When Steve Wynn purchased the former Alon / Frontier land last month nobody really knew what he was going to do with it. The common thought was that Wynn would sit on the land and save it for development sometime in the distant future.
Turns out Steve wants to build, and build fast. Wynn Resorts wants to develop this land (along with their Golf Course / Paradise Park project) as fast as possible and is going full speed ahead on Las Vegas development.
Wynn will be building a two to three thousand room new hotel on the Alon land in a project they are calling West Wynn. Steve has been thinking about this project for a long time, and always thought he would end up acquiring the property.
The West Wynn property (or is it Wynn West?) will be connected to Wynn proper via an air conditioned walkway over the Las Vegas Strip.
Steve Wynn's bullishness on Las Vegas seems to be sparked by the new tax reform bill, along with the company's strong results in Macau.
With Wynn looking to build, this could be the much needed boost for the North Strip we've been waiting for. If Resorts World and Fontainebleau (now Project Blue) get underway the North Strip could become a lot more exciting.
Wednesday, October 25, 2017
The Londoner Macao Announced
Las Vegas Sands today announced the redevelopment of Sands Cotai Central into a new European themed resort called The Londoner Macao.
The $1.1 billion project will rebrand Sands Cotai Central into a new destination integrated resort. The Londoner "will feature dynamic new attractions and features from London including some of London's most recognizable landmarks, an expanded and reimagined retail mall and 350 luxurious new suites, the St Regis Tower Suites."
The high level of investment on the Cotai Strip shows the strength of the Macanese market, which was down in previous years but has since been making a strong recovery.
Unfortunately it doesn't look like Sands has any intention of building anything new in Las Vegas anytime soon other than their announced music arena.
I would like to see them do something with the stalled St. Regis building on the Las Vegas Strip which is currently unfinished, but it seems they are content with leaving it as-is for now.
The $1.1 billion project will rebrand Sands Cotai Central into a new destination integrated resort. The Londoner "will feature dynamic new attractions and features from London including some of London's most recognizable landmarks, an expanded and reimagined retail mall and 350 luxurious new suites, the St Regis Tower Suites."
The high level of investment on the Cotai Strip shows the strength of the Macanese market, which was down in previous years but has since been making a strong recovery.
Unfortunately it doesn't look like Sands has any intention of building anything new in Las Vegas anytime soon other than their announced music arena.
I would like to see them do something with the stalled St. Regis building on the Las Vegas Strip which is currently unfinished, but it seems they are content with leaving it as-is for now.
Thursday, July 27, 2017
Fontainebleau Sale Rumors Heat Up MGM Call
Rumors about a sale of Fontainebleau are nothing new. It's been over a year since the last round of speculation about who could possibly buy the property and maybe open it someday. Back then a sale was expected by the end of summer 2016.
Needless to say that never happened and we've been in a holding pattern ever since.
The lack of news about Fontainebleau made today's MGM Resorts International earnings call that much more surprising. Seemingly out of the blue Carlo Santarelli, Wall Street analyst at Deutsche Bank asked CEO Jim Murren about the property and how long it would take for a company to get it up and running.
Murren joked about the "rumor" and indicated MGM was not interested in the property, but speculated it would take 2 or 3 years for the resort to be operational. He also commented about Fontainebleau possibly being in a good location once the expanded convention center is finished, and thus would be more focused on the lodging aspect of the resort (rather than say gaming).
It's probably true that MGM isn't buying Fontainebleau, although it might be an interesting project for their MGM Growth Properties REIT subsidiary. Either way, hearing this chatter in the middle of the earnings call definitely got my attention. It seems like somebody knows something about a transaction happening soon. Or maybe they don't. The waiting game continues.
Needless to say that never happened and we've been in a holding pattern ever since.
The lack of news about Fontainebleau made today's MGM Resorts International earnings call that much more surprising. Seemingly out of the blue Carlo Santarelli, Wall Street analyst at Deutsche Bank asked CEO Jim Murren about the property and how long it would take for a company to get it up and running.
Murren joked about the "rumor" and indicated MGM was not interested in the property, but speculated it would take 2 or 3 years for the resort to be operational. He also commented about Fontainebleau possibly being in a good location once the expanded convention center is finished, and thus would be more focused on the lodging aspect of the resort (rather than say gaming).
It's probably true that MGM isn't buying Fontainebleau, although it might be an interesting project for their MGM Growth Properties REIT subsidiary. Either way, hearing this chatter in the middle of the earnings call definitely got my attention. It seems like somebody knows something about a transaction happening soon. Or maybe they don't. The waiting game continues.
Tuesday, July 25, 2017
Wynn Second Quarter 2017 Earnings
Wynn Resorts released second quarter 2017 earnings today and held their earnings conference call. Revenue and net income were both up year over year due to the addition of Wynn Palace in Macau and helped by higher hold percentage in both Las Vegas and Macau.
