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Non-Tech : ASCA Ameristar Casinos

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To: brad greene who wrote (5)	8/20/1999 1:08:00 AM
From: brad greene	Read Replies (1) of 24

Reserve Report #2 ...Competition. Hockeyfan,....all Commission members, OK......I'm posting in the breeze....I will venture forward. The Reserve is a suburban casino....not on the strip. The strip is a mess....and the locals will not venture down there unless they have visitors from out of town. The Stratisphere is now in a very dangerous part of town.....not a place to "self park". The Reserve is in Henderson......on the corner of Lake Mead BLVD and the major superhighway that leads to Boulder City and Hoover Dam. Many new subdivisions are going in in this area.....as this is where Las Vegas seems to be expanding. (Bear Sterns says 6,000 people per month are moving to Vegas) So....we picked Tuesday evening to do our DD on the competition. The closest major casino is the Sunset Station. It is part of the "Station Casino" corporation.(trades at much higher valuations as ASCA)...which owns and operates about 8 casinos....and caters to "local" markets in Las Vegas. They are very well respected and have a loyal following in Las Vegas. The Sunset Station was very nice. It is about twice the size of the Reserve.....and has a showroom. On the billboard...we saw that Ted Nugent and Bruce Springstien were scheduled to perform....each for one day only. The parking lot was well lit.....and on ground level. The casino was twice the size....but less full as the Reserve....on a relative basis. The Sunset Station is in straight lines...with rows and rows of machines.....straight angles..... It was very easy to get around, and seemed to have a middle class client base. There was no construction going on........and there was also no "event" about to take place. Next we went to Sam's Town....the next closest major casino. This was a different story. The entire front of the property was fenced off for what appears to be a major re-do. The parking "barns" were 3 story parking garages that were very difficult to park in....and made you look over your shoulder when leaving........we were not comfortable at Sam's Town. They do have a neat atrium in the center of the project that might be similar to the Embassy Suites interior treatment......based on a Western theme......and a lazer light show 3 times per night...but the rest of the casino was "skanky" IMO. Many lower income folks.....and the cars in the parking "barns" were not anything near the type of cars that were at the Station or the Reserve. we are not "fancy people"...but we do try to trade our cars in every three years and wash them regularly.....we saw no evidence of this type of culture at Sam's town. Sam's Town was as busy as both the Reserve and the Sunset Station.....but after 15 minutes at Sam's Town....we just wanted to get out of there. So....IMO....the Sunset Station is the major competition.....No doubt. They have the size....and following. They do lack the "rainforest" type environment. People who are looking for the "jungle sounds" and a "cool" gaming experience....will end up at the Reserve. The Reserve is right where the growth in the Vegas Valley is taking place....is the first major casino you hit coming from Hover Dam or Lake Mead....or other points "South".........very cool location....going forward. There was a trade journal article a while ago suggesting that Station should buy the Reserve......but it was quickly put to rest by Nielson....who said they had not been contacted....and that Station would not pay the price Nielson would want....at this time...done deal. Anyhow..... That's the way we saw it. And between all three casinos....the drink and slot servers costume prize had to go, without any doubt...what-so-ever.....to the folks at the Reserve. I don't think it is politically incorrect to say that the Reserve has the neatest costuming of the three gaming parlors.......And I think I see some serious long term "assets" in this move by ASCA. bg ps. Bear Sterns report tomorrow PM.

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