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John Packer, director of marketing at Harrah's Lake Tahoe, where Bill Harrah started the casino in 1955, said the 18 story resort has been challenged by Red Hawk and, this winter, by the opening in November of the tribally owned Graton Resort Casino north of San Francisco.
"They think they can make it work," Adams said. "They've been pretty successful."
North Tahoe casino pocket along Nevada 28 at Crystal Bay, with the Tahoe Biltmore Lodge Casino to the right and Jim Kelley's Tahoe Nugget Casino, the Crystal Bay Casino and Cal Neva Resort Spa Casino to the left.(Photo: Bill O'Driscoll/RGJ)It's been a long, drought browned winter for Lake Tahoe casinos.
"We have some exciting plans . our family has been active in the Lake Tahoe region for more than 100 years and we care deeply about the local community," Reebok All Terrain Women's
He cites the recent announcement by Caesars Entertainment, parent company of 520 room Harrah's Lake Tahoe and 720 room Harveys Lake Tahoe across the street, that it will close its Harrah's casino in Tunica, Miss., in June because of competition and slumping revenues.
Over the past decade, the fall has been steeper: a nearly 39 percent decline in revenues at South Shore properties since 2004 and a 34 percent drop at the north end, according to data from the Nevada Gaming Control Board.
Add in the vagarities of weather, he said, and it shows the Tahoe region's seasonal vulnerability: Too little snow, as with this year, and skiers Saucony Jazz 91 On Feet
But even against drought and the more chronic challenge from tribal casinos just down the mountain in California, Nevada operators' attitudes are bright and their wallets are opening.
Park and his brother, Jon, have declined to discuss details of their project, from its cost, reportedly $40 million, to the scope of the work involved beyond multiple dining and entertainment options.
David Park, new co owner of the 539 room Horizon, said in a statement last month announcing the resort closed for renovations.
The numbers are bleak. Over the December February period, gaming revenues tumbled by double digit rates at both ends of the lake, pulled down in part by a rare third straight winter of subpar snowfall for the ski industry.
Reno gaming analyst Ken Adams said he doesn't doubt the Parks' intentions but questions the longer term viability of the South Tahoe gaming market.
He added, "There hasn't been any really good news at Tahoe for a long time, but I don't think that influences the Parks' thinking. They have enough money. How long they can sustain it, that's another question."
"It's a seesaw that Tahoe always has," Adams said. "It's a struggle at Tahoe, a serious struggle."
"Highway 50 has this Indian casino standing right on it," Adams said. "So (South Shore's) competition is so much closer in terms of impact than, say, Reno. That's why Tahoe is worse off than Reno."
To Saucony Collab 2017 his last point, Adams said there's the issue of market saturation on Tahoe's south shore, and he cites the steady drop in revenues prompted by recession and even more, the growth of tribal gaming in California. 50, the South Tahoe market's main artery feeding tourists from the Sacramento San Francisco Bay Area market.
The Park family, long time south Tahoe landowners, are well established in the South Shore business scene, he said, and as such could pull off renovating a major resort like the Horizon where other potential investors would shy away in the face of a weakening gaming environment.
"They simply just closed it. Too much product," Adams said. "I anticipate that could happen at Tahoe. There's way too much product there. I don't think anyone will do well there unless there's less product."
won't trek up the hill. Too much bad weather and the highways can be impassable or difficult to traverse.
But they're temporary as both locales are undergoing transformations in the tens of millions of dollars that its owners hope will restore glory to the Tahoe gaming scene.
Too much product?
Tahoe casinos attempting growth against shrinking market
The prospect of the Horizon reopening under new ownership will not address what Adams sees as the south end of Tahoe's longer term concern: too many casinos for the market.
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Sure, there are "closed" signs to be found, notably to the north at the famed Cal Neva Resort Spa Casino once owned by Frank Sinatra, and to the south, the Horizon Casino Resort, where under the "Del Webb's Sahara Tahoe" marquee in the early 1970s, Elvis Presley ruled the stage.
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