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Started 2 years ago by Walker
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bjones7
Worthington Ohio
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Walker wrote >>

misskitty wrote >>
But I am not surprised that they want to spend less on buildings. I would have hoped they would consider spending more but I didnÃ¢â‚¬â„¢t hold my breath.

From the day we found out that they were using their "Hollywood Casino" brand, it's been pretty obvious that Penn was going to be going the cheap route in Columbus.

I hope no one is surprised that they are going to be cheap? What casino isn't, when it comes to cost of development? I'm actually surprise, they aren't complaining about the 85% slot payout requirement!

Posted 2 years ago #
Matthew
Hilltop
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bjones7 wrote >>

Walker wrote >>

misskitty wrote >>
But I am not surprised that they want to spend less on buildings. I would have hoped they would consider spending more but I didnÃ¢â‚¬â„¢t hold my breath.

From the day we found out that they were using their "Hollywood Casino" brand, it's been pretty obvious that Penn was going to be going the cheap route in Columbus.

I hope no one is surprised that they are going to be cheap? What casino isn't, when it comes to cost of development? I'm actually surprise, they aren't complaining about the 85% slot payout requirement!

While I am pro casino on the Westside, I do admit I think they are counting on rolling the cost of brownfield remediation into the overall cost of the casino, as written in the amendment. Should be interesting to see how this plays out.

Posted 2 years ago #
Core_Models
Columbus
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Let's be clear:

Yesterday, however, the two developers objected to language that would require them to spend $250million on building costs alone - not including the cost of buying land and installing fixtures such as slot machines and roulette tables.

They're not trying to shrink the investment, they'd just like to include the land and fixtures into it...seems pretty reasonable to me, especially since Penn has now had to buy two parcels of land.

Posted 2 years ago #
dru
IV
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Core_Models wrote >>
Let's be clear:

Yesterday, however, the two developers objected to language that would require them to spend $250million on building costs alone - not including the cost of buying land and installing fixtures such as slot machines and roulette tables.

They're not trying to shrink the investment, they'd just like to include the land and fixtures into it...seems pretty reasonable to me, especially since Penn has now had to buy two parcels of land.

but Core, in earlier threads you assured everyone the $250 million stipulation meant we'd get a nice casino compared to the examples of other casinos that were posted. One example:

Core_Models wrote >>
They built Huntington Park for what, a fifth of that?
Nationwide Arena, a hundred million less?
This complaint about this being built for ONLY 250 million dollars seems a bit thin.

See, the complaint was they would build a cheap and ugly building. The retort was, no sir, a $250 million building budget assures it will be a massive investment and not a glorified pole barn.

Now they get to start subtracting from that $250 million? What if they sell the AD spot, does that money get added back into the construction equation?

Posted 2 years ago #
Roland
Clintonville
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bjones7 wrote >>

Walker wrote >>

misskitty wrote >>
But I am not surprised that they want to spend less on buildings. I would have hoped they would consider spending more but I didnÃ¢â‚¬â„¢t hold my breath.

From the day we found out that they were using their "Hollywood Casino" brand, it's been pretty obvious that Penn was going to be going the cheap route in Columbus.

I hope no one is surprised that they are going to be cheap? What casino isn't, when it comes to cost of development? I'm actually surprise, they aren't complaining about the 85% slot payout requirement!

Casino's that have to compete for patrons perhaps? The 85% slot payout is lousy but they don't have to be competitive when they are the only casino in town. Mediocrity protected by Ohio's constitution no less!

Posted 2 years ago #
myliftkk
Columbus, OH
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Roland wrote >>

bjones7 wrote >>

Walker wrote >>

misskitty wrote >>
But I am not surprised that they want to spend less on buildings. I would have hoped they would consider spending more but I didnÃ¢â‚¬â„¢t hold my breath.

From the day we found out that they were using their "Hollywood Casino" brand, it's been pretty obvious that Penn was going to be going the cheap route in Columbus.

I hope no one is surprised that they are going to be cheap? What casino isn't, when it comes to cost of development? I'm actually surprise, they aren't complaining about the 85% slot payout requirement!

Casino's that have to compete for patrons perhaps? The 85% slot payout is lousy but they don't have to be competitive when they are the only casino in town. Mediocrity protected by Ohio's constitution no less!

Isn't this where Gram chimes in about what you get when you have a government-run, er mandated, casino. ;)

I guess I could make a comment about tight slots as well, but I think that'd drive this thread right into the ditch.

Posted 2 years ago #
Core_Models
Columbus
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dru, actually, I've stated all along I thought 250M in the AD for a single story building would be a nice casino...but that the same investment spread over the huge Delphi site wouldn't. Honestly, I always did assume that the land purchase and things like fixtures would certainly be included in that cost as well.

Posted 2 years ago #
kcrissinger
Brookshire
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The Delphi plant is officially gone. It has been reduced to massive piles of debris.

