Resorts World Las Vegas (RWLV) and Wynn Resorts today jointly announced that the companies have reached a settlement agreement on a dispute involving trade dress and copyright infringement claims surrounding the design of the $4 billion RWLV project.
“Genting’s Resorts World Las Vegas project will be the launching point for the next generation of integrated resorts, and the aesthetics of the project will play an important role in its future success. While the company believes the design to have had differences with Wynn and Encore’s once fully realized, after further consideration and conversations with the Wynn team, we have directed our design team to make several changes that will clearly differentiate the two properties,” said Michael Levoff, Senior Vice President of Public Affairs & Development, Genting. “This mutually beneficial settlement will allow Genting to continue to develop Resorts World Las Vegas with minimal impact to cost and the overall project timeline.”
“Wynn Resorts’ world-renowned signature architecture and design are among the elements that have built our brand’s reputation for excellence. Resorts World Las Vegas’ initial design had elements which had similarity to our resorts in Las Vegas, Macau and Boston. The new design changes offered by Genting will resolve the concerns we expressed about the similarity of the design,” said Michael Weaver, Chief Communications Officer, Wynn Resorts. “We welcome and look forward to Resorts World Las Vegas’ opening. Their future success will benefit all of Las Vegas.”
About Resorts World Las Vegas Resorts World Las Vegas (www.rwlasvegas.com) is a US $4 billion, Las Vegas Strip, integrated resort currently under construction and being developed by the world-renowned Genting Group. RWLV will include over 3,400 rooms in multiple hotels; a variety of restaurants; an innovative, next generation gaming space; numerous retail offerings; and a top-tier nightlife venue. The first ground-up resort on the Las Vegas in over a decade once opened, RWLV is being designed to appeal to both gaming and non-gaming patrons with a special emphasis on technology and first-to-market product offerings. RWLV is slated to initially open at the end of 2020. The Genting Group (www.genting.com) comprises the holding company Genting Berhad (Bursa Malaysia: KLSE 3182) and its listed subsidiaries: Genting Malaysia Berhad, Genting Plantations Berhad and Genting Singapore PLC. The Group is involved in leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, life sciences and biotechnology activities, with operations spanning across the globe, including in Malaysia, Singapore, Indonesia, India, China, the United States of America, Bahamas and the United Kingdom.
About Wynn Resorts Wynn Resorts, Limited (WYNN) is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn and Encore Las Vegas (wynnlasvegas.com), Wynn Macau (wynnmacau.com), Wynn Palace, Cotai (wynnpalace.com), and is currently constructing Encore Boston Harbor in Everett, Massachusetts (encorebostonharbor.com), scheduled to open summer 2019. With a collective 16 Forbes Travel Guide Five-Star Awards, Wynn Resorts is the highest rated independent hotel company in the world.
Caesars Republic Scottsdale to Break Ground in Second Half 2019
LAS VEGAS, January 28, 2019 – Caesars Entertainment Corporation (NASDAQ: CZR), the world’s most diversified casino-entertainment company today announced plans to open Caesars Republic Scottsdale, its first non-gaming hotel in the United States, as part of its plan to expand its brands and loyalty network through its licensing strategy.
Caesars Republic Scottsdale will be located adjacent to the region’s premier luxury retail destination, Scottsdale Fashion Square, and will be a four-star hotel developed by HCW Development and operated by Aimbridge Hospitality. Caesars Entertainment will license its brand, advise on design elements and integrate the industry’s leading loyalty network Total Rewards.
“Caesars Republic Scottsdale represents the introduction of a new world class brand and further progress on our strategy to expand our non-gaming business into premier destinations,” said Caesars Entertainment President and Chief Executive Officer, Mark Frissora. “This project will be our first non-gaming asset in the United States and demonstrates the global strength of the Caesars brand. We look forward to partnering with HCW Development and Aimbridge Hospitality to create a world-class experience in one of the nation’s most desirable communities.”
