Jim Murren Takes Reigns at MGM Mirage
Posted by Hunter on November 18, 2008
It's official - Jim Murren has been moved into the CEO and Chairman slot at MGM Mirage.
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=1228030&
No one needs to repeat that this is a very tough time for business on The Strip and Murren will not have an easy time of it.
Now, does this mean anyone ends up leaving MGM? Does Bobby Baldwin stay? Who gets the now-vacant COO job?
UPDATED: MGM Mirage CEO to Retire at Month End
Posted by Hunter on November 13, 2008
Terry Lanni, MGM Mirage's chairman and CEO, is planning to retire at the end of the month.
Jim Murren, COO, is being recommended for the job.
http://www.lvrj.com/news/breaking_news/34422724.html
Whoa... Didn't see this coming. End of the month? That's not much time for a transition. Is he sick? Hopefully not [ED: a memo to employees says it is not health related].
I can't imagine majority shareholder Kerkorian would toss him during such a tumultuous time. They've worked together for ages... It must be something else... The timing is just so strange.
Update: MGM Mirage press release here:
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=1226453&
We're discussing this on the Vegas Gang, which will be out later today.
UPDATE: The Wall Street Journal is reporting there are some questions about his MBA from USC as the school could not verify the degree.
http://online.wsj.com/article/SB122661583489225999.html?mod=testMod
Las Vegas Sands Will Raise $2.14 Billion
Posted by Hunter on November 10, 2008
After posting fairly dismal third quarter results today, Las Vegas Sands indicated that it should have deals in place by the end of the week that will give it access to over $2 billion in new capital.
The company recently informed investors that it was in danger of breaching debt covenants due to leverage issues.
The company is suspending part of its ongoing Cotai Strip development in Macau to focus on its two other projects: Marina Bay Sands in Singapore and Bethlehem, PA casino project. The St. Regis condo project on the Las Vegas Strip will also be suspended.
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081110&id=9365806
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/11-10-2008/0004922432&EDATE=
UPDATE: Wynn Resorts Third Quarter Call
Posted by Hunter on October 31, 2008
Just got off the Q3 2008 call for Wynn Resorts. Final quarterly numbers are here:
Wynn Resorts Q3 Results
On the call, the company discussed it's cash position (strong), it's future outlook and plans.
Encore is scheduled to open December 22nd, though it's still not 100% clear the first date that the public will be able to book a room. We should get that information in the coming weeks.
When asked about development on Cotai, Steve Wynn stated that they were waiting to see evidence that the current supply in Macau had been absorbed properly and at that time they'd proceed on that front. With The Venetian and Four Seasons on Cotai, the market does seem to be struggling somewhat to support the new properties, with the visa restrictions contributing to that.
It sounds like Wynn Resorts is in no hurry there - they plan to build what they describe as the world's most amazing resort and one would assume anything that fits that description will stand the test of time.
On the topic of purchasing perhaps distressed gaming assets, that pretty much was shot down - Wynn likes to build, not buy.
Overall, quite a bit of confidence from the principals.
Updated: As of this morning, Encore is accepting reservations from opening night (December 22nd). Yours truly will be there that first night, reporting all the details... We'll have photos, blog updates and live twittering.
Vegas Gang #20 - October 30th, 2008
Posted by Hunter on October 30, 2008
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 Reports Third Quarter Results
Posted by Hunter on October 29, 2008
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.
Macau Trip Report - September 2008
Posted by Hunter on September 26, 2008
George (Drambuieman) is back with another great report on Macau. Some info on CotaiJet, Ponte 16 and more.
Click through to read and be sure to check out the photos:
http://www.ratevegas.com/photo/gallery/drambuieman
Vegas Gang #17 - September 18th, 2008
Posted by Hunter on September 21, 2008
Vegas Gang #17 is online here: http://www.vegasgangpodcast.com
This time around we cover:
* Economic Update
* Kansas Update
* Strip Clubs in Strip Resorts?
* Mega-Resort Designs of the Future?
* ARIA Update
Feel free to leave your comments below.
Four Seasons Macao Opens on Cotai Strip
Posted by Hunter on August 28, 2008
The next step for Las Vegas Sands' 'Cotai Strip' is the Four Seaons, opening next to the Venetian Macao (or Macau for any non LVS folks). Well, the opening has arrived:
http://cotaicasinonews.com/2008/08/28/four-seasons-hotel-macao-2/
This also includes the Cirque show, 'Zaia', opening at The Venetian Macau. Cotai Strip development may slow as credit markets tighten but things are now rolling with the inventory of rooms starting to build.
Macau August 2008 Report - Grand Waldo
Posted by Hunter on August 21, 2008
George is back with another trip report from Macau, this time to the Grand Waldo.