Steve Wynn discussed the plans for the redevelopment of the Wynn golf course in Las Vegas. It appears that plans for the course are on track and drawings are being finalized.
The golf course will be redeveloped to include a lagoon along with new hotel rooms and convention space.
Steve Wynn commented that this land is extremely valuable due to its proximity to the Las Vegas Convention Center along with the Sands Expo Center.
Wynn also updated operations in Macau. Wynn Palace is doing well but is currently being somewhat adversely affected by construction at the neighboring MGM Cotai resort being built.
Back stateside Wynn Boston Harbor opening date will be in 2019 with construction now well underway. The company is also buying more property in the Boston / Everett area with an eye on future expansion.
Steve Wynn discussed the plans for the redevelopment of the Wynn golf course in Las Vegas. It appears that plans for the course are on track and drawings are being finalized.
The golf course will be redeveloped to include a lagoon along with new hotel rooms and convention space.
Steve Wynn commented that this land is extremely valuable due to its proximity to the Las Vegas Convention Center along with the Sands Expo Center.
Wynn also updated operations in Macau. Wynn Palace is doing well but is currently being somewhat adversely affected by construction at the neighboring MGM Cotai resort being built.
Back stateside Wynn Boston Harbor opening date will be in 2019 with construction now well underway. The company is also buying more property in the Boston / Everett area with an eye on future expansion.
Saturday, January 14, 2017
Raiders Relocation Announcement Imminent
The Oakland Raiders are set to file relocation paperwork officially announcing their intention to move to Las Vegas according to a report by Ian Rapoport of NFL Network.
The move would need to be approved by a vote of 24/32 league owners which would take place in March. It's not clear how the owners would react to a move to Las Vegas, but it seems like previous concerns of gambling might be lessened now that casinos are present in many of the leagues cities.
Financing of a new stadium appears to still be up in the air. Original plans would call for a new room tax in combination with funds from Sheldon Adelson, but the Raiders have been looking to secure alternate financing as well. With the decision to file relocation papers it looks like they're confident financing for the stadium will come through someway, somehow.
In addition to the Raiders playing in the new stadium, being in Las Vegas opens it up to entertainment like music festivals and concerts. I could also see large conventions taking place on the domed stadium floor. Other sporting events like UNLV football, Soccer, and the Final Four could be possibilities as well.
With Las Vegas looking to expand and diversify their entertainment portfolio, having pro sports teams and the accompanying stadiums would seem to fit into those plans perfectly.
The move would need to be approved by a vote of 24/32 league owners which would take place in March. It's not clear how the owners would react to a move to Las Vegas, but it seems like previous concerns of gambling might be lessened now that casinos are present in many of the leagues cities.
Financing of a new stadium appears to still be up in the air. Original plans would call for a new room tax in combination with funds from Sheldon Adelson, but the Raiders have been looking to secure alternate financing as well. With the decision to file relocation papers it looks like they're confident financing for the stadium will come through someway, somehow.
In addition to the Raiders playing in the new stadium, being in Las Vegas opens it up to entertainment like music festivals and concerts. I could also see large conventions taking place on the domed stadium floor. Other sporting events like UNLV football, Soccer, and the Final Four could be possibilities as well.
With Las Vegas looking to expand and diversify their entertainment portfolio, having pro sports teams and the accompanying stadiums would seem to fit into those plans perfectly.
Thursday, January 12, 2017
Sleepless - Las Vegas Movie - The Luxus
I'm always on the lookout for Las Vegas movies and TV shows, so when I heard one was opening this weekend I thought I'd check it out.
Sleepless stars Jamie Foxx as a Las Vegas cop with a connection to the criminal underground that puts his son's life in danger. It also features Michelle Monaghan, Dermot Mulroney, Scoot McNairy, and Gabrielle Union.
The movie is under the radar with a modest 1800 theater release. I just happened to see a commercial for it which had a throwaway line about Foxx being "one of Nevada's finest" which led me to do some research revealing the Las Vegas setting.
Sleepless opens with a wide shot of the Las Vegas valley and several high quality aerial photography establishing shots of the Las Vegas Strip are seen throughout the movie. Other scenes feature cars driving on the Strip and Downtown (or "Old Downtown" as one of the cops calls it).
Much of the movie takes place at a fictional Las Vegas hotel resort - The Luxus.
The fake hotel is located in the middle of CityCenter crammed in-between Aria and Mandarin Oriental. Seeing a completely fictional resort reminded me of the 2015 TV show The Player which featured a few fake Las Vegas hotels.
Made-up hotels in Las Vegas movies and TV shows tend to move around though. When the characters are inside The Luxus overlooking the Strip the location looks to be closer to The Mirage with views of The Palazzo across the street.
The Las Vegas scenery continuity in Sleepless isn't terrible though. There weren't many obvious gaffes of a character being at one end of the Strip only to be at another end of the strip seconds later. The 2010 movie Get Him To The Greek and last year's Jason Bourne both suffered from these types of mistakes.
