Meeting News - October 20, 2008 - (Page 54)

Insider Report: Gaming Most Capital Projects In Reno & Lake Tahoe Forge Ahead As Planned By Heidi Waldrop Bay Only one major development in the Reno-Lake Tahoe region has significantly stalled in the face of the economic downturn, with most capital projects moving ahead more slowly. Construction has stopped on the much-anticipated convention center for South Lake Tahoe, as developers of the $420 million Chateau at Heavenly Village search for new funding. Plans are to continue forward, but the South Shore will not see its convention center in 2010 as planned. The four neighboring casino resorts—Harrah’s, Harveys, Mont Bleu, and Horizon—aren’t spending money, either. “Mostly, it is an attitude of waitand-see,” said Steve Lowe, director of sales for Harrah’s and Harveys Lake Tahoe. “We have put a few enhancements on hold until mid-2009.” In Reno, all of the major renovation and expansion efforts previously announced are still on, but there have been some changes in groundbreaking and opening dates. The 250,000-sf Scheels sporting goods store, which is Phase I of Grand Sierra Resort & Casino will finish renovations in December as planned. Atlantis Casino Resort Spa’s new 14,000-sf grand ballroom is said to be drawing well. the $1.2 billion Legends at Sparks Marina destination entertainment and retail center, opened as planned in September, but the 300-room Legends Casino Resort Spa’s opening has been moved from 2009 to spring 2010. Nearby, a $1 million whitewater kayak park is on line to open next summer. The downtown renaissance in Reno is still progressing on most fronts. The year-round, daily outdoor farmer/artisans’ market has opened near the Riverwalk District. The 10,000-seat Triple-A Baseball stadium, the centerpiece of the $81 million Reno Ballpark District, is under construction and on schedule to open in April. Meanwhile, the city’s plan to purchase the historic federal post office along the Truckee River and reopen it as a dining and retail complex is still under way. And, the recently announced 351-room Fitzgerald’s Hotel & Casino remodeling, which is tied to a condo project and the creation of a new retail and restaurant area that includes a Ruth’s Chris Steak House, is on track. Three prime projects for meetings already had much of their work completed before the financial crisis hit and are now looking to fill the new facilities. Being the newest upscale game in town, the Peppermill Resort Spa Casino’s new 600-suite tower and 60,000-sf ballroom are getting a lot of attention, and the property is moving ahead with renovations of its existing guest rooms. Likewise, neighboring 970-room Atlantis Casino Resort Spa is not regretting spending $50 million on a project that included at its core a new 24,000-sf meeting space expansion, which debuted in July.“We just brought in a new catering and sales manager, because we are having a hard time keeping up with demand,” said property spokesman Ben McDonald.As planned, the Atlantis will wrap up renovations of its existing meeting spaces in December, when it also debuts a new pedestrianbridge link to the convention center. The majority of the $300 million project to overhaul the Grand Sierra Resort & Casino has been completed, with the last renovations of its meeting spaces set to wrap up in December. Guest bathroom makeovers have been pushed into next year, however.“Nothing is stopping, but cash flow is everything, so it is going a little slower,” said Jim Lauster, vice president of sales. Reno trumps up the value As a destination, Reno seems to be faring better than Las Vegas because of its reputation as a value destination. Michael Thomas, executive director of marketing for the Reno Sparks Convention & continued on page 56 www.meetingnews.com 54 MeetingNews October 20, 2008 http://www.meetingnews.com

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Meeting News - October 20, 2008

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