Vegas Gang #24 is online.
This week on the show:
* The Trippies are announced this weekend.
* Encore Las Vegas Opens - EncoreOpening.com
* MGM Mirage Sells Treasure Island to Phil Ruffin
* The Harmon / City Center / Light Group Parting Ways?
Leave any comments below.
Vegas Gang #20 is online: http://www.vegasgangpodcast.com
This time around we cover:
* Trippies 2008
* Gaming Stocks Slide
* Bellagio Turns 10 To Little Fanfare
* How MGM Mirage and Harrah's Market
Feel free to leave any comments below.
MGM Mirage announced their 3rd quarter results for 2008:
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=1219027&
and
http://www.lvrj.com/news/breaking_news/33503729.html
Profits are way down from the year ago quarter. MGM Grand Macau is doing a bit better and Bellagio had an unexpected uptick but generally, they're feeling the pinch as you can see in the figures.
Dave Schwartz reminds us that 10 years ago today, Bellagio opened:
http://www.dieiscast.com/2008/10/15/happy-birthday-bellagio/
Pretty amazing it has already been ten years - and the place still looks great and is always one of the top earners in town.
Mike Ch is back yet again - this time with a boots on the ground report from Planet Hollywood.
Our man on the scene braved the Palace of Earl to bring back some first hand intel.
As always, photos are here:
http://www.ratevegas.com/photo/gallery/august2008
Also, he linked up some photos in his post as well. Enjoy after the jump.
As an aside, I'm well aware of how bad the photo gallery sucks. I've not had the time to do much about it but I actually think that might change in the near future. Stay tuned.
Here's a story from the Sun on today's reporting from MGM Mirage on their second quarter:
http://www.lasvegassun.com/news/2008/aug/05/mgm-2q-profit-drops-69-percent/
Some properties, such as Bellagio, didn't do as poorly as some might have guessed. Executives seemed bullish on the future.
The New York Times has a long story on Steve Wynn, Las Vegas and gaming in Sunday's paper. It doesn't break new ground for anyone familiar with Wynn or the industry, but it's interesting. The highlight for me was reading that Steve is irritated by the sound of rushing wind in the elevator shafts. The writer must not be familiar with the old DI. She makes it sound like Steve Wynn bought the homes around the property in order to build a golf course. Yes, he did, but the DI always had a golf course.
Read the story here:
The Chips Are Down in Vegas, but Steve Wynn Is Betting Big
Mike Ch is back again with his Strip Walk column. This time around, he shows us what's going on at The Mirage, Bellagio, City Center, Caesars and more.
Personally, I think that new entrance at The Mirage looks terrible - that sign is totally out of place.
Photos:
http://www.ratevegas.com/photo/gallery/july2008
I took my parents for a three-night getaway at The Mirage as a combined Mother's and Father's Day gift. This trip was ultra-mellow by my standards but just as memorable as any other. Rather than the usual play-by-play, I've broken the report down in sections. Feel free to skip around to parts that interest you.
(More after the jump)
It may have been a whole year in the works, but it felt like only yesterday that I had booked my flight as I was sitting impatiently at the airport. This was to be my last hoorah with Vegas until Encore's opening in December. Who knows if I'll hold true to that promise, but I planned this trip to the fullest knowing all too well that these rare opportunities don't come around very often.
(More after the jump...)
Thanks to reader Aaron_B for sharing this trip report from CES 2008. I know several readers will be interested to hear about and see photos of the renovated suites at Bellagio.
The photos are here:
http://www.ratevegas.com/photo/most_recent
Enjoy!
We're back with another piece from guest author Matthew Farley. He was nice enough to write a piece previously on video table games.
This time the topic is old school service offerings and their place in today's Las Vegas, specifically as it relates to Binion's. An interesting piece and I thank him for sharing this with us. What do you guys think? Let's get a discussion going in the comments.