Sleepless isn't a great (or even good) movie, but if you're someone like me who likes to watch anything Las Vegas related you might want to check it out sometime.
Sleepless stars Jamie Foxx as a Las Vegas cop with a connection to the criminal underground that puts his son's life in danger. It also features Michelle Monaghan, Dermot Mulroney, Scoot McNairy, and Gabrielle Union.
The movie is under the radar with a modest 1800 theater release. I just happened to see a commercial for it which had a throwaway line about Foxx being "one of Nevada's finest" which led me to do some research revealing the Las Vegas setting.
Sleepless opens with a wide shot of the Las Vegas valley and several high quality aerial photography establishing shots of the Las Vegas Strip are seen throughout the movie. Other scenes feature cars driving on the Strip and Downtown (or "Old Downtown" as one of the cops calls it).
Much of the movie takes place at a fictional Las Vegas hotel resort - The Luxus.
The fake hotel is located in the middle of CityCenter crammed in-between Aria and Mandarin Oriental. Seeing a completely fictional resort reminded me of the 2015 TV show The Player which featured a few fake Las Vegas hotels.
Made-up hotels in Las Vegas movies and TV shows tend to move around though. When the characters are inside The Luxus overlooking the Strip the location looks to be closer to The Mirage with views of The Palazzo across the street.
The Las Vegas scenery continuity in Sleepless isn't terrible though. There weren't many obvious gaffes of a character being at one end of the Strip only to be at another end of the strip seconds later. The 2010 movie Get Him To The Greek and last year's Jason Bourne both suffered from these types of mistakes.
Sleepless isn't a great (or even good) movie, but if you're someone like me who likes to watch anything Las Vegas related you might want to check it out sometime.
Tuesday, January 03, 2017
2016 Las Vegas Stock Recap
With the calendar now showing January 2017, let's take a look back and see how Las Vegas stocks did in 2016.
The big three Las Vegas stocks - MGM Resorts International, Wynn Resorts, and Las Vegas Sands all had good years increasing by more than 20% each. The companies rode the wave of a recovering Macau market combined with strong non-gaming Las Vegas metrics.
In Macau Wynn Palace opened on the Cotai Strip in August. Sands opened The Parisian a few weeks later in in September. Meanwhile in the United States MGM National Harbor near Washington DC was opened in December to capacity crowds.
Caesars Entertainment stock finished the year up just over 7%. Caesars is still involved in seemingly never-ending bankruptcy litigation, but the stock could have some speculation value if they are able to escape bankruptcy with most of the company still in-tact.
Regional operators Boyd Gaming and Penn National didn't fare as well as their international counterparts. Boyd was up a slight 1.5% as they integrated their new Aliante and Cannery acquisitions. Penn was down 13.9% perhaps negatively affected by the anticipated opening of MGM National Harbor stealing business from their Charles Town property.
2016 Las Vegas stock results: (not including dividends)
The big three Las Vegas stocks - MGM Resorts International, Wynn Resorts, and Las Vegas Sands all had good years increasing by more than 20% each. The companies rode the wave of a recovering Macau market combined with strong non-gaming Las Vegas metrics.
In Macau Wynn Palace opened on the Cotai Strip in August. Sands opened The Parisian a few weeks later in in September. Meanwhile in the United States MGM National Harbor near Washington DC was opened in December to capacity crowds.
Caesars Entertainment stock finished the year up just over 7%. Caesars is still involved in seemingly never-ending bankruptcy litigation, but the stock could have some speculation value if they are able to escape bankruptcy with most of the company still in-tact.
Regional operators Boyd Gaming and Penn National didn't fare as well as their international counterparts. Boyd was up a slight 1.5% as they integrated their new Aliante and Cannery acquisitions. Penn was down 13.9% perhaps negatively affected by the anticipated opening of MGM National Harbor stealing business from their Charles Town property.
2016 Las Vegas stock results: (not including dividends)
| Company | Symbol | Start | End | Change |
| MGM | MGM | 22.72 | 28.83 | +26.9% |
| Wynn | WYNN | 69.19 | 86.51 | +25% |
| Sands | LVS | 43.84 | 53.41 | +21.8% |
| Caesars | CZR | 7.89 | 8.50 | +7.7% |
| Boyd | BYD | 19.87 | 20.17 | +1.5% |
| Penn | PENN | 16.02 | 13.79 | -13.9% |
Thursday, December 29, 2016
Debbie Reynolds Las Vegas History
The sad news of Carrie Fisher passing away a few days ago was compounded by the news that her mother Debbie Reynolds had also passed away the next day.
Debbie Reynolds was a Hollywood mainstay appearing in countless films highlighted by Singin' in the Rain and her Academy Award nominated performance in The Unsinkable Molly Brown.
Reynolds also had an extensive history in Las Vegas. During the 1960's and early 70's she was a constant headliner at the Riviera performing a lounge act which included singing and comedy. She was famous for doing impressions of other female celebrities during her shows.
