Wire NORTH AMERICA
Fontainebleau Las Vegas set for Q4 opening
New York - Saks Fifth Avenue bids for casino Saks Fifth Avenue, the iconic New York City department store, which opened its doors on September 15, 1924, has put forward a blueprint to convert the top three floors of its flagship store in Midtown Manhattan into a Monte Carlo-style casino.
The Hudson’s Bay Company has confirmed it wants to transform the ninth, tenth and 11th floor of its luxury department store, into a 200,000 square feet casino with a separate red-carpet-lined entrance.
“It will be comparable to the aesthetics and luxury detailing of the Saks Fifth Avenue store,” said Trenesa Danuser, a spokeswoman for Hudson’s Bay. Renderings of the proposed casino depict smartly dressed clientele sitting below chandeliers, reminiscent of stylish ’60s spy films, and a moonlit soiree on the roof of the stone-clad, prewar building.
A source close to the company told Business Insider: “We are finalising our plans to move forward with attaining a gaming licence. We have invested significant time and energy over the last year in building a strategic plan to most effectively and positively enhance our Saks Fifth Avenue experience with a luxury, high-end casino.
“The Saks Fifth Avenue flagship store is a staple of one of the most iconic streets in Manhattan. It is of particular importance to us that we continue to invest in the vibrancy and spirit of Fifth Avenue itself.”
Maryland - Nearly $500m in handle Maryland’s nine retail and seven mobile sportsbooks
combined for $497m in handle and generated $440,000 in contributions to the state during December 2022.
Each sportsbook contributes 15 per cent of its taxable win to the Blueprint for Maryland’s Future Fund, which supports public education programmes. December was Maryland’s first full month of mobile sports wagering, with the seven mobile sportsbooks currently operating all launching on 23 November.
US - Zitro appoints Mitchell Zitro has announced the appointment of Mike Mitchell as Distinguished Designer. Mitchell will lead the company’s development in hardware design and the creation of
new game content for the US market.
Mitchell has over 28 years of experience in leading positions within the gaming industry, as well as in game studio creation and team development. Derik Mooberry, CEO of Zitro USA, welcomed his appointment, saying: "Mike brings valuable insights obtained through his extensive experience in the gaming industry.”
P28 WIRE / PULSE / INSIGHT / REPORTS
A$2.2bn construction loan has been secured to complete Fontainebleau Las Vegas, an entertainment destination coming to the north end of the Strip.
A partnership between Fontainebleau Development, a builder, owner, and operator of luxury hospitality, commercial, and retail properties, and Koch Real Estate Investments, the real estate investment arm of Koch Industries, has secured – with J.P. Morgan as administrative agent – a $2.2bn construction loan to complete Fontainebleau Las Vegas, the highly anticipated 67-story hotel, gaming, meeting, and entertainment destination coming to the north end of the Las Vegas Strip.
Te financing, which follows the joint acquisition of the property in 2021, keeps construction on schedule and paves the way for Fontainebleau Las Vegas to make its global debut in the fourth quarter of 2023.
“Tis is a milestone for Fontainebleau Las Vegas and stands as a testament to the tremendous dedication of our team and our partners at Koch Real Estate Investments,” commented Fontainebleau Development President Brett Mufson. “We are eager to bring our iconic Fontainebleau brand – timeless beauty,
Bermuda
Century Casinos has pulled out of its eight year long casino project with Bermuda’s Hamilton Princess & Beach Club. Te US firm has cited the “current legislative framework” for causing significant time delays, as a reason for its withdrawal. It is unclear exactly where in the legislative framework the project has ground to a halt.
A spokesman for the Hamilton
Princess & Beach Club has confirmed that the search for a new operator has been paused until the Bermuda Casino Gaming Commission reveals a clearer path for a casino to open its doors. Bermuda’s Royal Gazette quotes a source who points to the relationship between the BGC and the Government as an explanation for the apprehensive views of banks and US investors about becoming involved in establishing casinos.
unparalleled service, and innovative design – to the Las Vegas Strip.”
Fontainebleau Las Vegas spans 25 acres and nine million square feet in a coveted location on the northern end of the Las Vegas Strip directly adjacent to the Las Vegas Convention Center, and will feature approximately 3,700 luxury hotel rooms, 550,000 square feet of customisable convention and meeting space, and a world-class collection of gaming, dining, retail, lifestyle, and health experiences.
“We would like to thank J.P. Morgan, SMBC, Blackstone Real Estate Debt Strategies, Goldman Sachs, Guggenheim, and VICI Properties for recognising both the potential of this property and the expertise of those involved in its capitalisation, design, and construction,” said Jacob Francis, president, Koch Real Estate Investments.
“Securing $2.2bn in financing in today’s market speaks to the widespread confidence in this project,” he added.
Hawaii Hawaii – strangest gambling bill ever?
Hawaii is one of only two states in the US that does not offer any legal gambling options. Rep. Joe Mizuno however, is seeking to create a legal framework to allow sports betting through a language centric, or more accurately, a language avoidant Bill. Te House Bill 344 makes no reference to casinos, slot machines, tax rates, fees or ownership criteria.
Mizuno stated: “When you use the word ‘casino,’ sometimes it can be like yelling ‘fire’ in a theater, so in talking with some proponents, we crafted the language very intentionally to leave things open.” Mizuno’s penchant for ambiguity is understandable given the unsuccessful history of previous enabling bills.
In 2022, Mizuno introduced House Bill 1815 to the House legislature which sought to administer and regulate sports betting in the state. H.B. 1815 highlighted the large
numbers of Hawaii residents participating in illegal online sports gambling on unregulated internet websites. Tis bill also identified the millions of dollars in revenue offshore operators serving Hawaii residents were receiving despite the state itself not realising any benefits. House Bill 1815 died.
Mizuno is “cautiously optimistic” about a new stripped-down approach. Unlike previous attempts, this bill would create a standalone sportsbook and card room that would provide residents with a domestic alternative.“If we can contain maybe 25 per cent of that with sports betting it could help prevent raising taxes. We could use it for housing, domestic violence, homelessness.”
Mizuno’s cherry-picking of the terminology included in H.B. 344 is a radical attempt to avoid the prejudice towards sports betting enabling acts.
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