This modern 11 story glass structure with 266 rooms will be developed at the intersection of North Goldwater and East Highland Avenue. This high-profile location will allow the Caesars Republic Scottsdale guests the ability to walk to the state’s most elegant mall.
The interior décor will feature rich textures and strong architecture, juxtaposing soft curves and bold accents in a chic and classy lobby, with designs curated throughout the guest rooms. The first-floor bar will be the spot for an after-work cocktail or glass of wine after a day of shopping. The signature restaurant will feature a sophisticated, high-energy environment that will synergize with surrounding trade areas, catering to both locals and hotel guests alike. There will be an abundance of outdoor seating on the patio with fantastic views of Camelback Mountain. In addition, there will be a coffee shop, ideal for a casual business breakfast or as a grab-and-go option for those on the run.
The guest room experience will set the standard for rooms and amenities in Scottsdale. In addition to the mixture of kings, double queens, one and two-bedroom suites, the hotel will also feature a bridal suite, and on the 11th floor, five luxury entertainment suites. On the second floor, there are five breakout rooms which will accommodate up to 40 people each or can be opened for events up to 200. The second-floor executive board room is capable of seating 16 at a permanent table.
Caesars Republic Scottsdale will house a 7,000-square foot column-free ballroom with 34-foot sliding glass doors which open out onto the adjacent lawn, suitable for outdoor events for up to 600 people. The ballroom is divisible into four sections and can accommodate banquets up to 500. The ballroom’s LED lighting system will allow event organizers to customize the look and feel of their event with the ability to change the ceiling color. Additionally, the ballroom will feature a cutting-edge sound, internet and audio-visual system.
The most stunning part of Caesars Republic Scottsdale will be the 7th floor, encompassing a rooftop pool and bar – the only rooftop pool in Scottsdale – featuring breathtaking views of Camelback Mountain. The pool will host activities such as yoga at 9 and champagne at 11. The rooftop bar will feature specialty drinks by HCW’s award-winning mixologist. There will be weekend brunches and lively afternoon energy year-round. This area will also serve as private event space for exclusive groups or company events. Adjacent to the pool will be the hotel’s state-of-the-art fitness center.
“We are very excited to work alongside our new partners to introduce the Caesars Republic brand to the world,” said Richard Huffman, Chief Executive Officer and President of HCW Development. “Scottsdale is a vibrant community and we are confident that this high-end facility will provide a truly unique and dynamic experience to both locals and guests traveling from afar.”
Caesars Republic offers a new kind of lifestyle hotel experience; the first brand from Caesars Entertainment designed exclusively for non-gaming hotels. Caesars Republic is a brand with an edge: it inspires the imagination, pushes creative boundaries, and collaborates with trendsetters.
The brand pays homage to the dynamic energy of Las Vegas – celebrating rebellious spirits and beckoning its guests to unleash their alter egos. Just as all republics are social in nature, Caesars Republic incorporates thoughtful details and brand rituals to facilitate connections among its guests.
No two hotels within the brand will be exactly alike – everything from the décor to the culinary offerings are inspired by local traditions and tastemakers. Caesars Republic taps into the unique pulse of each host city, amplifying its energy and culture.
“We are honored to partner with Caesars Entertainment and add a hotel with the iconic Caesars brand to our management portfolio,” said Aimbridge Hospitality President and Chief Operating Officer, Robert Burg. “We share Caesars’ commitment to operating excellence and look forward to managing Caesars Republic Scottsdale.”
Scottsdale is an ideal market for the introduction of the Caesars Republic brand. Scottsdale hosted an estimated 4.5 million overnight visitors and 4.4-million-day trip visitors in 2017. Caesars Republic Scottsdale will be located just north of Scottsdale Fashion Square. Owned and operated by Macerich (MAC), Scottsdale Fashion Square features an elevated luxury wing anchored by Neiman Marcus, plus a new flagship Apple, and more than 200 shopping and dining options including market exclusives Saint Laurent and a recently announced Nobu.