Debbie Reynolds was also a Las Vegas hotel owner in the 1990's. She purchased the closed Paddlewheel Hotel and Casino at auction in 1992. It was reopened in 1993 as Debbie Reynolds Hotel and Casino. The property was highlighted by a Hollywood Movie Museum and Debbie's Star Theater.
Unfortunately the property was never financially successful under Reynolds. The casino was closed in 1996 and the hotel was put up for auction again a year later. It was eventually re-branded as the Greek Isles in the early 2000's - ultimately becoming a Clarion before being imploded in 2015.
Debbie Reynolds was a Hollywood mainstay appearing in countless films highlighted by Singin' in the Rain and her Academy Award nominated performance in The Unsinkable Molly Brown.
Reynolds also had an extensive history in Las Vegas. During the 1960's and early 70's she was a constant headliner at the Riviera performing a lounge act which included singing and comedy. She was famous for doing impressions of other female celebrities during her shows.
Debbie Reynolds was also a Las Vegas hotel owner in the 1990's. She purchased the closed Paddlewheel Hotel and Casino at auction in 1992. It was reopened in 1993 as Debbie Reynolds Hotel and Casino. The property was highlighted by a Hollywood Movie Museum and Debbie's Star Theater.
Unfortunately the property was never financially successful under Reynolds. The casino was closed in 1996 and the hotel was put up for auction again a year later. It was eventually re-branded as the Greek Isles in the early 2000's - ultimately becoming a Clarion before being imploded in 2015.
Thursday, December 15, 2016
Crown Resorts Abandons Alon
Crown Resorts has indicated they are pulling out of the Alon Las Vegas development. The proposed resort was going to be located on the North Strip across the street from Wynn.
Alon's management team has contented they are still working to find funding. In a press release earlier today they touted the benefit of a turn-key project for a company with deep pockets:
Having invested two years in the program planning, design, development, pre-construction and entitlement process, the Alon resort project has been thoroughly vetted and is considered "shovel-ready."
All they need is $2 billion or so to make it happen.
As much as we would like to see new mega-resorts on the Strip, the math just doesn't add up for some of these new projects.
Existing Las Vegas companies already have enough casinos and hotel rooms. They are increasingly choosing to renovate rather than rebuild.
New companies looking to enter the Las Vegas market can often do so more economically by purchasing existing properties. Penn National did just that by purchasing the Tropicana and M Resort.
Alon's management team has contented they are still working to find funding. In a press release earlier today they touted the benefit of a turn-key project for a company with deep pockets:
Having invested two years in the program planning, design, development, pre-construction and entitlement process, the Alon resort project has been thoroughly vetted and is considered "shovel-ready."
All they need is $2 billion or so to make it happen.
As much as we would like to see new mega-resorts on the Strip, the math just doesn't add up for some of these new projects.
Existing Las Vegas companies already have enough casinos and hotel rooms. They are increasingly choosing to renovate rather than rebuild.
New companies looking to enter the Las Vegas market can often do so more economically by purchasing existing properties. Penn National did just that by purchasing the Tropicana and M Resort.
Monday, July 25, 2016
Sands Arena Opening Late 2018 or Early 2019
Las Vegas Sands reported their second quarter 2016 earnings earlier this afternoon.
As usual most of the earnings conference call centered on the company's primary casino operations in Macau and Singapore, but there was one tidbit about Las Vegas:
The Sands music arena which will be built with Madison Square Garden will begin construction in early 2017.
The arena located behind Venetian and Palazzo will take 18 to 24 months to build, which means the opening date will be Late 2018 or early 2019.
I suppose that timeline is perfectly reasonable for a new arena to be constructed, but 2019 seems like a long way off. I was looking forward to the Sands arena and T-Mobile Arena squaring off and competing for top musical acts, but I guess we'll have to wait a few years.
As usual most of the earnings conference call centered on the company's primary casino operations in Macau and Singapore, but there was one tidbit about Las Vegas:
The Sands music arena which will be built with Madison Square Garden will begin construction in early 2017.
The arena located behind Venetian and Palazzo will take 18 to 24 months to build, which means the opening date will be Late 2018 or early 2019.
I suppose that timeline is perfectly reasonable for a new arena to be constructed, but 2019 seems like a long way off. I was looking forward to the Sands arena and T-Mobile Arena squaring off and competing for top musical acts, but I guess we'll have to wait a few years.
Tuesday, June 14, 2016
Riviera Monaco Tower Implosion
The first of two Riviera implosions took place this morning as the Monaco Tower was taken down. A series of fireworks and live musical performances marked the occasion as onlookers flooded the sidewalks to see the tower fall.
Video: Jay Brannan.
Riviera's Monte Carlo Tower will be imploded later this summer. It was delayed after asbestos was discovered.
Video: Jay Brannan.
