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> Blue Chip hotel construction begins next month, will be tallest building ever in MC
Southsider2k12
post Feb 21 2007, 01:50 PM
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http://www.michigancityin.com/articles/200.../21/news/n4.txt

QUOTE
Construction on Blue Chip hotel to begin next month
By Amanda Haverstick, The News-Dispatch

Construction on Blue Chip Casino's new 22-story hotel is scheduled to begin next month.

Keith Smith, president and chief operating officer for Boyd Gaming, said Blue Chip's expansion, announced in October 2006, is currently in the design and planning phase.

“We plan to break ground next month,” Smith said during a conference call Tuesday to discuss Boyd Gaming's fourth quarter results. He added that the company expects limited disruption to the casino once construction begins.

The $130 million project will include 300 guest rooms, a spa and fitness center, additional meeting and event space, new restaurants, night clubs and a new entrance.

Smith said the project is scheduled to open in late 2008. The casino currently has a 184-room hotel.

Blue Chip opened a new, $170 million casino boat in January 2006 that doubled the amount of gaming space from the company's original riverboat.

“In Michigan City, where we have successfully elevated the Blue Chip brand with last year's expansion, our new project will help us take this property to the next level,” said Chairman and Chief Executive Officer Bill Boyd in a written statement.

During Tuesday's conference call, Boyd Gaming officials said the company's Central Region, which includes Blue Chip Casino, recorded $222.9 million in net revenues for the fourth quarter 2006, up from $212.2 million for the same period in 2005.

Blue Chip posted 20 percent increases in both net revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter 2006 over the same period in the previous year.

“Our Central Region business was steady ... ,” Smith said.

The company also said it anticipates rolling out a new branding initiative, announced in October 2006, beginning in the second half of this year. The branding initiative, once the Las Vegas and Central Region programs are in place, would bring all properties under a single Players Club system.

Weather has been an issue for the company in the Midwest and other parts of the country that have experienced snow storms in the last month, Smith said. “It has a significant impact on our business. People choose not to drive in conditions like that. We have seen some of those impacts.”

Contact reporter Amanda Haverstick at ahaverstick@thenewsdispatch.com.

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RexKickass
post Feb 25 2007, 02:01 PM
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Blue Chip has gone much more upscale with the new boat. It's kind of reminiscent of Borgata in Atlantic City - their flagship property. Much of the stuff they've had has been pretty craptacular in other cities - so it was nice to see Blue Chip get the upgrade. It'll need it if/when New Buffalo gets their gaming.


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