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The One-Day Casino

Posted by: Judy Chang

15 October 2008 - 11:00am

To keep its gaming rights which will in turn preserve its property value, The Queen of Hearts casino must open for eight hours every two years.

"The Queen of Hearts, though vacant, is hugely valuable. Its owners are planning to swap the whole block for a city-owned parcel in an area slated for redevelopment; they want to build a resort.

In the meantime, the owners need to keep the property's gaming rights intact to maintain the property's value, estimated at $13 million to $15 million, which will allow them to trade for land of similar worth."

"Recently, the number of one-day casinos has jumped. There were three in 2004, five in 2006 and seven this year -- including one at the site of Las Vegas' first racially integrated casino, the Moulin Rouge. The reasons vary, but the sour economy, which has stalled construction projects along the Strip, has likely played a role. Many owners won't sell or build until real estate and credit markets rebound."

Full Story: Casino stays in the game for a day
Source: Los Angeles Times, September 23, 2008
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