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.
Monday, July 25, 2016
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.
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