“Our market-dominant Scottsdale Fashion Square is the natural home for the innovative new Caesars Republic hotel concept,” said Ed Coppola, President, Macerich. “The addition of this exciting new hotel is part of the next phase of development for our exceptional mixed-use property, which also will introduce Class A office space and upscale residences to bring even more value to this one-of-a-kind destination.”
This announcement follows the late 2018 opening of Caesars Entertainment’s two beachfront luxury resorts and beach club on Meraas’ Bluewaters Island in Dubai. Additionally, Caesars announced plans last year to develop a non-gaming Caesars Palace resort along the coast of Puerto Los Cabos, Mexico.
About Caesars Entertainment Corporation
Caesars Entertainment is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit, visit www.caesars.com/corporate.
Project team currently includes BRP Architect firm out of Springfield, MO; Studio 11 Interior Design from Dallas, Texas; Transaction handled by LeDonna Spongberg of CBRE’s Phoenix office.
(Reuters) – NetJets, the luxury plane unit of Warren Buffett’s Berkshire Hathaway Inc, has extended its contract with its pilots union by three years, avoiding the type of bitter labor dispute that it had with the union earlier this decade.
The tentative contract with the NetJets Association of Shared Aircraft Pilots, which represents 2,500 pilots, boosts pay, changes the compensation structure, and expires in 2026.
NetJets and the union said in a joint statement on Thursday that the accord followed six weeks of talks, which the Columbus, Ohio-based company began though the pilots’ 2015 contract wasn’t scheduled to expire until 2023.
More than 81 percent of the pilots voted last month in favor of the changes.
“The NJASAP Executive Board is exceedingly pleased with the outcome of this negotiation — an ambitious undertaking characterized by honesty, goodwill and a genuine commitment to continuing collaboration,” said union president, Pedro Leroux.
The contract was reported earlier by The Wall Street Journal. Berkshire did not immediately respond to a request for comment.
NetJets’ labor peace contrasts with more than two years of contentious relations with the union that ended in 2015, after Adam Johnson was installed as chief executive.
The union, then also led by Leroux, had accused NetJets of trying to slash jobs, obtain givebacks on health care and work rules, and bait pilots through bogus Twitter posts to conduct work slowdowns that could result in their being fired.
In contrast, Johnson said on Thursday the contract extension was “built on a foundation of trust and transparency.”
Berkshire employed more than 377,000 people at the end of 2017, and most are not unionized.
Buffett, who flies on NetJets planes, told shareholders at Berkshire’s 2015 annual meeting: “We have no anti-union agenda whatsoever, and we think we have sensational pilots.”
(Reporting by Jonathan Stempel in New York; Editing by Bernadette Baum)
In other NetJet news, Just in time for the winter ski season, we are excited to announce a partnership with Caldera House. Through this partnership, NetJets Owners can take advantage of exclusive benefits at Jackson Hole’s newest luxury hotel.
CHICAGO(December 10, 2018) – Hyatt Place Chongli is the first Hyatt-branded hotel to open in Zhangjiakou in China’s Hebei Province. The hotel features the Hyatt Place brand’s intuitive design, casual atmosphere and practical amenities such as free Wi-Fi.
Hyatt Place Chongli is located within Thaiwoo Ski Resort, which offers offering skiing and other exhilarating snow-sports in the winter and mountain biking and horse riding in the summer.
Hyatt Place Chongli is a 55-minute drive from Zhangjiakou Ningyuan Airport and a three-hour drive from Beijing Capital International Airport. By the end of 2019, guests will be able to travel by train from Beijing to Thaiwoo Ski Resort in 50 minutes. The hotel offers easy access to local attractions, including Grass Skyline, a 133-kilometer stretch of picturesque grassland dotted with Mongolian yurts and grazing cattle; Cuiyun Mountain Forest Park, which is comprised of more than 20 peaks; Huapiling scenic area, a mountainous border between Zhangbei and Chongli counties; and Ice & Snow Museum Chongli, the largest museum of its kind in China.