Riviera's Monte Carlo Tower will be imploded later this summer. It was delayed after asbestos was discovered.
Friday, June 03, 2016
Park MGM is new Monte Carlo Name
Monte Carlo will be renamed Park MGM as part of a $450 million remodeling project. The new name was announced in an MGM Resorts International press release earlier today.
The property will also feature a "hotel within a hotel" concept with NoMad Hotel occupying a small portion of the rooms. NoMad will be operated by the New York City based Sydell Group.
It's unclear what will happen to Monte Carlo's current "hotel within a hotel" concept Hotel 32.
Re-naming Monte Carlo after the adjacent Park promenade was a fairly predictable move, but attaching the MGM brand to the property is kind of a head–scratcher.
While I understand "MGM" is a valuable brand name to the company, having two different properties on the same street with MGM in the name could become pretty confusing.
I could see a drunk tourist who cant remember the exact name of the hotel telling a cabbie to take him to MGM which would probably get him dropped off at MGM Grand.
The property will also feature a "hotel within a hotel" concept with NoMad Hotel occupying a small portion of the rooms. NoMad will be operated by the New York City based Sydell Group.
It's unclear what will happen to Monte Carlo's current "hotel within a hotel" concept Hotel 32.
Re-naming Monte Carlo after the adjacent Park promenade was a fairly predictable move, but attaching the MGM brand to the property is kind of a head–scratcher.
While I understand "MGM" is a valuable brand name to the company, having two different properties on the same street with MGM in the name could become pretty confusing.
I could see a drunk tourist who cant remember the exact name of the hotel telling a cabbie to take him to MGM which would probably get him dropped off at MGM Grand.
Tuesday, May 31, 2016
MGM buys Borgata - Monte Carlo Rename Next?
Boyd Gaming has agreed to sell its 50% ownership stake of The Borgata in Atlantic City to MGM Resorts International for a purchase price of $900 million. MGM was already the owner of the other 50% stake, however Boyd was the operator of the hotel and casino.
The announcement was made via separate MGM Resorts and Boyd Gaming press releases.
After the sale is complete MGM Resorts will transfer ownership of The Borgata to their real estate subsidiary MGM Growth Properties. The MGP REIT will then lease the property back to MGM, who will operate the hotel and casino. Borgata will become an M Life Rewards property.
This transaction doesn't have a direct impact on Las Vegas, but there's an interesting wrinkle. Now that MGM owns 100% of The Borgata I assume they are free to use "Borgata" as a brand name in Las Vegas.
Last year it was announced that Monte Carlo would be getting a name change. I had speculated that Borgata Las Vegas would be a great name for Monte Carlo. MGM's purchase of The Borgata today takes that unlikely scenario one step closer to reality.
Update - June 3, 2016: I guess it wasn't meant to be. The new name of Monte Carlo is Park MGM.
The announcement was made via separate MGM Resorts and Boyd Gaming press releases.
After the sale is complete MGM Resorts will transfer ownership of The Borgata to their real estate subsidiary MGM Growth Properties. The MGP REIT will then lease the property back to MGM, who will operate the hotel and casino. Borgata will become an M Life Rewards property.
This transaction doesn't have a direct impact on Las Vegas, but there's an interesting wrinkle. Now that MGM owns 100% of The Borgata I assume they are free to use "Borgata" as a brand name in Las Vegas.
Last year it was announced that Monte Carlo would be getting a name change. I had speculated that Borgata Las Vegas would be a great name for Monte Carlo. MGM's purchase of The Borgata today takes that unlikely scenario one step closer to reality.
Update - June 3, 2016: I guess it wasn't meant to be. The new name of Monte Carlo is Park MGM.
Wednesday, May 25, 2016
Sands Arena behind Venetian and Palazzo Announced
Las Vegas Sands and The Madison Square Garden Company have announced plans to build a new 17,500 seat arena behind Sands properties The Venetian and Palazzo.
The partnership was announced in a press release earlier today and will also involve Azoff MSG Entertainment, Live Nation, and Oak View Group.
At first glance this seems like a direct competitor to MGM's new T-Mobile Arena, however this venue will be slightly different as it will be designed for music concerts first and foremost. The arena won't be hosting an NBA or NHL team, but UFC and boxing might be a possibility.
The first question is whether Las Vegas really needs another arena like this. Along with the new T-Mobile Arena many other large music venues scatter the Strip including MGM Grand Garden Arena, Mandalay Bay Events Center, Axis at Planet Hollywood, The Colosseum at Caesars, and the upcoming new Monte Carlo Theater.
I'm guessing Sands and MSG have done their homework and determined the demand will be there. MSG has apparently had great success in the Los Angeles area by remodeling the Forum to a similar music centered arena.
It will also be interesting to see what kind of amenities will surround the arena. Sands will be building a walkway back, but it's not really clear if there will be any dining and shopping similar to The Linq Promenade and The Park.
