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Though he was a Las Vegas impresario and master of publicity ploys, Bob Stupak never saw some of his grandest visions come true, such as constructing a giant King Kong on the side of a tower, or building a casino in the shape of the sinking Titanic. Expensive efforts to achieve political office also faltered.But the casino operator and fixture in the local media did realize his dream of building the Stratosphere tower as a giant monument to himself and to the city that at once embraced and derided him. Mr. Stupak died Sept. 25 after struggling with leukemia. He was 67 years old.He was a flamboyant throw-back to the casino mecca’s anything-goes early days, though he operated at a time when corporations were entering the casino business and working to transform it into something more respectable. He stayed in the public eye in part because of the stunts he reportedly staged over a three decade career. He spent $150,000 to play basketball with the Harlem Globetrotters. He challenged Donald Trump to a million dollar bet over a board game, though Mr. Trump didn’t take the bait. He placed a $1 million 1989 Super Bowl bet (and won). In a press release, he announced that he had sent his female friend 1,001 bouquets of roses.His crowning achievement was the Stratosphere, which transformed the burgeoning city’s skyline and featured thrill rides at the top of a 1,149 foot tower.
 ”If ever there was a guy beyond the rim of reality, there was Bob. But somehow he made reality happen,” said John Woodrum, the owner of the Klondike casino and a longtime friend of Mr. Stupak’s.Mr. Stupak grew up in Pittsburgh and spent most of his life surrounded by gamblers. His father operated a floating illegal craps game for 50 years. A high school dropout who began operating gambling ventures in army barracks, Mr. Stupak later led a business selling dinner coupon books in Australia.He brought that to Las Vegas in 1972 and not long after bought a parcel of land on Las Vegas Boulevard in a downtrodden area between the resort casinos on the Strip and older casinos downtown. He said later that he didn’t realize it wasn’t the Strip.Gifted at superlatives, he opened Bob Stupak’s World Famous Historic Gambling Museum. There, according to local historian Michael Green, he advertised that customers could see a $10,000 bill. (It was a fake.)After the museum burned down under mysterious circumstances, he built Bob Stupak’s Vegas World in 1979 with a $1 million loan. With a vague outer space theme, Mr. Stupak filled the casino with such oddities as moon rocks, a tic-tac-toe-playing rooster that always won, and new house-friendly casino games such as “crapless craps.”Vegas World advertised “Virtually Free” Las Vegas vacations through schemes that later came under the wrath of regulators. It generated $100 million in revenue at its peak, and Mr. Stupak continued to promote its most notorious asset: himself.By the time Mr. Stupak ran for mayor in 1987, his carnival-like flamboyancy wasn’t always welcomed by other operators and establishment figures.
“We were an off-colored industry to start with in most people’s minds, and we worked very, very hard over the years to try to legitimize ourselves,” Mr. Woodrum said. “We didn’t want somebody giving us a black eye. But Bob was out there by himself. I liked him because he made me laugh. He was one of those crazy guys who did off-the-wall things.”Mr. Stupak refused to use the word “gaming,” as others in the industry preferred, according to the Las Vegas Business Press, and instead stuck with “gambling.” He was a fixture in the poker rooms and sports books of casinos around the Strip and downtown, and said he gambled every single day of his adult life.“Honey, you’re talking to a sucker,” he was quoted as saying in “Winner Take All,” a book about the casino industry. “Gambling is a vice… You can’t sell the poison unless you’re willing to take it yourself.”Year after year, Mr. Stupak was voted the “most annoying Las Vegan” or “community’s biggest embarrassment” in a poll in the local newspaper.Mr. Stupak’s image improved somewhat following a nearly-fatal motorcycle crash in 1995. The Las Vegas City Council dubbed him “Mr. Las Vegas.” He turned some of his stunts into good deeds, opening a community center in a poor neighborhood and offering a $100,000 reward for the killer of a murdered seven-year-old boy.By the end of the 1980s, as developers began to build larger resorts on the Strip, Mr. Stupak realized that he needed something more to entice gamblers to his out-of-the-way casino. The idea for a $550 million sky-high tower and casino grew out of more modest plans to build a really big sign. He originally financed the Stratosphere through time-shares and Vegas World revenues, but the construction was foiled by a fire and eventually ran out of money.Locals doubted it would ever be complete, and began calling it Stupak’s Stump.The construction was rescued by Grand Casinos, run by fellow poker player Lyle Berman. Mr. Stupak’s involvement in the final completion was limited. He said he wasn’t happy with the way the casino was laid out — not even the statue of himself erected in the entrance way, according to later interviews.Its opening in 1996 was a disaster and within a year the Stratosphere filed for bankruptcy — the largest in the history of the state at the time.
Carl Ichan bought the debt and turned it into a profitable venture. Despite the foibles, its completion was Mr. Stupak’s “lifetime achievement,” he and others said.“You never see skyline picture of Las Vegas where you don’t see the Stratosphere,” said Jan Jones, the former Las Vegas mayor who is now a Harrah’s Entertainment executive. “It rises above everything.”Mr. Stupak regretted that aviation regulators didn’t let him build an even taller tower.“Not having the tallest structure in the world is heartbreaking,” he told a reporter for the Las Vegas Review-Journal in 1996. “It was right there within grasp.” 

