This is not a large center, but it’s the right size.” “We’re not a gaming destination right now and the conference center also allows us to reinvent our economic base and drive mid-week business to the market year-round,” Chaplin said. Space inside the conference and events center has been designed to include meetings and conferences of various sizes with ability to seat 6,000 for concerts, 4,500 for sporting events and 2,000 for large banquets. Tahoe needs a different reason for visitors to come back. Mont Bleu is providing its northern parking lot for construction of an events and conference center community leaders believe helps the market become less dependent on gaming revenues, which have diminished because of Northern California’s Indian casinos.Ĭarol Chaplin, CEO of the Lake Tahoe Visitors Authority, said South Lake Tahoe’s casino business has softened since California tribes entered the gaming business. Tahoe gaming and tourism officials hope they can change that view. “Investors don’t really focus on the area materially,” Jonas said

South Tahoe reported $66.1 million in gaming revenue in 2018, compared to the Las Vegas Strip - $6.5 billion - and Reno - $636.9 million. SunTrust Bank gaming analyst Barry Jonas said in an interview that South Lake Tahoe is small in terms of gaming numbers. Eldorado entered into a 15-year lease for the property with renewals of up to 20 years.

The land and buildings are leased from Edgewood Companies, which also owns Edgewood Golf Course. “It’s pretty clear that management wants (the Caesars merger) to get closed as soon as possible and is willing and ready to dispose of any assets that need to be removed,” Stifel Financial gaming analyst Steven Wieczynski told investors following the earnings call.Įldorado owns the operations of Mont Bleu. Analysts, however, won’t say a deal for the property is all but certain. Most gaming observers believe the nearly 500-room Mont Bleu, which borders a portion of the Heavenly ski resort at the corner of Highway 50 and Lake Parkway, is on the market once again. He said “Northwest Louisiana and in the Tahoe area” are “markets where you should expect us to be active” in terms of a casino sale prior to the deal closing. Reeg mentioned the community on the company’s third quarter earnings conference call in November. The merger is full of potential antitrust violations in several jurisdictions. On paper, the combination of Eldorado and Caesars covers roughly 60 gaming properties in 18 states, including 18 casinos in Nevada.

Paragon casino profit 2014