As for any other guest authors out there, feel free to contact me: editor AT ratevegas DOT com. We can give you some great exposure and writing is a lot of fun!
Here we are with a special Thanksgiving-eve 'Strip Walk' segment. This time around, mike_ch checks out the Frontier, Encore, City Center, Luxor, The Mirage and more. Text after the jump...
Photos: http://www.ratevegas.com/photo/gallery/stripwalk
I've posted my Las Vegas Strip construction photos: Most Recent Las Vegas Photos
All sorts of great stuff including Encore's high and low rise buildings, WLV's villa atrium, Palazzo, the white tiger pit at The Mirage, City Center, P-Ho, Bellagio, and more.
The link above should show them all but you can also visit the November 2007 tag. Also, based on some feedback I plan to add new searching and sorting capabilities to the photo database soon.
On their earnings call today, MGM Mirage's Jim Murren discussed the recent problems with their guest reservations system, OPERA, that runs 7 properties for the company, mostly in Las Vegas.
Murren stated that the OPERA issue was due to a 'memory leak in the operating system'. He also stated that OPERA runs on an 'HP platform' and an 'Oracle database'. By 'HP platform', it's not clear if he means they are running on HP's PA-RISC UNIX operating system or HP hardware and something like Windows Server.
Murren claims the issue is resolved and they are fully operational but that they intend to have a backup system put into place for the future. He didn't break out the total cost of the problem for the company.
MGM Mirage posted their 2007 Q3 results - the company's net revenues are up 6% to $1.9 billion.
Some discussion on the call surrounded City Center and Dubai, Bellagio's baccarat room being closed, and the ongoing construction at former Mandalay properties.
Occupancy was up 1% to 97% and ADR hit $147, up from $140. REVPAR hit $143 from $135 a year ago.
An interesting item - gambling revenues, excluding Beau Rivage, are actually down 3% from a year ago.
Thanks to Mike for another installment of 'Strip Walk', or semi-regular feature that focuses on Las Vegas Strip construction progress.
Lots of great new info here and of course, we've got photos: http://www.ratevegas.com/photo/gallery/stripwalk
In Business Las Vegas did a fascinating interview with MGM Mirage President and COO Jim Murren last week. It is a highly recommended read that gives great perspective into the thinking that has driven recent deals with Kerzner, Dubai World and others.
It's clear that Terry Lanni and Jim Murren 'get it' when it comes to the biz side of the gaming industry - they are re-defining the standard practices that have been common knowledge in the industry. Business as usual? Not anymore.
From partnering with interesting companies to big ambitious projects like City Center in Las Vegas, they are bringing techniques that have worked well in the general hospitality industry to gaming and it seems to be paying off in spades.
Personally, I'd love to do an interview with Murren but MGM MIRAGE sometimes looks down on Internet media, even those of us with larger numbers than some print publications. I'm hoping one of these days these companies will wake up to that. They're not as bad as some companies but they could do better in this department.
A couple of quick hits today:
Steve Wynn is the guest on this week's, The Strip Podcast. He talks about Macau, nightclubs, and more. According to Wynn, Tryst is the top netting nightclub in town and Tao is fiddling with their numbers a bit. The interview is interesting and features a fun example of Wynn's office at work. Steve's thesis on why spending is up is sort of interesting.
Second up, thanks to Detroit, this link to an article from Robin Leach - will the nightclub boom continue.
Liz Benston interviews Bobby Baldwin in the LV Sun. He answers some of the questions we asked during our recent call-in podcast.
"He typically shuns publicity but was keen to address rumors that he might be leaving MGM Mirage - perhaps to join his old boss - after a management reshuffle. Baldwin would have been a natural choice for operations chief at MGM Mirage, a job that went to finance chief and CityCenter's chief idea man Jim Murren. Baldwin says he is impressed by Wynn's growth in Las Vegas and Macau but he's satisfied and challenged at MGM Mirage, at least for now.
