Galaxy thinks big; Hoping against hope in Illinois

Feeling the pressure to diversify the market appeal of his casino resorts, Galaxy Entertainment CEO Lui Che-Woo is talking vaguely about a theme park, “something special and high-tech,” similar to the movie Avatar. Note that James Cameron isn’t

Galaxy Macauexplicitly involved in this (as he was in a rejected Caesars Entertainment proposal for Singapore), so Che-Woo may merely be throwing ideas against the wall to see what sticks. Whatever the case, this cutting-edge amusement park would be part of the $11 billion buildout of Galaxy Macau, a two-phase project with an unspecified timeline … which is probably a good thing, considering all the uncertainty surrounding Macao. Galaxy would also build non-gaming attractions, like a water park, on adjacent Hengqin Island.

“Theme parks are a great idea and Macao is desperate for more non-gaming attractions. These investments are in line with government demands so this will further strengthen relations and reduce the risk of the license not being renewed,” CLSA Ltd. analyst Aaron Fischer told Bloomberg News, noting that theme parks are a low-ROI proposition and Galaxy should concentrate on pursuing the convention business instead. After all, Che-Woo is a favorite son but Beijing might not look as favorably at seeing so much revenue going overseas, and into the coffers of ‘capitalist running dogs’ Steve Wynn and Sheldon Adelson, might it?

* Illinois legislators seem to have forgotten about expanding the number of casinos in their state but don’t tell that to Cynde Bunch. In a moment of Panglossian optimism, Bunch said that getting a casino for what’s currently Walker’s Bluff winery is but “such a small portion of the entire project … it is so minuscule, but it is the key to get the folks to come.” She’s even using the specter of a phantom casino in Paducah, Kentucky (which came as news to the local government) to gin up political support. Even if the Paducah casino were something more than hot air, Kentucky legislators are extraordinarily reluctant to approve casino gambling in the Bluegrass State.

Bunch promises to plow $178 million into converting Walker’s Bluff into a destination resort with a “300-room hotel, a multi-purpose convention, conference and entertainment center, four new restaurants, spa facilities, an indoor water park and a casino.” Bunch is getting less-than-overwhelming support from local lawmakers. “I don’t think gambling should be the No. 1 issue to balance a budget,” said state Sen. Gary Forby (D) and state Rep. John Bradley (D) reiterated his opposition to expanded gambling, saying that “I will continue to do what I can within the parameters of my principles.” In other words, don’t bet on Walker’s Bluff.

* The Las Vegas Review-Journal seems to have had no Plan B for what to do if the overworked Howard Stutz were to leave for greener pastures, as he did last week, taking a position with law firm Greenberg Traurig (former law firm of Jack Abramoff). So now Sheldon Adelson’s newspaper has a gaping hole where coverage of Sin City’s primary industry ought to be.

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