“As the Chongli district continues to develop its infrastructure and thrive economically, we are excited to add to the momentum with the opening of the first Hyatt Place hotel,” said General Manager Luke Li. “With our smartly designed social spaces and guestrooms with separate work and sleep areas, our multitasking guests can easily accomplish what they need to do while on the road.”
Hyatt Place Chongli offers:
132 spacious guestrooms with separate spaces to sleep, work and play, as well as a Cozy Corner sofa-sleeper
Free Wi-Fi throughout the hotel and guestrooms
Gallery Kitchen Breakfast features an array of Western and Chinese breakfast favorites, including noodles, dim sum, ham, and eggs, as well as fresh fruit, yogurt and more
Gallery Menu serving freshly prepared meals
24/7 Gallery Market offering ready-to-go sandwiches and salads all day long
Coffee to Cocktails Bar featuring coffees and premium beers, as well as wines and specialty cocktails
Odds & Ends program for forgotten items that guests can buy, borrow or enjoy for free
Meeting Places with 160 square meters of flexible, high-tech meeting/function space
24-hour Gym featuring cardio equipment with LCD touchscreens and free ear buds
Heated indoor swimming pool with views of Thaiwoo Ski Resort as well as a freeform kids pool and a massage pool
HYATT PLACE CHONGLI LEADERSHIP
Hyatt Place Chongli is under the leadership of General Manager Luke Li and Director of Sales Justin Guo. In his role, Li is directly responsible for managing the day-to-day operations of the hotel, including overseeing the hotel’s 54 associates and ensuring guests encounter the thoughtful service for which the Hyatt Place brand is known. Guo is responsible for providing sales service and support to travelers and meeting planners frequenting the Beijing area.
CHICAGO (December 10, 2018) — Hyatt Hotels Corporation (NYSE: H) announced today the opening of Hyatt Regency Seattle, located in the heart of downtown at 808 Howell Street and near some of Seattle’s top attractions including the Space Needle, Chihuly Garden and Pike Place Market. With its sprawling, dynamic event space and number of guestrooms, Hyatt Regency Seattle is the largest hotel in the Pacific Northwest and new premier destination for meetings and events in the region. It joins two other Seattle-area Hyatt Regency hotels and offers a one-stop experience that puts everything guests need right at their fingertips.
The 45-story hotel features 1,260 guestrooms, all of which are furnished with floor-to-ceiling windows, sizeable modern bathrooms, 65-inch TVs and a collection of black-and-white photography, shot by six Seattle-based photographers, highlighting the natural beauty of the Pacific Northwest region. The hotel also offers guests a StayFit® Fitness Center, outfitted with Peloton bikes and other Technogym state-of-the-art cardio and strength equipment, and an expansive Hyatt Regency Club lounge with fire pits and wraparound patio that provides guests with stellar views of downtown Seattle.
Located just two short blocks from the Washington State Convention Center and adjacent to The Summit, the planned convention center expansion building slated to open Spring 2022, Hyatt Regency Seattle offers more than 103,000 square feet of dynamic meeting and event space for a variety of gatherings, ranging from intimate meetings to larger conferences and weddings.
“Progress is all around us,” says Hyatt Regency Seattle General Manager Tom Wolf. “No other addition to Seattle’s vastly updated cityscape is more important for Seattle tourism than the new, very visible contemporary building right in the middle of town: Hyatt Regency Seattle. With the opening of the largest hotel in the Pacific Northwest this year, Seattle will finally have the meeting space options it needs.”
Consistent with the Pacific Northwest theme throughout the property, meeting and event spaces are named after bodies of water located throughout Washington state:
The Columbia and Regency Ballrooms each offer 19,000+ square feet of space with 24- and 30-foot high ceilings, respectively.
Two junior ballrooms: Elwha Ballroom is 7,200 square feet, while Quinault Ballroom has 3,400 square feet of functional meeting space.