The poker whiz from Oklahoma will retain control of CityCenter and the two adjacent resorts, Bellagio and Monte Carlo, while becoming chief visionary in planning projects along the Strip and beyond."
Our second time using Talkshoe.com and it was a lot of fun. Regular readers like Detroit1051, Mike E, Brian Fey, mike_ch and BarbaryKevin were all in on the action.
We covered a broad range of issues, from Cotai, Harrah's, Wynn Resorts, Las Vegas Sands, Palazzo, Encore, IGT and a lot more.
During the show we talked about Chuck's Macau diary. That link is here: http://www.macautripping.com
Okay, our next live podcast will be on this coming Sunday, the 16th at 7pm PT / 10pm ET.
We will be doing the show live with audience participation encouraged. We did this last time and it was fun... Using a system call TalkShoe, listeners can call in and be on the 'air', just like a radio talk show.
All the details to get on will be posted here on Sunday before the show.
It's gonna be fun - there's always lots going on in Las Vegas. I'll talk about my recent one day trip and I have a special report from a friend who experienced 'VMA Weekend' first hand.
Show Completed: We had a great time with a lively discussion on a bunch of topics. The show will be posted soon. Stay tuned for the next one, probably on another Sunday evening.
We're back with another Strip Walk! This was written almost a week ago and this time around you'll get Mike's comments but a few of my own sprinkled in - I was in Vegas for one night last week and took some of my own photos as well.
As always, the photos are here: http://www.ratevegas.com/photo/gallery/stripwalk
Commentary after the jump...
MGM Mirage made a few changes in the executive suite which they announced today.
First off, the extremely capable Jim Murren has been promoted to President and COO of the company (from President, CFO, and Treasurer). Murren came from Wall Street and is probably the most responsible for MGM Mirage being a model for other gaming companies to follow, especially when talking about reporting. Murren will also oversee all properties except for those that are part of the 'City Center Campus'.
Bobby Baldwin has been moved into a new position - Chief Design and Construction Officer. He'll oversee all new construction and capital improvements in the US. He also will oversee the 'City Center Campus', which includes City Center, Monte Carlo and Bellagio.
Lastly, Dan D'Arrigo has been promoted to EVP and CFO.
All of these positions report to Terri Lanni, the company's Chairman and CEO. Additionally, John Redmond, who had been running the properties formerly in the MGM family, including MGM Grand and NYNY has resigned as planned.
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=irol-newsArticle&t=Regular&id=1042568&
Unrelated, Harrah's has scheduled an announcement for tomorrow regarding entertainment changes at their resorts in Las Vegas.
Shortly after my solo trip last March, my friend Jeff and I started talking about what we could do to celebrate his graduation. We decided to go to Vegas (no surprise there) around his birthday to kill two birds with one stone...
(Continue reading after the jump)
So, there's another story here on the site that was posted recently about Fontana closing... Well, we've learned that the closing is NOT for good, just for the balance of the year. It will be used for private gaming as other parts of the casino are remodeled... Look for Fontana to return in December 2007.
When it DOES re-open, there will no longer be food served due to the genius of the NV Clean Air Act.
I was just going to update the other story but a few other sites picked up on this and I wanted to make sure they got the updated info as well.
So - that's the story and I'm 100% confident in the sourcing on this one.
Technorati Tags: bellagio, casino design, gaming industry, mgm mirage
I have confirmed reports that Bellagio is closing its Fontana Lounge, a small live music/dancing venue overlooking the lake that's been there since the hotel opened in 1998.
Casinos change amenities all the time but this closing is notable because it offered lounge music and a low-key dance environment for slightly older customers, important as most all nightlife is focused on younger patrons and loud, club music.
MGM Mirage hasn't finalized plans for the space, though previously there have been poker tournaments held there and clearly it could be a prime restaurant spot.
Does anyone know of any good alternatives?
