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Park Place Entertainment Watch - April 2003

30 April 2003

As Michael Pollock says in the April 28th issue of the Gaming Industry Observer, "size looms increasingly large as a decisive factor in gaming profitability."  The largest gaming corporations have the best chance to enter a new jurisdiction; they can leverage their size in purchasing slot machines, health care or recruiting top management.  This month Park Place did a little of each. 

One of the biggest coup d' `etat may have been in recruitment.  Bobby Yee has had a very successful career, but he has really honed his skills in the last couple of years, while managing Casino Windsor, competing against Detroit's casinos while terrorism, SARS and a bad economy kept the players on the southern side of the border.  The move to cashless is another move that will contribute to profitability, as current estimates put the labor reduction at 30-40 percent.  Park Place also lined up on the side of the post-Enron good guys and reduced the severance agreements of top executives.

Firm Offering Health Program.  Park Place Entertainment Corp. and Sierra Health and Life Insurance Co. Inc. have signed a contract to offer a new health program for casino employees called "LifeStrides."  …"This marks the first effort by a gaming company to offer a free wellness/health education program to improve the health of its employees," Park Place saidLas Vegas Sun, 4-25-03

Park Place Entertainment Corp. is wrapping up its roll-out of ticket-in, ticket-out slot technology, with two of the company's Las Vegas casino resorts soon to be the first major Strip properties to fully adopt the new system.  …By the end of the year, Park Place expects to have completely converted Caesars Palace, with nearly 1,900 slots, and the Flamingo, with more than 1,700 slots, to the new cashless systemRod Smith, Gaming Wire, Las Vegas Review-Journal, 4-18-03

Park Place Entertainment Corp. today named Bobby Yee as president of the company's adjacent Bally's and Paris Las Vegas resorts on the Strip.  Las Vegas Sun, 4-10-03

In the aftermath of last year's corporate scandals, Park Place Entertainment Corp. illustrates the oft-made claim that executive pay and golden parachutes are getting plucked. When Wally Barr succeeded Tom Gallagher as chief executive officer Nov. 19, he landed a three-year contract with a million dollar a year base salary plus bonuses, but a parachute equal only to the base. Gallagher, by comparison, was paid $2.3 million a year and got $7 million just to leave the company.  Las Vegas Review-Journal, 4-27-03

Size does not hurt when you hire entertainment or expand your slot club, but it might not be enough in the confusing world of Internet gaming.

Park Place Entertainment Corp. unveils its $95 million Coliseum theater Tuesday at Caesars Palace with a music and dance extravaganza led by pop diva Celine Dion.  …Unlike past generations of attractions in Las Vegas, this venue is no loss leader. Park Place expects to reap a 20 percent return on additional business the show will draw to the company's retail, dining and gambling venues.  Liz Benston, Las Vegas Sun, 3-21-03

Park Place Entertainment Corp. expects to introduce a second phase of its slot player loyalty club card, Connection Card, …"Connection Comps" can be spent in any of Park Place's five Las Vegas resortsLas Vegas Sun, 4-24-03

Park Place Entertainment Corp.'s Internet commerce division has been redeployed and the head of the division has left the company, a move that comes a few weeks after the company announced that it would hold off on developing an online gambling site for non-U.S. bettors.  Liz Benston and Richard N. Velotta, Las Vegas Sun, 4-1-03

The latest and most efficient technology, the best management available, unique entertainers with an international audience and good employment benefit programs, may not guarantee success, but it puts Park Place and the other giants one leg up on the competition.

Ken Adams

Ken Adams is the principal in the gaming consulting firm, Ken Adams and Associates. Formed in 1990, Ken Adams and Associates specializes in information, analysis, and strategic planning for Indian tribes, casino operations and gaming manufacturers.

Ken spent over 20 years in the hotel-casino industry, prior to founding Ken Adams and Associates. He held the positions of: Director of Casino Operations, Casino Manager, and Keno Department Manager. During this time, he developed numerous innovative marketing and customer development programs and systems for evaluating casino performance. Some of those programs, such as slot clubs and tournaments, have become industry standards.

Ken is also actively involved in gathering and disseminating information that is important to the gaming industry. He is editor and publisher of and the Adams' Report, a monthly newsletter specializing in identifying trends in casino gaming, regulation and manufacturing, the Adams Daily Report, an electronic newsletter that provides electronic links to the key gaming stories of the day, and the Adams Review, a special report distributed by Compton Dancer Consulting that provides editorial commentary on gaming trends.
Ken Adams
Ken Adams is the principal in the gaming consulting firm, Ken Adams and Associates. Formed in 1990, Ken Adams and Associates specializes in information, analysis, and strategic planning for Indian tribes, casino operations and gaming manufacturers.

Ken spent over 20 years in the hotel-casino industry, prior to founding Ken Adams and Associates. He held the positions of: Director of Casino Operations, Casino Manager, and Keno Department Manager. During this time, he developed numerous innovative marketing and customer development programs and systems for evaluating casino performance. Some of those programs, such as slot clubs and tournaments, have become industry standards.

Ken is also actively involved in gathering and disseminating information that is important to the gaming industry. He is editor and publisher of and the Adams' Report, a monthly newsletter specializing in identifying trends in casino gaming, regulation and manufacturing, the Adams Daily Report, an electronic newsletter that provides electronic links to the key gaming stories of the day, and the Adams Review, a special report distributed by Compton Dancer Consulting that provides editorial commentary on gaming trends.