|
|
|
The three casino developers vying for a state contract were looking for endorsements from the Sumner County Commissioners Tuesday.
Foxwoods, Lakes Entertainment Inc., and Prairie Sky each presented their proposals to a room packed full of area residents, local government officials and interested business parties.
The County Commissioners will meet at 1:30 p.m. Monday to decide which sites to endorse. Public comment is encouraged and will be accepted in written form until Friday at noon.
Though each site and developer differed, for the most part, the proposals sounded similar. Hotels, a staple during the first round of casino proposals have been put on the back burner with more focus being put on gaming and non-gaming entities such as retail shops and restaurants. Also, each proposed casino would be built in phases – leaving future developments such as additional restaurants, childcare centers and water parks to be constructed when the time is right.
Foxwoods Development Company came to the commissioners saying they would create the Chisholm Creek Resort with the mindset it would “be a catalyst for additional development.” With all phases, including add-ons for a hotel and water park the total bill could “exceed half a billion dollars.”
President Gary Armentrout couldn't guarantee the additional phases would ever happen, however, telling Commissioner Gary Martin Foxwoods would hold true to the stipulations of Senate Bill 66 but, “for the remainder of the peripheral of the project...we will proceed with that development as soon as the market allows us to.” Armentrout told the commission he couldn't say for sure when that would be.
Armentrout said he hopes the state will pick Foxwoods because of their proposal and because the developers have been there from the beginning.
“We have been here long before Senate Bill 66 was ever passed into law and so having had history of the legislation, having been involved with that gives us a better understanding of what the intent of the state is and what the state wants,” he said. “We believe that on the strength of our proposal, on the strength of our finances, on the strength of who we are as developers and operators that we will get endorsed. We expect to get endorsed.”
Lakes Entertainment Inc. has been the only developer of the three to exceed the requirements of $225 million by the state. Chairman Lyle Berman said all the developers were equal in aspects of finances and sites. The real difference was in the company building and managing the casino.
“That is what sets Lakes Entertainment apart. We are a real casino managing and operating company, currently managing three casinos,” Berman said. Most of the casinos built by Lakes Entertainment have been in rural areas.
“Our experience working with those communities is part of our proven track record and in our DNA,” Berman said.
President and CEO Tim Cope gave his word to the commissioners to build phases in “as soon as humanly possible.”
“You have my word and commitment as Chairman of the Board and CEO of this company that we will build a hotel as fast as humanly possible and as fast as we can raise the money. The hotel will have no effect on our current operations, but what I mean by that is you need a hotel, regardless,” he said.
Cope said despite being “the new kid on the block” he is confident either of the Lakes Entertainment sites will be the right pick for Sumner County.
“Both projects bring a lot of economic growth to Sumner County and to the state of Kansas and frankly we are just saying, 'Here's our two sites. You just tell us where the best one will be and we'll manage it for you,'” Cope said.
Prairie Sky Casino developers said they would be the premiere pick for Sumner County – having built and managed casinos like the Gold Strike in Tunica, Miss., Motor City in Detroit, Mandalay Bay, Monte Carlo, Excalibur and Luxor in Las Vegas.
Developer and Partner for Prairie Sky, Peter Simon said that though the proposals are scaled down, more would be coming based on what the customers want. Prairie Sky has the least amount of games to start with, but Simon says that's to find out what visitors really want to play. The casino would be customized to fit the market, he said.
“We would adjust to reflect those demands,” said Simon.
All but one of the proposals was heard, Monday. One of the Prairie Sky sites, known as Site B and located near the city limits of Mulvane at K-53 and Belle Plaine Road, will be up for endorsement from the Mulvane City Council, Cope said. No date has yet been set for a public meeting on the issue.
Simon says out of the three sites for Prairie Sky, there is no favorite but rather he hopes all three will be endorsed by the Commissioners and sent to the state for consideration. Simon says he and his partners have a clear advantage with their 100 percent personally financed proposal.
“What it assures is that the project will get built because we aren't depending upon banks, which you know are struggling these days,” said Simon. “Assuming we can get a contract with the lottery commission we are fully committed to moving forward with the project,”
The Prairie Sky partner said there is no concern of the money running out.
“Fortunately when we sold Mandalay to MGM, we did pretty well,” Simon said. An additional 40 years in the gaming industry will also cushion the expenses. He doesn't foresee ever going in with a third-party financier due to the current trend of economic downturns.
“Unfortunately if you can't build it with your own cap today, then you can't build it,” he said.
Prairie Sky's advantages are clear, the developer said.
“Our experience in all types of markets, the development agreements we've dealt with over time and the establishment of different demands of 16 different properties and the fact that we have do in fact have our own finances together,” Simon said.
The uphill climb to be the state's pick doesn't stop at the meeting with the County Commissioners, however. The Planning and Zoning Board will meet Wednesday to discuss and possible allow the rezoning and conditional use for the Lakes sites. Prairie Sky will go before the Planning and Zoning Board on July 22.