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Casino operator Wynn Resorts has received approval for a one billion dollar share offering on the Hong Kong market of its Macau gambling business, a source familiar with the matter said Monday.The roadshow for the sale of a 20 percent stake in its Macau casino operations will start September 21 while the listing is planned for October 9, the source said.

US casino billionaire Steve Wynn has been looking for funds to expand his business in the Chinese gaming haven of Macau but was previously deterred by weak stock market conditions, reports have said.

A pick-up in investor confidence has revived appetite for initial public offerings in Hong Kong recently with the benchmark Hang Seng Index closing at its highest level in more than a year on Friday.

More than 10 IPOs are due by the end of October.

Wynn’s listing follows a share sale in July of rival firm Sociedade de Jogos de Macau Holdings (SJM), the casino firm of Macau tycoon Stanley Ho.

Since Ho’s monopoly on gaming in the former Portuguese colony was broken up in 2002, the city has seen a flood of investment from foreign operators, transforming it into the world’s largest casino market.

Record monthly takings at Macau’s casinos in August have prompted hopes of a recovery after a recent slowdown.

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Las Vegas Strip gambling revenue fell 11 percent in July, the 19th straight decline, and Atlantic City’s dropped 16 percent in August as the two biggest U.S. gambling centers grapple with the worst slump on record.In Las Vegas, casino proceeds on the Strip dropped to $461.3 million in July from a year earlier, Nevada’s Gaming Control Board said today on its Web site. Gambling proceeds in the New Jersey seaside city dropped to $391.7 million, the New Jersey Casino Control Commission said in its statement.

Strip gambling has fallen more than 10 percent in every month since September 2008, with the exception of May’s 6.4 percent drop. Las Vegas casinos have slashed room prices and increased special offers in response to company conference cancellations and betting declines of as much as 23 percent in February and 26 percent in October. Atlantic City is being hurt by competition from neighboring states.

This year through July, Strip revenue has tumbled 14 percent, compared with the record 11 percent drop for all of 2008. Airport passenger traffic in Las Vegas fell 12 percent in the first seven months of 2009, according to the Clark County Department of Aviation, as airlines including US Airways Group Inc. and UAL Corp.’s United cut capacity.

MGM Mirage Chief Executive Officer Jim Murren and Wynn Resorts Ltd. CEO Stephen Wynn said business in Las Vegas was stabilizing after releasing second-quarter results.

“Less worse is the new operative term,” in Las Vegas, Joel Simkins, an analyst at Macquarie Securities USA Inc., said in an interview last month. “We still remain very cautious with the expected onslaught of CityCenter this December and its predicted opening will cast a pall over Las Vegas Sands, Wynn Resorts, as well as other major operators on the Strip.”

CityCenter

MGM Mirage is the biggest casino owner on the 4.5 mile Strip, with nine operating resorts and CityCenter, Las Vegas’s biggest development, due to open in December. Wynn Resorts Ltd. owns the namesake Wynn casino and neighboring Encore.

MGM Mirage, whose largest shareholder is Kirk Kerkorian, rose $1.15, or 11.4 percent, to $11.24 today in New York Stock Exchange Composite trading. The shares have lost 18 percent this year. Sheldon Adelson’sLas Vegas Sands Corp., which has almost tripled this year, in Las Vegas, lost 60 cents to $16.24. Wynn, up 47 percent year to date, rose $1.06 to $62.15.

About 21.4 million people visited Las Vegas in the seven months through July, a 6 percent decline from a year earlier, according to Las Vegas Convention & Visitors Authority data released today. Convention attendance tumbled 26 percent.

Strip gambling revenue last increased in December 2007, when it rose less than 1 percent.

Atlantic City

Atlantic City revenue from tables at the 11 casinos declined 20 percent to $115.6 million. Slot machines fell 15 percent to $276.1 million. Gambling revenue declined at all 11 casino properties last month. This year through August, revenue has fallen 15 percent to $2.71 billion, after dropping 7.6 percent in 2008, the worst annual decline for the region. In May, Las Vegas Sands opened a casino in Bethlehem, Pennsylvania, diverting gamblers from Atlantic City.

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