Vol. 3, No. 11, November 2007
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Charging the Net
Atlantic City executive used Venetian experience to advance
Las Vegas gave him a slice of Wimbledon.
Corbo, a high-school tennis star, obtained legal expertise and an Atlantic City gaming portfolio before coming here 10 years ago. As general counsel, he helped the Venetian first charge the gaming net.
Years before the glamour, the splendor, the Grand Canal Shoppes and the Guggenheim Museum, Corbo hammered out details. He fashioned language covering leases, vendors, construction, conventions, shops and restaurants, among other duties. Corbo’s penchant for details helped the Venetian deliver a casino version of topspin lobs, overhead slams and baseline winners.
After paving the way for the Venetian’s opening and enjoying its early success, Corbo returned to New Jersey as an enriched executive. He became the general counsel for Borgata and the first non-CEO or company president to serve as President of the Casino Association of New Jersey.
The Las Vegas period had improved his credentials.
“It was exciting to watch Las Vegas evolve during that time,” Corbo says. “Not only did I receive that experience, but it was something I could bring back to New Jersey. It really broadened the depth of my thinking and exposed me to many different ways of doing things.”
It was a prosperous period for Corbo, who credits the Venetian experience with landing the Borgata job. Both properties wield substantial clout in their markets. The Venetian helped revolutionize the Strip while Borgata redefined Atlantic City.
“Las Vegas is rightly perceived as the true gaming capital in our country,” Corbo says.
“It was an extremely exciting feeling to be part of that and to share in a special time. Not only was the Venetian under construction, but so was Bellagio, Mandalay Bay and Aladdin. Just prior to my arrival, you had casinos opening like New York-New York, Excalibur and Luxor. This was the next wave in Las Vegas. It had already started the evolution from being a gaming center destination to one which had many more facets to it. The market was being turbo-charged.”
Upon returning to Atlantic City and becoming part of the Borgata development team, Corbo enjoyed the sense of challenge that was instilled by Borgata’s CEO Bob Boughner. He was offered the chance to do something different to change the Atlantic City landscape.
“We had the opportunity of a blank slate in front of us, among other things, to establish a Borgata business model,” Corbo says. “You decide what you want to be, establish a culture with your employees and then you watch the plans come to life.”
Corbo noticed several elements of the Vegas experience to compare with—and bring back to—New Jersey. Non-casino business had evolved to complement casino revenues.
“This is one of the big differences between Las Vegas and Atlantic City—while our 11 Atlantic City casinos do about as much gaming revenue as the 24 largest Vegas strip properties, Atlantic City’s non-gaming revenues are only about 10 percent of what Vegas generates,” Corbo indicates. “But this is changing in Atlantic City.”
Corbo was brought to Las Vegas by developer Dave Friedman, who had helped Corbo get started at Resorts in Atlantic City and headed west himself. Corbo experienced the crazy, open-ended slate of pre-opening responsibilities.
“During the development mode, you pretty much do what needs to be done,” Corbo says.
“Titles are insignificant in describing what you do. From a legal standpoint, that meant being involved in the transactional work—the contracts you enter into during the development that later transcend into operations. There were many instances in which deals were approached from a standpoint that was considered unconventional.
“The Venetian was also building itself up at the convention place, a great place for conventions, meetings and group business, given the connection to the Sands Expo Center. We were also doing deals with the celebrity chefs like Wolfgang Puck and Emeril Lagasse and all the Grand Canal shops. We did many, many leases with incoming tenants. Once the deal had been made, it was my job to bring it home to contract.”
Corbo sports the knowledge of casino operations and the legal grasp of details. Both qualities serve him in New Jersey. Corbo walked into a firestorm in the summer of 2006. The New Jersey budget crisis prompted the state, including casinos, to close for several days, costing millions in revenues. Although the casinos were denied their request to have their employees labeled differently from other state workers—and thereby escape the shutdown—Corbo was right on top of the situation. The casinos were able to delay their imposed shutdown until after the important Fourth of July weekend.
He advised the city casinos during the stressful period. He continues taking charge of the contest. He enjoys the challenge.Corbo is the gaming version of a 140 mph serve.
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