The three casino developers vying for a state contract were looking for endorsements from the Sumner County Commissioners Tuesday.
Foxwoods, Lakes Entertainment Inc., and Prairie Sky each presented their proposals to a room packed full of area residents, local government officials and interested business parties.
The County Commissioners will meet at 1:30 p.m. Monday to decide which sites to endorse. Public comment is encouraged and will be accepted in written form until Friday at noon.
Though each site and developer differed, for the most part, the proposals sounded similar. Hotels, a staple during the first round of casino proposals have been put on the back burner with more focus being put on gaming and non-gaming entities such as retail shops and restaurants. Also, each proposed casino would be built in phases – leaving future developments such as additional restaurants, childcare centers and water parks to be constructed when the time is right.
Foxwoods Development Company came to the commissioners saying they would create the Chisholm Creek Resort with the mindset it would “be a catalyst for additional development.” With all phases, including add-ons for a hotel and water park the total bill could “exceed half a billion dollars.”
President Gary Armentrout couldn't guarantee the additional phases would ever happen, however, telling Commissioner Gary Martin Foxwoods would hold true to the stipulations of Senate Bill 66 but, “for the remainder of the peripheral of the project...we will proceed with that development as soon as the market allows us to.” Armentrout told the commission he couldn't say for sure when that would be.
Armentrout said he hopes the state will pick Foxwoods because of their proposal and because the developers have been there from the beginning.
“We have been here long before Senate Bill 66 was ever passed into law and so having had history of the legislation, having been involved with that gives us a better understanding of what the intent of the state is and what the state wants,” he said. “We believe that on the strength of our proposal, on the strength of our finances, on the strength of who we are as developers and operators that we will get endorsed. We expect to get endorsed.”
Lakes Entertainment Inc. has been the only developer of the three to exceed the requirements of $225 million by the state. Chairman Lyle Berman said all the developers were equal in aspects of finances and sites. The real difference was in the company building and managing the casino.
“That is what sets Lakes Entertainment apart. We are a real casino managing and operating company, currently managing three casinos,” Berman said. Most of the casinos built by Lakes Entertainment have been in rural areas.
“Our experience working with those communities is part of our proven track record and in our DNA,” Berman said.
President and CEO Tim Cope gave his word to the commissioners to build phases in “as soon as humanly possible.”
“You have my word and commitment as Chairman of the Board and CEO of this company that we will build a hotel as fast as humanly possible and as fast as we can raise the money. The hotel will have no effect on our current operations, but what I mean by that is you need a hotel, regardless,” he said.
Cope said despite being “the new kid on the block” he is confident either of the Lakes Entertainment sites will be the right pick for Sumner County.
“Both projects bring a lot of economic growth to Sumner County and to the state of Kansas and frankly we are just saying, 'Here's our two sites. You just tell us where the best one will be and we'll manage it for you,'” Cope said.
Prairie Sky Casino developers said they would be the premiere pick for Sumner County – having built and managed casinos like the Gold Strike in Tunica, Miss., Motor City in Detroit, Mandalay Bay, Monte Carlo, Excalibur and Luxor in Las Vegas.
Developer and Partner for Prairie Sky, Peter Simon said that though the proposals are scaled down, more would be coming based on what the customers want. Prairie Sky has the least amount of games to start with, but Simon says that's to find out what visitors really want to play. The casino would be customized to fit the market, he said.
“We would adjust to reflect those demands,” said Simon.
All but one of the proposals was heard, Monday. One of the Prairie Sky sites, known as Site B and located near the city limits of Mulvane at K-53 and Belle Plaine Road, will be up for endorsement from the Mulvane City Council, Cope said. No date has yet been set for a public meeting on the issue.
Simon says out of the three sites for Prairie Sky, there is no favorite but rather he hopes all three will be endorsed by the Commissioners and sent to the state for consideration. Simon says he and his partners have a clear advantage with their 100 percent personally financed proposal.
“What it assures is that the project will get built because we aren't depending upon banks, which you know are struggling these days,” said Simon. “Assuming we can get a contract with the lottery commission we are fully committed to moving forward with the project,”
The Prairie Sky partner said there is no concern of the money running out.
“Fortunately when we sold Mandalay to MGM, we did pretty well,” Simon said. An additional 40 years in the gaming industry will also cushion the expenses. He doesn't foresee ever going in with a third-party financier due to the current trend of economic downturns.
“Unfortunately if you can't build it with your own cap today, then you can't build it,” he said.
Prairie Sky's advantages are clear, the developer said.
“Our experience in all types of markets, the development agreements we've dealt with over time and the establishment of different demands of 16 different properties and the fact that we have do in fact have our own finances together,” Simon said.
The uphill climb to be the state's pick doesn't stop at the meeting with the County Commissioners, however. The Planning and Zoning Board will meet Wednesday to discuss and possible allow the rezoning and conditional use for the Lakes sites. Prairie Sky will go before the Planning and Zoning Board on July 22.