Another angle is the arena's close proximity to the upcoming Wynn Paradise Park development. I suppose there could be some synergies if Wynn and Sands were willing to work together to create some kind of pedestrian access between the two.
The partnership was announced in a press release earlier today and will also involve Azoff MSG Entertainment, Live Nation, and Oak View Group.
At first glance this seems like a direct competitor to MGM's new T-Mobile Arena, however this venue will be slightly different as it will be designed for music concerts first and foremost. The arena won't be hosting an NBA or NHL team, but UFC and boxing might be a possibility.
The first question is whether Las Vegas really needs another arena like this. Along with the new T-Mobile Arena many other large music venues scatter the Strip including MGM Grand Garden Arena, Mandalay Bay Events Center, Axis at Planet Hollywood, The Colosseum at Caesars, and the upcoming new Monte Carlo Theater.
I'm guessing Sands and MSG have done their homework and determined the demand will be there. MSG has apparently had great success in the Los Angeles area by remodeling the Forum to a similar music centered arena.
It will also be interesting to see what kind of amenities will surround the arena. Sands will be building a walkway back, but it's not really clear if there will be any dining and shopping similar to The Linq Promenade and The Park.
Another angle is the arena's close proximity to the upcoming Wynn Paradise Park development. I suppose there could be some synergies if Wynn and Sands were willing to work together to create some kind of pedestrian access between the two.
Monday, May 16, 2016
Robert Irvine Restaurant coming to Tropicana
Celebrity chef Robert Irvine best known for his Food Network shows Dinner Impossible and Restaurant Impossible will be opening a restaurant at Tropicana in 2017.
Irvine announced the restaurant at a press conference earlier this evening. In true Vegas style he arrived by repelling down the building at Tropicana.
Parent company Penn National has planned improvements for Tropicana since purchasing the resort last year. Having a well known celebrity chef should breathe some life into the property and help to turn around anemic results.
Penn National is a relative unknown in Las Vegas, but they are an established gaming operator with casinos throughout the country. With their acquisition of M Resort in 2011 and now with their purchase of Tropicana they are slowly building a Las Vegas presence.
With Caesars Entertainment in bankruptcy and MGM Resorts doing things to upset their customers I think Penn National could have an opportunity to pick up some market share. I expect Penn to keep expanding their Las Vegas profile in the coming years.
Irvine announced the restaurant at a press conference earlier this evening. In true Vegas style he arrived by repelling down the building at Tropicana.
Parent company Penn National has planned improvements for Tropicana since purchasing the resort last year. Having a well known celebrity chef should breathe some life into the property and help to turn around anemic results.
Penn National is a relative unknown in Las Vegas, but they are an established gaming operator with casinos throughout the country. With their acquisition of M Resort in 2011 and now with their purchase of Tropicana they are slowly building a Las Vegas presence.
With Caesars Entertainment in bankruptcy and MGM Resorts doing things to upset their customers I think Penn National could have an opportunity to pick up some market share. I expect Penn to keep expanding their Las Vegas profile in the coming years.
Thursday, May 05, 2016
MGM Wynn and Caesars Talk Results
It was a bonanza of Las Vegas casino company earnings results today. MGM, Wynn, and Caesars all reported their first quarter 2016 results and held earnings conference calls.
MGM Resorts International focused on the Profit Growth Plan (PGP) during their conference call. PGP is the company's plan to increase profits by correcting inefficiencies in the operation. Examples would be consolidating linens and toiletries across all of the company's properties instead of using 14 different types. PGP is also the program responsible for MGM's upcoming parking garage fees. There wasn't much Las Vegas development news this time, but CEO Jim Murren further hinted at the upcoming re-branding of the Monte Carlo. He mentioned that the new Monte Carlo theater would host "A+ residency acts."
Steve Wynn spent much of the Wynn Resorts earnings call talking about the proposed Wynn Paradise Park development. Wynn mentioned that the lagoon coastline was already being expanded by 600 feet, and that zip-lines would be an available attraction. Wynn Paradise Park will have a 1000 room hotel with balcony rooms facing the lagoon and fireworks show. Steve Wynn thinks these balcony rooms will be the most sought-after in all of Las Vegas.
Caesars Entertainment held their earnings conference call at the same time as Wynn's. I guess when you're going through a bankruptcy you want as little attention as possible - and it worked since only one analyst asked a question in the 30 minute call. Operationally, Caesars highlighted strong trends in occupancy and ADR due in part to room renovations. Caesars also talked about their new self service check-in kiosks. Entertainment and dining offerings were also seen as a positive, with In-N-Out Burger coming to the Linq Promenade being the most exciting.
MGM Resorts International focused on the Profit Growth Plan (PGP) during their conference call. PGP is the company's plan to increase profits by correcting inefficiencies in the operation. Examples would be consolidating linens and toiletries across all of the company's properties instead of using 14 different types. PGP is also the program responsible for MGM's upcoming parking garage fees. There wasn't much Las Vegas development news this time, but CEO Jim Murren further hinted at the upcoming re-branding of the Monte Carlo. He mentioned that the new Monte Carlo theater would host "A+ residency acts."