Update: See this story for more: http://www.ratevegas.com/blog/2007/06/bellagios_fonta.html
Technorati Tags: bellagio, casino design, gaming industry, las vegas, lasvegas, mgm mirage
The 6/20/07 WSJ reports that Kerkorian will withdraw his plans to take over Bellagio and CityCenter. Since the original announcement, MGM's share price is up 37%.
Was this only a ploy by Kerkorian and MGM to get the stock moving? Regardless, imo, MGM is still in play to be taken private.
An announcement may also be made today regarding a joint-venture between MGM and Kerzner Inetrnational to develop a multi-billion dollar casino resort on the 40 acres at the Strip and Sahara.
Subscribers to the WSJ can read the story at:
Kerkorian's MGM Plans in Doubt
Roger Thomas, Executive Vice President of Design for Wynn Design and Development, is among Architectural Digest's 100--a list of some of the world's most influential designers.
AD delves deep into his fascinating life and personal residence:
Also, an exclusive feature on Wynn's six Apartment (Atrium) Villas:
Be sure to view the slideshows for both articles (and what should be the fourth slide in the latter article here).
It's refreshing to read articles such as these that focus first and foremost on interior design and the specific companies Wynn D&D commissions for their custom furnishings.
The Mansion has definitely been dethroned for this level of accommodation. We can only wait and see what Palazzo, CityCenter, and Encore have in store.
Thanks to mike_ch who is back with another Las Vegas Strip development/construction update.
The photos are here: http://www.ratevegas.com/photo/gallery/mikech
Keep reading after the jump!
Technorati Tags: bellagio, casino design, condos, gaming industry, las vegas, lasvegas, lasvegassands, luxor, mandalay bay, mgm mirage, palazzo, photography, planet hollywood, project citycenter, trip report, vegas, vegas photos, venetian, wynn, wynnlasvegas
From Wall Street Journal
May 21, 2007 4:39 p.m. EDT
Tracinda to Enter Into Talks
With MGM to Acquire Bellagio
By DENISE JIA
May 21, 2007 4:39 p.m.
Billionaire investor Kirk Kerkorian's Tracinda Corp. announced Monday that it intends to enter into negotiations with MGM Mirage to purchase MGM's Bellagio Hotel and Casino and City Center properties.
In a filing with the Securities and Exchange Commission, Tracinda said it also wishes to pursue strategic alternatives with respect to its investment in the world's second-largest casino operator, which may include financial restructuring transactions involving all or a substantial portion of the remainder of the company.
Tracinda currently owns 158.8 million shares, or a 56% stake in the Las Vegas-based company, according to the SEC filing.
Tracinda said it has made no decision with respect to any such restructuring transactions and reserves the right not to engage in or approve any transaction.
Shares of the company closed Monday at $62.89.
Updated by Hunter / Tuesday Evening: In an interview with Steve Friess, Bill Weidner from Las Vegas Sands indicated that his company might be interested in The Mirage and Treasure Island if MGM Mirage's properties were to be sold off individually.
Ok - this is getting a bit out of hand. Now, Weidner has actually expressed interest in those two properties in the past. I don't have a link but when the MGM/Mandalay deal was going through, everyone wondered if the FTC would require an asset sale to complete the purchase (they did not in the end). It was at that time he mentioned that LVS would be interested in buying The Mirage and/or TI to include with their portfolio. We know how that story ended.
Of course LVS is interested in The Mirage and TI - and not just a close approximation - these are places that perform very well and have a long established record. I was at The Mirage earlier today for dinner and despite it being a Tuesday, it was quite busy and doing well with occupancy. LVS would do well to score either property but it is so extremely unlikely that there's no point discussing it. Kerkorian's motivations are unknown but it seems more likely that instead of trying to raise cash through selling properties, he's either making a first step toward an LBO for MGM Mirage or it is an attempt to impose a valuation on the company that is closer in line to what he can see as MGM Mirage's rightful place in the market. The latter would be a particularly shrewd move and U'I'm sure we we will discuss these motivations more as we learn more.