Posted 2 years ago #
dru
IV
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Core_Models wrote >>
dru, actually, I've stated all along I thought 250M in the AD for a single story building would be a nice casino...but that the same investment spread over the huge Delphi site wouldn't. Honestly, I always did assume that the land purchase and things like fixtures would certainly be included in that cost as well.

Fixtures sure, everything from lights in the parking lot to the toilets inside. But I don't think land purchase (or in this case purchases) was part of the spirit of the stipulated budget. If they had remained in the AD, I wouldn't have wanted them to be able to calculate the potential new off-ramp of 670 into the construction cost. They should be, as the current gaming proposals being put forth state, be held to a building infrastructure budget of 250m.

Posted 2 years ago #
Core_Models
Columbus
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Don't get me wrong d, I'd like them to build the best casino possible, and not include everything imaginable in the 250M, I really did consider the land purchase as part of it though.

Posted 2 years ago #
Walker
The KLD / Downtown
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Anyone know what they paid for both parcels of land? I don't know if I've seen that anywhere (or at least I haven't been looking for it).

Posted 2 years ago #
kcrissinger
Brookshire
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Walker wrote >>
Anyone know what they paid for both parcels of land? I don't know if I've seen that anywhere (or at least I haven't been looking for it).

The Delphi site was $2,500,000

Posted 2 years ago #
Matthew
Hilltop
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I too heard 2.5 mil for Delphi.

Posted 2 years ago #
budser1228
Short North Area
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I have to comment about the 85% payout - the minimum payout in Las Vegas is 75% (for reel slots). If you look up the slot payouts in Las Vegas they average in the 90%+ because you add in keno and video poker which are based on the numbers available and how 52 cards in a deck would act.

Now in some casinos you will find contained areas of machines that say up to 95% payouts - meaning that at least one machine in the area pays 95% or you will find an area that says 95% payouts which means all of the machines in the area have to be set at 95%.

Posted 2 years ago #
Walker
The KLD / Downtown
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Ohio House, Senate Pass Rival Casino Rules
Thursday, May 27, 2010

Ohio's House and Senate agree that the state's new casinos should not give away free drinks, allow smoking or let anyone under 21 inside to gamble.

The two chambers will have to work out other differences in the casino rules they approved in separate votes on Wednesday, 10TV News reported.

READ MORE: http://www.10tv.com/live/content/local/stories/2010/05/27/story-columbus-casino-rules.html?sid=102

Posted 1 year ago #
kcrissinger
Brookshire
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Columbus Messenger

This article in the Westside Messenger discusses the development of the Broad St corridor of the "casino district" and actually references the Weston Development Group. Maybe I've missed it before, but it is the first official mention of "Weston" that I've actually seen in news print.

Posted 1 year ago #
Twixlen
Westgate, Columbus
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kcrissinger wrote >>
Columbus Messenger
This article in the Westside Messenger discusses the development of the Broad St corridor of the "casino district" and actually references the Weston Development Group. Maybe I've missed it before, but it is the first official mention of "Weston" that I've actually seen in news print.

My understanding is this - Plaza Properties, who has the mall and the apts behind it, had both of these parcels renamed "Weston Properties" or some such thing when they were trying to market it all as one parcel a few years ago. It's possible, this is the original source of the whole Les Wexner "Weston" rumors.

Here's the auditor's site on the Mall property - http://franklincountyoh.metacama.com/do/searchByParcelId?taxDistrict=140&parcelNbr=003370&suffix=00

Posted 1 year ago #
Schoolboy
Columbus
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this has always smelled of conspiracy
from those that fought the casino coming here, but have yet dissapeared now that it has moved
to the mayor's council who labeled the bar/club area of the arena district a family area, yet approved the casino's move next to thousands of families in apt complexes

if this whole wexner thing plays out, i wouldn't at all be surprised

it wasn't in columbus or penn's best interest to move, so there had to be a monetary force behind it

Posted 1 year ago #
kcrissinger
Brookshire
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Twixlen wrote >>

kcrissinger wrote >>
Columbus Messenger
This article in the Westside Messenger discusses the development of the Broad St corridor of the "casino district" and actually references the Weston Development Group. Maybe I've missed it before, but it is the first official mention of "Weston" that I've actually seen in news print.

My understanding is this - Plaza Properties, who has the mall and the apts behind it, had both of these parcels renamed "Weston Properties" or some such thing when they were trying to market it all as one parcel a few years ago. It's possible, this is the original source of the whole Les Wexner "Weston" rumors.
Here's the auditor's site on the Mall property - http://franklincountyoh.metacama.com/do/searchByParcelId?taxDistrict=140&parcelNbr=003370&suffix=00

Yes, I have seen the Auditor's information on the site. I was referring to the actual "Weston Development Group" being officially named in the article. It is going to be very interesting.....

Posted 1 year ago #
kcrissinger
Brookshire
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More news, both Franklin and Prarie township have received grants to improve both the function and aesthetics of the West Broad corridor in the area as well.

Posted 1 year ago #