Last February, the only entertainment you’d be likely to catch on a Wednesday afternoon at Lincoln Park was a greyhound race.
But last week, in a room that has served as a cafeteria, a race-betting parlor and multipurpose area, the gaming facility debuted its newest form of entertainment: a comedy club.
Selling Luxury Real Estate Requires More Than Exposure
By Emilio DiSpirito IV License Partner | Private Office Advisor Engel & Völkers Oceanside www.DiSpiritoteam.com…
Learn More
Catch a Rising Star, the fourth in a chain of clubs started in New York and credited with helping to jump-start the careers of comedy stars such as Jerry Seinfeld and Dave Chappelle, opened its doors with a private show for reporters, local politicians and business leaders.
The club’s name is self-explanatory – Catch a Rising Star hopes to promote up-and-coming talent. But when patrons come to check out the comedians, the new owners of Lincoln Park, BLB Investors LLC, want them to see another kind of success story – the emergence of a once-dreary dog track as a real destination.
BLB, which bought the property from London-based Wembley plc last July, is investing $125 million to upgrade and expand the facility, and in the process adding 1,750 video lottery terminals (VLTs).
The first phase of the project, unveiled in November, entailed the addition of 600 VLTs and the relocation and consolidation of live racing and “simulcast” facilities.
The two remaining phases are slated for completion in the first quarter of 2007, said Clyde Callicott, vice president of marketing. The second phase entails upgrading “behind-the-scenes” operations such as electrical systems and storage, while the third phase will include 160,000 square feet worth of additions on the north and west sides of the facility.
The north addition will create a new gaming area, among other things. The western expansion will add a multipurpose room that can hold 1,500 people for entertainment events or 2,100 people for sporting events, said Cynthia Stern, a spokeswoman for the facility.
The project also includes renovations to the ground-floor gaming area, intended to revitalize the existing space and bring it to the same quality as the other additions. Ultimately, the facility will have 4,752 VLTs. Greyhound races are slated to continue at least through 2007.
Callicott said that BLB’s goal is to “metamorphose” Lincoln Park, so it attracts people not just for the games, but for its entertainment and dining opportunities.
“It’s not just a place for VLTs,” he said. “It’s the driving business – we understand that. But there are now new other areas of revenue streams that we can work out that appeal to different people.”
Stern echoed Callicott’s statements, adding that Catch a Rising Star has the potential to be a destination unto itself and add to Lincoln Park’s potential to draw. Stern points to the work BLB did to renovate Atlantis Paradise Island, a gaming facility in the Bahamas that now serves as the company’s flagship.
“It was run down, and now it’s this beautiful, world-class resort,” Stern said. “They feel that Lincoln Park has this potential – not as a resort, but as an entertainment destination.”
Any additional success of Lincoln Park will ultimately benefit the state under current revenue structures. Both Lincoln Park and Newport Grand, which also recently received approval for an expansion, give the state nearly 60 percent of their VLT earnings.
But the two gambling facilities generated roughly $20 million less last year than what had been projected. Additionally, both face a threat from nearby Massachusetts, which is considering adding 2,000 slot machines at the state’s horse and race tracks.
Coupled with the expansion of Foxwoods Casino in Connecticut and the threat of a Narragansett Indian/Harrah’s Entertainment Casino in West Warwick, all the gaming developments in the region mean that Lincoln and Newport could face strong competition in the near future.
But Callicott said he believes that Lincoln Park could compete in the New England gaming environment, carving out its own niche. “We’re introducing a whole new way to do things at Lincoln Park,” he said.
Eddie Brill, the comedian from last week’s club opening, said that any competition is healthy – at least in the stand-up world.
“It’s not only great for the comedians and the comedy community,” he said, “but also for Rhode Island, because you get more of a variety.” n