Technorati Tags: bellagio, las vegas, lasvegas, lasvegassands, mgm mirage, mirage, project citycenter, sands, treasure island, vegas, venetian
Thanks to reader Aaron_B for providing this write up and photos from his recent trip to Bellagio.
His report follows after the jump and the photos, available at the link below, show off some of the recent construction work. You'll also see some comments on the new car rental facility at LAS.
http://www.ratevegas.com/photo/gallery/april2007
Thanks Aaron!!
Quick note on the balustrade damage: I remember seeing some of that way back in May 1999, just after opening. I looked out my window and was surprised that it was already cracked.
Technorati Tags: bellagio, casino design, gaming industry, las vegas, lasvegas, mgm mirage, photography, project citycenter, trip report
MGM Mirage reports Q12007 results this morning and despite posting some strong numbers that were solid gains, they didn't meet analyst consensus estimates for net income, mostly from lower than expected Las Vegas Strip gaming revenues.
Mississippi with Beau Rivage had a strong surge in activity as the property continues to come back from Katrina. Beyond that, Strip REVPAR jumped 9% and EBITDA was up as well.
I like to look at occupancy, ADR and REVPAR more than the revenue figures to get a feel for the real property performance and there was some growth there as well. The blended ADR for the Strip was $169 for the quarter and REVPAR at $162 with occupancy of 96%.
Here's the press release.
Technorati Tags: bellagio, gaming industry, las vegas, lasvegas, luxor, macau, mandalay bay, mgm grand, mgm mirage, mirage, project citycenter, treasure island
The New York Times has an interesting article that covers the upcoming growth spurt in Las Vegas. A lot of general info for a mass audience but I did think the quote from Wynn indicating that this was the 'most over the top' expansion so far was interesting.
Is this a bigger game changer than milestones like the International, MGM Grand #1, The Mirage, and then Bellagio?
Technorati Tags: bellagio, casino design, fontainebleau, gaming industry, las vegas, lasvegas, project citycenter, vegas, venetian, wynn, wynnlasvegas
Here comes mike_ch's Las Vegas construction update April 2007. This one covers Paris, Planet Hollywood/Aladdin, Bellagio, City Center, NYNY, Excalibur, Mandalay Bay and Luxor.
Thanks again to him for providing this stuff.
Photos are located here: http://www.ratevegas.com/photo/most_recent
There are also some new videos, located here: http://www.ratevegas.com/photo/videos
Technorati Tags: aladdin, bellagio, casino design, gaming industry, harrahs, las vegas, lasvegas, luxor, mandalay bay, mgm mirage, planet hollywood, project citycenter, trip report, vegas, vegas photos, video
Work got out a little early and I was on my way taking my sweet time to the airport. I had gotten a full eight hours of rest the night before and hardly any butterflies were flapping in my stomach.
Why was I not suffering the usual symptoms of pre-Vegas? Maybe because I knew it would be nearly impossible to top my last trip where I spent time in one of Wynn’s Fairway Villas with friends of nearly 20 years. What I did come to realize during this quick getaway, however, is that a solo trip where you meet others in town at your own leisure is something special in and of itself and a different kind of fun.
(More after the jump...)
Another construction update from mike_ch. This one covers Paris, Bill's Gamblin' Hall and Saloon, The Venetian, Encore, Palazzo, Stardust (RIP), Frontier, Bellagio, Planet Aladdin, and Luxor.
Thanks again to him for providing this stuff.
Photos are located here: http://www.ratevegas.com/photo/most_recent
Also, we've got new VIDEOS! You can watch them here (goes from most recent to older): http://www.ratevegas.com/photo/videos
I'll be in Vegas this weekend to see Spamalot, take some photos, tour the CityCenter sales pavilion and attend wedding (not in that order).
Thanks again to Mike_ch who is kind enough to share his updates and thoughts on what's going on down on the Las Vegas Strip.