Steve Wynn spent much of the Wynn Resorts earnings call talking about the proposed Wynn Paradise Park development. Wynn mentioned that the lagoon coastline was already being expanded by 600 feet, and that zip-lines would be an available attraction. Wynn Paradise Park will have a 1000 room hotel with balcony rooms facing the lagoon and fireworks show. Steve Wynn thinks these balcony rooms will be the most sought-after in all of Las Vegas.
Caesars Entertainment held their earnings conference call at the same time as Wynn's. I guess when you're going through a bankruptcy you want as little attention as possible - and it worked since only one analyst asked a question in the 30 minute call. Operationally, Caesars highlighted strong trends in occupancy and ADR due in part to room renovations. Caesars also talked about their new self service check-in kiosks. Entertainment and dining offerings were also seen as a positive, with In-N-Out Burger coming to the Linq Promenade being the most exciting.
Saturday, April 30, 2016
Zarkana Closes - Postmortem Review
April 30, 2016 marked the final performance of the Cirque du Soleil show Zarkana.
As I had wrote in a previous blog post - the show and showroom itself are being removed to make way for an expansion of the Aria Convention Center. In that blog post I said that I had always wanted to see Zarkana, and its closing might give me extra incentive to actually see it.
I did in fact see Zarkana during my recent stay at Aria. I really enjoyed the show and thought it was just as good - if not better than - the other Cirque shows I've seen (Mystère, Kà , and Zumanity).
Zarkana didn't really have a strong plot or theme. Similar to Mystère it was more or less a collection of acrobatic acts and live music that Cirque shows are known for.
While I don't think that hurt the production value of the show - it probably hurt marketing efforts. It seems like every other Cirque show in Vegas has some kind of hook to bring people in.
Perhaps the biggest reason for the show's demise was the fact that Aria doesn't really seem to be centered around entertainment. The showroom was located well off the casino floor up an escalator. Zarkana and the property's first show Viva Elvis kind of felt like afterthoughts rather than a priority.
While getting rid of a showroom to add more convention space won't benefit the average Las Vegas tourist - it probably does make sense for Aria.
As I had wrote in a previous blog post - the show and showroom itself are being removed to make way for an expansion of the Aria Convention Center. In that blog post I said that I had always wanted to see Zarkana, and its closing might give me extra incentive to actually see it.
I did in fact see Zarkana during my recent stay at Aria. I really enjoyed the show and thought it was just as good - if not better than - the other Cirque shows I've seen (Mystère, Kà , and Zumanity).
Zarkana didn't really have a strong plot or theme. Similar to Mystère it was more or less a collection of acrobatic acts and live music that Cirque shows are known for.
While I don't think that hurt the production value of the show - it probably hurt marketing efforts. It seems like every other Cirque show in Vegas has some kind of hook to bring people in.
Perhaps the biggest reason for the show's demise was the fact that Aria doesn't really seem to be centered around entertainment. The showroom was located well off the casino floor up an escalator. Zarkana and the property's first show Viva Elvis kind of felt like afterthoughts rather than a priority.
While getting rid of a showroom to add more convention space won't benefit the average Las Vegas tourist - it probably does make sense for Aria.
Monday, April 25, 2016
New Wynn Paradise Park Lagoon Details
A few weeks ago I wrote a blog post about Wynn Paradise Park - the new proposed development by Wynn Resorts which will include a 1000 room hotel with a large man-made lagoon as a centerpiece attraction.
Today a press release was issued giving more details about the project. The lagoon will be constructed by a Miami based company called Crystal Lagoons.
"A 38-acre Crystal Lagoon will be the centerpiece of the development that will feature 260,000 square feet of premium meetings and convention space, a 1,000-room hotel tower, a small casino and extensive dining and nightlife. The elaborate water attraction will include both daytime and nighttime entertainment elements. At night, the space will transform with an elaborate fireworks display that is launched from the 120 ft. center island and surrounding areas. The expansion will be constructed on approximately 130 acres of real estate that currently houses the Wynn Golf Club. The project remains subject to the approval of Wynn's board.
The man-made lagoon with crystal-clear waters and white-sand beaches will be the size of more than 30 football fields and close to the size of almost 100 Olympic-size swimming pools. The new Crystal Lagoon will change the Las Vegas lifestyle with by making water sports readily available, such as stand-up paddle-boarding, wind-surfing, sailing, swimming and more."
Also notable from the press release was information touting the environmental sustainability of the project. The lagoon would use significantly less water than the current golf course.
It certainly looks like an impressive project, and if the sample image below is any indication it will be a great place to hang out. New outdoor spaces are a trend in Las Vegas with The Linq and The Park developments recently opening. Wynn Paradise Park would take the outdoor entertainment concept to the next level.