The high-end Deschutes Executive Boardroom, featuring a private balcony that can accommodate 24 people.
Eight pre-function spaces, each ranging from 4,292 to 7,022 square feet, which are flooded in natural light.
An additional 46 meeting rooms, ranging from 600 to 1,900 square feet, complete with floor-to-ceiling windows.
All meetings rooms are outfitted with audiovisual equipment, multiple electrical, microphone and phone outlets, as well as blackout blinds and T1 high-speed Internet with dedicated bandwidth capabilities.
The new Hyatt Regency Seattle also offers guests three on-site dining experiences:
Andare, a fast-casual Italian-style trattoria, which features a variety of homemade pasta dishes, salads and pizzas cooked in a wood-burning oven
Daniel’s Broiler, an upscale and locally renowned steakhouse owned by Schwartz Bros. Restaurants, which features USDA Prime steaks, seafood, an extensive wine list and a vast collection of whiskeys, as well as a piano bar
The Market, a 24-hour premium grab-and-go retail space with café seating, where guests can purchase freshly prepared hot and cold food and beverage items.
Built by local developer R.C. Hedreen Company, in collaboration with Seattle-based companies LMN Architects and Sellen Construction Group, the new hotel features elements that celebrate the Pacific Northwest region and can be seen throughout the property’s guestrooms and public spaces. Upon arriving, guests will notice the bright, open, and contemporary design, matched with floor-to-ceiling windows to let in as much natural light as possible, and purposefully selected, locally inspired art and photography.
R.C. Hedreen Company successfully builds and operates hotels in Seattle, and its portfolio includes Grand Hyatt Seattle and Hyatt Olive 8. To leave a lasting impact on the Pacific Northwest region with Hyatt Regency Seattle, local companies who understand Seattle real estate, LMN and Sellen, were brought in to collaborate, design and build the impressive sky-high hotel. LMN believes that architecture celebrates the inherent qualities of the region, community and site. Any new building functions in relationship to the fabric of its physical location and community of users, as well as its social, cultural and environmental context. Sellen is Seattle’s premiere builder – building communities, relationships and of course most of the significant buildings in town.
Additionally, Hyatt Regency Seattle is targeting LEED Gold Certification in 2019, which is the second highest green building rating in the world. As part of their efforts, Hyatt Regency Seattle has incorporated many sustainable elements into its guest amenities and overall design, including:
Premium large-format bath amenities in each guestroom bathroom, saving more than one million plastic bottles in waste.
Installing a light-colored roof to reduce the urban heat-island effect.
Incorporating a highly efficient laundry system that captures both heat and water after use to reduce the need for additional energy to preheat incoming water to the laundry system.
For more information about Hyatt Regency Seattle or to book your accommodations, please visit hyattregencyseattle.com.
Shares of Wynn resorts (WYNN) dove more than 15 percent Thursday after the casino operator’s chief executive said the company is seeing a “slowdown” at its Macau location.
Though CEO Matthew Maddox said results were strong during China’s seven-day Golden Week holiday, attendance since then has been “choppy” during the week and “sporadic” on the weekends.
Hyatt Hotels Corporation (H) posted mixed third-quarter 2018 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues lagged the same. With this, the bottom line exceeded the consensus mark for 11 straight quarters, while the top line lagged the same for the third consecutive quarter.
Adjusted earnings of 33 cents per share outpaced the consensus estimate of 25 cents by 32%. The bottom line also grew 37.5% on a year-over-year basis. Total revenues of $1,074 million inched up 0.5% from the prior-year quarter figure but missed the consensus estimate of $1,092 million.
Hyatt Hotels Corporation (NYSE:H) will be adding Alila, Destination, Joie de Vivre, Thompson and Tommie branded hotels to its list of offerings for upscale travelers. The agreement to acquire Two Roads Hospitality, which was announced yesterday, will help bolster Hyatt’s portfolio of hotels around the world.
You can view the entire press release at the link below:
