Lakeside Resort and Casino

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goatboy
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Lakeside Resort and Casino

Post by goatboy »

Not sure who leaked the story but what an unprofessional way to handle this negotiation. Personally, I think the resort may need the casino more than the other way around. In my experience as a tenant, why not try and negotiate the best renewal as possible and if that involves looking at other options that seems reasonable in my mind.


http://www.castanet.net/edition/news-story-149629-21-.htm#149629
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Rosemary1
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Re: Lakeside Resort and Casino

Post by Rosemary1 »

Why are we surprised. There hasn't been a whole lot of professionalism in negotiations about too many things of this nature in this town lately. And no one ever really knows the whole story it seems. And it sure sounds like 'negotiations' are over as far as Lakeside is concerned!

Maybe the city can lease more of skaha park for a casino lol Or maybe PIB might welcome casino as its first tenant across the way from the new bridge.

Regardless, Lakeside Resort will probably survive.
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Symbonite
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Re: Lakeside Resort and Casino

Post by Symbonite »

why would PIB do that when they can probably try to do it themselves like their cousins...

Might as well start with that for that bridge to nowhere.
**Disclaimer: The above statement is in my OPINION only.
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madmudder
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Re: Lakeside Resort and Casino

Post by madmudder »

Is this why the city just bought that piece of land? The city sort of has their hands tied with the casino. They committed all casino funds for the big white elephant (SOEC). If the casino moves to the Pib the city gets no funds. Isn't Karma a *bleep*?
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Re: Lakeside Resort and Casino

Post by jamapple »

madmudder wrote:Is this why the city just bought that piece of land? The city sort of has their hands tied with the casino. They committed all casino funds for the big white elephant (SOEC). If the casino moves to the Pib the city gets no funds. Isn't Karma a *bleep*?


Oh, the city will step up with a parcel of land for them, tax breaks, and a low lease payment, as they said they need a low lease payment as they don't make that much money. Love that one!! Play the poor card and get handouts. I got a kick out of that one.

I also don't understand when they were leasing from the resort, then say they wanted to "buy" 2 acres of their property to expand. Can ayone elaborate how a leased business could have a portion of their business leased, while owning outright, a piece of said business?
ToddT
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Re: Lakeside Resort and Casino

Post by ToddT »

I think this is a great move by the Lakeside, and with the added convention space, will only aid in their fight against the city. If they are going to go behind backs to get deals done he has every right to give them the boot.
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Re: Lakeside Resort and Casino

Post by mrmagoo »

jamapple wrote: Can ayone elaborate how a leased business could have a portion of their business leased, while owning outright, a piece of said business?


It isn't a leased business. I don't even know what you mean by that. Gateway is a business with a casino licence leasing space from the Lakeside from which they run the casino. They are looking for a bigger and better space and wanted to buy land from the Lakeside to build their own facility. The lakeside turned them down.
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Anonymous123
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Re: Lakeside Resort and Casino

Post by Anonymous123 »

ToddT wrote:I think this is a great move by the Lakeside, and with the added convention space, will only aid in their fight against the city. If they are going to go behind backs to get deals done he has every right to give them the boot.


A great move by the Lakeside? They are going to lose millions that was generated by the Casino. I can't see convention revenue equaling Casino revenue. Oh well at least with Barb working there they can just talk about the fun stuff.
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twobits
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Re: Lakeside Resort and Casino

Post by twobits »

madmudder wrote:Is this why the city just bought that piece of land? The city sort of has their hands tied with the casino. They committed all casino funds for the big white elephant (SOEC). If the casino moves to the Pib the city gets no funds. Isn't Karma a *bleep*?


twobits wrote:You don't even have a clue about the discharge of SOEC financing do you?
What you have accomplished with this post and comment of "white elephant SOEC" is your relevance and opinion in future discussions. *removed*
Last edited by oneh2obabe on Oct 14th, 2015, 8:57 pm, edited 3 times in total.
Reason: Try posting without the personal attacks.
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XT225
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Re: Lakeside Resort and Casino

Post by XT225 »

Anonymous123 wrote:A great move by the Lakeside? They are going to lose millions that was generated by the Casino. I can't see convention revenue equaling Casino revenue. Oh well at least with Barb working there they can just talk about the fun stuff.


We don't know what revenues that Gateway actually gives to the Lakeside. It may be nothing more than Lease payments. The "percentage" went to the City if I am not mistaken. Prystay is a smart businessman. Booking more rooms and doubling convention space could be far more lucrative than housing the Casino. Its the city who will lose unless they can find it a home and satisfy Gateway and if not, it will likely end up on Locatee lands.
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Re: Lakeside Resort and Casino

Post by twobits »

Anonymous123 wrote:
A great move by the Lakeside? They are going to lose millions that was generated by the Casino. I can't see convention revenue equaling Casino revenue. Oh well at least with Barb working there they can just talk about the fun stuff.


This is clearly developing into a battle of ego's. The west wing addition to the Hotel has clearly been in the planning stages for some time. This planning clearly predates any of the Casino discussions with the City. Besides that, why does the Casino, as just a lessee of Hotel property, not have the right to talk to anyone about it's own future or location??
But Prystay's feathers have been ruffled because they dared to look for an alternate property. How inappropriate of them to look after their own best interest and not include David? Laughing my friggen *bleep* off at David's sob story to the press about walkway concessions and parking requirements. Presenting himself as the example of community philanthropist. The reality is the foreshore of the lake is public property even if you alter it with artificial riprap to create a new shore line and the parking requirements as per bylaws of the time required X number of stalls per X number of....(insert you development type). When Cherry Lane and Peach tree Malls were first developed, they had to buy adjoining properties, some even across the street to meet the parking lot space ratio requirement.
I don't think we have seen the end of this power play yet. I'd even lay 50% odds that that Casino remains somewhere on the Lakeside property.
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Anonymous123
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Re: Lakeside Resort and Casino

Post by Anonymous123 »

http://www.castanet.net/news/Penticton/149917/PIB-bridge-nears-completion

As for the possibility of the casino moving there, Kruger said they are definitely open to it moving to the property.

"They are welcome to put their development there, because it would be the perfect match," he said.

The Penticton Lakeside Resort recently announced it has opted not to renew its lease with the casino when their current term ends in May of 2017.
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jamapple
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Re: Lakeside Resort and Casino

Post by jamapple »

mrmagoo wrote:
It isn't a leased business. I don't even know what you mean by that. Gateway is a business with a casino licence leasing space from the Lakeside from which they run the casino. They are looking for a bigger and better space and wanted to buy land from the Lakeside to build their own facility. The lakeside turned them down.


My mistake mrmagoo. You're right, not a leased business, I meant to say leasee.
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madmudder
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Re: Lakeside Resort and Casino

Post by madmudder »

Photo: Deborah Pfeiffer

The city of Penticton is working to ensure the casino stays in the city.

Council this week passed first readings of a zoning change to add casino to the definition of indoor amusement, entertainment and recreation.

"It's important that they stay in the city," said Mayor Andrew Jakubeit. "And we are working very hard to find a home for them and help them grow and prosper."

According to the staff report on the matter, the move came after the Penticton Lakeside Resort indicated that it will not be renewing its lease with Gateway Casinos, effective May 2017.

In regards to the zoning change, the mayor said the city did have another bylaw to say the casino was allowed at the hotel address, so they wanted to make it clear they would provide clarity that a casino is an allowed use wherever indoor amusement is allowed.

"It's more of a housekeeping thing," he said. "We wanted to make it nice and clean and simple."

Keeping the casino in the city is seen as a strategic priority because it is a large employer and significant revenue generator, as well as a popular entertainment venue for locals and tourists alike.

"The main thing is just for being the host city, we get $1.6 million annually," Jakubeit said. "Plus the casino has a staff of over 100 and are large contributors to our community.

The matter will go to public hearing on Nov. 2.



Can you imagine that? The city would lose funding if the casino leaves the city.
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fluffy
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Re: Lakeside Resort and Casino

Post by fluffy »

Was Mayor Jakubeit referring to the casino moving to PIB land or the possibility of it leaving the area altogether ?
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