In my blog post a few weeks ago I was pretty skeptical about the project actually happening, but now that we have more details I think it would be a great expansion. If anyone can pull it off Steve Wynn is that guy.
Image: Crystal Lagoons
Today a press release was issued giving more details about the project. The lagoon will be constructed by a Miami based company called Crystal Lagoons.
"A 38-acre Crystal Lagoon will be the centerpiece of the development that will feature 260,000 square feet of premium meetings and convention space, a 1,000-room hotel tower, a small casino and extensive dining and nightlife. The elaborate water attraction will include both daytime and nighttime entertainment elements. At night, the space will transform with an elaborate fireworks display that is launched from the 120 ft. center island and surrounding areas. The expansion will be constructed on approximately 130 acres of real estate that currently houses the Wynn Golf Club. The project remains subject to the approval of Wynn's board.
The man-made lagoon with crystal-clear waters and white-sand beaches will be the size of more than 30 football fields and close to the size of almost 100 Olympic-size swimming pools. The new Crystal Lagoon will change the Las Vegas lifestyle with by making water sports readily available, such as stand-up paddle-boarding, wind-surfing, sailing, swimming and more."
Also notable from the press release was information touting the environmental sustainability of the project. The lagoon would use significantly less water than the current golf course.
It certainly looks like an impressive project, and if the sample image below is any indication it will be a great place to hang out. New outdoor spaces are a trend in Las Vegas with The Linq and The Park developments recently opening. Wynn Paradise Park would take the outdoor entertainment concept to the next level.
In my blog post a few weeks ago I was pretty skeptical about the project actually happening, but now that we have more details I think it would be a great expansion. If anyone can pull it off Steve Wynn is that guy.
Image: Crystal Lagoons
Friday, April 22, 2016
Derek Stevens buys Mermaids and La Bayou
Downtown Las Vegas king Derek Stevens plans to expand his Fremont Street empire even further. He has agreed to purchase Mermaids and La Bayou casinos, as well as the Glitter Gulch strip club.
Those properties will close on June 27th. The real estate will then be used to facilitate the expansion and remodeling of the Stevens owned property formerly known as Las Vegas Club.
Expanding the Las Vegas Club space into the Mermaids space seems like a great idea, as it will extend the property down into the heart of Fremont Street - attracting more foot traffic.
Expansion of Golden Gate - also owned by Stevens - into the La Bayou space also seems like a possibility, but it's kind of hard to tell at this point.
Derek Stevens has quickly become one of the most popular casino owners in Las Vegas by interacting directly with his customers at the bar and in the casino. Rumor has it he shakes so many hands every day that he has to soak his hand in ice each night.
Stevens has also gained international notoriety with some of the creative marketing techniques he's used to promote The D and Golden Gate.
Those properties will close on June 27th. The real estate will then be used to facilitate the expansion and remodeling of the Stevens owned property formerly known as Las Vegas Club.
Expanding the Las Vegas Club space into the Mermaids space seems like a great idea, as it will extend the property down into the heart of Fremont Street - attracting more foot traffic.
Expansion of Golden Gate - also owned by Stevens - into the La Bayou space also seems like a possibility, but it's kind of hard to tell at this point.
Derek Stevens has quickly become one of the most popular casino owners in Las Vegas by interacting directly with his customers at the bar and in the casino. Rumor has it he shakes so many hands every day that he has to soak his hand in ice each night.
Stevens has also gained international notoriety with some of the creative marketing techniques he's used to promote The D and Golden Gate.
Thursday, April 21, 2016
Boyd buys Aliante
Boyd Gaming is expanding their reach in the Las Vegas locals market as they have agreed to purchase Aliante Casino and Hotel for $380 million.
Boyd seems to be in a buying mood as they are also rumored to be nearing a deal to purchase Cannery Casino Resorts which would give them even more Las Vegas locals exposure.
Las Vegas locals is Boyd's bread and butter so these deals make perfect sense. Is too much of Boyd's revenue is concentrated in one market though? I wonder if Boyd will be looking to acquire more properties outside of Vegas.
Boyd still doesn't have a property on the Strip though after abandoning the Echelon Place development a number of years back.
It's interesting that Boyd at one point was set to open a multi-billion dollar resort complex on the Strip, and now they're reduced to buying Aliante and Cannery.
Boyd seems to be in a buying mood as they are also rumored to be nearing a deal to purchase Cannery Casino Resorts which would give them even more Las Vegas locals exposure.
Las Vegas locals is Boyd's bread and butter so these deals make perfect sense. Is too much of Boyd's revenue is concentrated in one market though? I wonder if Boyd will be looking to acquire more properties outside of Vegas.
Boyd still doesn't have a property on the Strip though after abandoning the Echelon Place development a number of years back.
It's interesting that Boyd at one point was set to open a multi-billion dollar resort complex on the Strip, and now they're reduced to buying Aliante and Cannery.
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