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Gaming’s growth and casino expansion motivated
Wynn Resorts to secure new jurisdictions like Boston a few years ago. In a last-minute decision to counter the bad press, company executives changed the name from Wynn Boston Harbor to Encore Boston Harbor in 2018. However, not all has gone well in Boston, as Wynn Resorts reported a 2021 net loss of just over $1 billion. In response, Wynn management will sell the Boston
Encore for $1.7 billion in cash and then lease it back for an initial $100 million annual rent. The fee will escalate over the 30-year term. Several Las Vegas companies have done the same. Las Vegas has also seen its share of brand failures and
successes. The famed Sahara operated from 1952-2011, although its slow decline began in the 1960s. The Sahara deteriorated over the next 20 years and multiple ownership changes couldn’t save it. The Sahara permanently closed in 2011. New owners again vowed to revive the former jewel at the Strip’s northern end. Now part of the SLS chain, the SLS Las Vegas opened in 2014, targeting its marketing to southern California residents. The SLS leadership could never quite made it
work. The ownership changed yet again in 2018 when the Meruelo Group bought the casino. They almost immediately renamed it the Sahara, which it remains today. Why rename a company with historic roots in a
community? Imploding and rebuilding from scratch, like the Venetian replacing the Sands or Bellagio replacing
10 MARCH 2022
the Dunes, is one thing, but the SLS had the same basic Sahara footprint that everyone knew. I expect the Sahara shared in the 2021 Las Vegas gambling boon. Forbes magazine reported that the Strip recorded $2.1 billion in gambling revenues during the second quarter of 2021. That’s the highest quarterly win in history. It is wonderful for the industry when operators are
smart and savvy. One recent example is Rhode Island’s Twin River Worldwide Holdings, Inc. Last October, the company purchased the iconic Bally’s brand name from Caesars Entertainment. There is an exception, requiring Twin River to award Caesars a perpetual license to use the Bally’s brand at its Bally’s Las Vegas. Twin River kept the Bally’s name in Atlantic City. One giant bonus is their future ability to rebrand 11 Twin River casino properties and corporate headquarters under the Bally’s name and logo. The new company will also launch a Bally’s-branded sports betting site. Ask most random individuals to name a gaming company and most will probably say “Bally’s.” It’s a brilliant strategy. Whatever a casino ultimately calls itself, 2021’s
numbers will make everyone happy. According to American Gaming Association President Bill Miller, 2021 produced record revenues across the U.S. It is unbelievable that after a raging pandemic and shutdowns, America’s commercial casinos generated $53 billion. Tribal casino figures will come later. It is the first time in history that gaming topped $50 billion. More on this fabulous figure and a breakdown of the data next month.
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