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.
Thursday, May 05, 2016
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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