Caesars ends ties with Gansevoort on Las Vegas Strip
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Las Vegas, NV (KTNV) -- Caesars Entertainment has decided to pull out of one casino project and change the name of another.
Caesars now has to go back to the drawing board to come up with a new name for the Gansvoort project, but industry experts said having to pull out of a Boston project is the bigger concern for the company.
"I don't think it is that important here in Las Vegas, because the project is going to go on, they are just going to put a different name on it," said David Schwartz, Center for Gaming Research.
Caesars said the end of the Gansvoort licensing agreement will have no impact on the transformation of Bill's Gamblin' Hall and Saloon, which is set to open early next year.
Industry analysts said that is true, but said the bigger issue is the termination of Caesars involvement with a Boston area casino, after a report to the Massachusetts Gaming Commission raised concerns about the suitability of Caesars as the operator of the casino.
In a statement released Monday afternoon, the company criticized the report saying, "We believe the commission is attempting to set standards of suitability that are arbitrary, unreasonable and inconsistent with those that exist in every other gaming jurisdiction."
The company went on to say that in light of the minority stake in the Massachusetts casino project they have decided to concentrate efforts on the other properties, and that's exactly what industry experts said they will need to do to increase revenues.