This one covers the Stardust, Bellagio, Wynn Las Vegas and Encore, The Venetian, Palazzo, Luxor, Mandalay Bay, Monte Carlo, New York New York, Planet Aladdin, and more.
Photos are located here: http://www.ratevegas.com/photo/gallery/mikech
Keep reading after the jump for the report.
Technorati Tags: aladdin, bellagio, boyd, caesars, casino design, gaming industry, harrahs, las vegas, lasvegas, lasvegassands, luxor, mandalay bay, mgm mirage, mirage, palazzo, photography, planet hollywood, project citycenter, stardust, vegas, vegas photos, venetian, wynn, wynnlasvegas
Thanks to reader Aaron_B for this well written trip report from Bellagio. This is his first contribution so let's give him a warm welcome.
Also, if there's anyone else out there that would like to share a report, please feel free to send them to editor@ratevegas.com. I cannot guarantee that it will be published but I will guarantee to read it and get back to you. I'm especially interested in reports from hotels that we don't cover as often (i.e. not Wynn Las Vegas, The Mirage, Bellagio, etc...) but that doesn't mean you cannot submit one from the above.
Some photos are also posted:
http://www.ratevegas.com/photo/most_recent
The report continues after the jump. Enjoy!
Technorati Tags: bellagio, las vegas, lasvegas, photography, project citycenter, trip report, vegas, vegas photos
I'm finally back with another podcast! This time around I'm talking about my recent trip to Bellagio (which includes meeting up with several readers/listeners and author Dave Schwartz) as well as the big news of the day - Harrah's going private! On top of that I catch up with a few news stories from the last two weeks. Enjoy!!
Here is the link to the photos mentioned in the podcast: http://www.ratevegas.com/photo/most_recent
A reminder - feel free to call in and leave us a message about anything Las Vegas or Web site related. The call in number is: 702-508-4232.
iTunes: http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=197984456
Direct RSS: http://www.ratevegas.com/feed/podcast
Technorati Tags: bellagio, boyd, caesars, casino design, gaming industry, harrahs, las vegas, mgm mirage, photography, podcast, project citycenter, ratevegas.com, station, the beatles, vegas photos, wynn, wynnlasvegas
We checked into Bellagio earlier today after an almost three year lapse since my last stay. While a full trip report and a podcast will follow, I can say right now that I have been very impressed with the personalized, attentive service that I've seen since we arrived.
Not only did I get a call from the concierge before we arrived but since then they have been able to accommodate several requests thrown their way. Everyone has been extremely pleasant and our Spa Tower room is very nicely decorated and includes a great view.
Generally, I am very, very impressed so far. Coming in, my wife was saying that she wished we were at Wynn Las Vegas but after a few hours here, she's lost all sense of regret.
We've got some friends coming in later tonight (they are at the Barbary Coast) and I've got a few meetings setup over the next few days which I am looking forward to, even if there were a few folks that weren't able to make it. This is shaping up to be a fun weekend. I'm certainly enjoying myself... Signing off from Bellagio - Hunter.
Technorati Tags: bellagio, gaming industry, las vegas, mgm mirage, vegas
I checked out of a Bellagio Suite in the main tower this morning and have just unpacked in a Wynn Parlor Suite. I tried to start a report early this morning, but Bellagio's internet service was down all night and still wasn't up at 9 AM. I'll offer a few opinions now and then add comments later. After all, I want to enjoy Wynn.
This will not be a trip report, but random thoughts start after the jump.
Roll The Bones is a new book by Dr. David Schwartz, the director of the Center for Gambling Studies at UNLV. His blog, DieIsCast.com is a great source for gambling information and news along with the ever-popular casino carpet gallery.
Dave has written several gambling related books in the past, including Suburban Xanadu, a study of the casino resort's evolution (this book features an in-depth look at Martin Stern, Jr., who's work we have mentioned several times in the past here on this site) and Cutting The Wire, a look at the Wire Act and Internet gambling.
You can buy this bo
