Vegas-centric partnership acquiring two Colorado casinosĬripple Creek, Colorado, is becoming Little Nevada.Ī company that includes three former and current Las Vegas gaming executives announced plans last week to acquire two casinos in the historic mining town located an hour west of Colorado Springs. Signage along Bennett Avenue in Cripple Creek, Colo., for McGill’s and Century Casino on August 16, 2022. Virgin Hotels Las Vegas is less than 1 mile east on Harmon Avenue from the Las Vegas Grand Prix headquarters, the $500 million building that served as the centerpiece for the three-day race with high-priced grandstand seating, luxury suites, start-finish line and the pit row garages. Meanwhile, the company expects to see improved gaming revenue in the first quarter of Mohegan’s fiscal year as the period will reflect visitation brought by the Formula One Las Vegas Grand Prix in November. Mohegan Gaming is privately owned by the tribe but reports earnings quarterly because of its publicly owned debt, which was almost $3.3 billion at the end of the quarter. According to the Nevada Gaming Control Board, casinos on the Strip held an average of 13.7 percent of all table game wagers over the last 10 years with the highest being 14.3 percent in 2022. Cash flow loss in Las Vegas was $3.1 million, which Mohegan executives said would have been $1.8 million on the positive side if table game hold on wagers were “normalized.”Ĭompany officials did not provide details of what constitutes a “normal” table game hold. Mohegan executives said table game players had a successful quarter, not only playing against the Las Vegas casino but other casinos in the company. The company said the total loss from operations for Mohegan Las Vegas was almost $4.7 million in the quarter. “It is a little bit of a challenge but we are working closely with JC Hospitality and focused on trying to make that property a primary asset within the Mohegan portfolio,” Madigan said. Mohegan oversees the off-Strip casino and sportsbook, which is operated by Betfred Sports. Mohegan became the first tribal gaming entity to operate a casino in Las Vegas when it partnered with JC Hospitality during an 18-month, $200 million remodel of the 1,500-room Virgin Hotels, the former Hard Rock Las Vegas. “We’re doing everything we can to make sure the property is as successful as we think it can be.” “We still believe in the property and we want to be in Las Vegas,” Madigan said. One analyst during a quarterly conference call last week questioned the company’s operations in Las Vegas, even suggesting the tribe jettison its contract with JC Hospitality, which owns the Virgin property.Ĭhief Operating Officer Jody Madigan told investors that walking away from the agreement was not an option. Mohegan Sun accounted for more than half of the company’s quarterly revenue. The $3.8 million from Mohegan Las Vegas was just a fraction of Mohegan Gaming’s $444.3 million collected this quarter from its network of casinos, including the flagship Mohegan Sun in Connecticut, Mohegan Pennsylvania and Resorts Atlantic City. Mohegan Gaming did not provide a 12-month revenue total for the casino that it has operated since March 2021 through a management agreement. The 60,000-square-foot gaming space saw a 42 percent revenue decline in the three months that ended Sept. Any combination of hazards with reduced criteria or increased impacts can also result in the issuance of a Winter Storm Watch or Warning.Ī map of the criteria across the entire Contiguous United States can be found at this link: There will be no changes to the Winter Weather Advisory snowfall criteria.But the record haul wasn’t because of the Mohegan Las Vegas casino, which is operated as part of Virgin Hotels. Other hazard criteria used for Winter Storm Watch/Warning issuances will remain the same at this time. A criteria of 6 inches will be used across the northern third of Indiana and 4 inches will be used across far south and southeast Indiana. This criteria will be different for other NWS offices that serve Indiana. The new Winter Storm Watch/Warning Criteria for Heavy Snow will be the following: 5 inches of snowfall during a winter storm event. This new method maintains and encourages the ability to issue or withhold watches and warnings in anticipation of expected impacts or lack thereof. The new criteria will no longer be dependent on the time frame of the snowfall, allowing for a more event-driven approach to messaging. Historically NWS Indy’s snowfall criteria were partitioned into different 12-hour and 24-hour criteria.
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