Continue reading after the jump for all your SAR goodness.
Photos are posted here:
http://www.ratevegas.com/photo/gallery/macauaugust2008
MGM Mirage Q2 Profit - Down 69%
Posted by Hunter on August 5, 2008
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.
Wynn Resorts Q2 Earnings - Wynn Macau Helps Bring in Record Revenues
Posted by Hunter on July 24, 2008
Despite a softening Las Vegas market, Wynn Resorts pulled through with some strong company-wide numbers.
According to the Company: "Net revenues for the second quarter of 2008 were $825.2 million, compared to $687.5 million in the second quarter of 2007. The revenue increase was driven primarily by a 50.3% increase in revenues at Wynn Macau."
http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=1179096&highlight=
I'll have to listen to the conference call later - if there's anything good in there, I'll update the post.
Update: Listening to the call now - as Jeff indicates below, classic Wynn on display in the call. Lots of fun to listen to as he takes jabs at various parties - and he has the numbers to back him.
Vegas Gang #12 - July 11th, 2008
Posted by Hunter on July 12, 2008
The show is up:
http://www.vegasgangpodcast.com
This time we feature:
* Wynn Hires Tim and Tim / Wynn Early Financials
* Nevada and Illinois Post Bad Numbers
* Tropicana E.Coli Outbreak
* Don Barden / Pittsburgh
* MGM Mirage / Wynn Resorts Market Cap
Comments welcome below.
Don't forget the Podcast-a-palooza:
http://www.vegasgangpodcast.com/2008/07/vegas-gang-podcast-live-august-16th-vegas-podcast-a-palooza/
Wynn Resorts Announces Preliminary Second Quarter Results - Yikes?
Posted by Hunter on July 10, 2008
Just saw this fly across the wire - Wynn Resorts has announced preliminary 2nd Quarter results:
http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=1173860&highlight=
Operating income at Wynn Las Vegas is expected to be $18-22 million, down from $63.4 million last year. Wow, big drop. Looks like they are blaming it on lower hold percentages, lower ADR, and lower occupancy.
On the other end, Wynn Macau did much better than last year it seems with operating income almost doubling to $100 million or so.
The company also announced they will be buying back more shares.
The New Yorker Profiles Sheldon Adelson
Posted by Hunter on June 23, 2008
Thanks to fellow Vegas Gang member Jeff Simpson for this link... Looks like the New Yorker has done a profile on everyone's favorite casino overlord, Sheldon Adelson of Las Vegas Sands. Check it out below. Also, props to Jeff for the mention!
http://www.newyorker.com/reporting/2008/06/30/080630fa_fact_bruck
Macau June 2008 Trip Report : George "Dram Man" Geddes
Posted by Hunter on June 19, 2008
Thanks again to George "Dram Man" Geddes for providing a trip report based around his recent trip to Macau.
The photos, previously published, are here:
http://www.ratevegas.com/photo/gallery/macaujune2008
Thanks George! Continue after the jump...
Massive Macau Photo Update
Posted by Hunter on June 17, 2008
Thanks to occasional contributor George "Dram Man" Geddes, we have a load of new Macau photos to share.
As usual, all the recent photos can be seen here: http://www.ratevegas.com/photo/most_recent
Thanks to George for sharing - enjoy!
Vegas Gang #10 - Economic Woes to Bankrupt LVS?
Posted by Hunter on June 13, 2008
Vegas Gang #10 is up - http://www.vegasgangpodcast.com
This episode focuses on the CityCenter walkout and the economy vs. Las Vegas. We cover a few stories on the specifics, including an entry suggesting that LVS is heading for Chapter 11. That may be an extreme outcome but its an interesting discussion point.
Also, a little bit on the iPhone and its impact on Las Vegas.
Enjoy the show and feel free to post your comments here.
UPDATE: Stiffs and George's has a story about Palazzo's underwhelming performance: http://www.lasvegasadvisor.com/blogs/dmckee/index.cfm/2008/6/13/Oops-he-did-it-again
Vegas Gang #9 - "Wynn + Harrah's = Good Times?"
Posted by Hunter on May 30, 2008
The latest episode is live - check out our discussions here:
http://www.vegasgangpodcast.com
Comments welcome below...
LVRJ - Las Vegas Sands Must Pay $43M In Macau Dispute
Posted by Hunter on May 25, 2008
Looks like Richard Suen, the Chinese businessman that supposedly helped Las Vegas Sands setup their contacts in Macau will get a pay day after all.
A Las Vegas jury awarded him $43 million in damages. The company will appeal.
http://www.lvrj.com/news/19245874.html
Vegas Gang #7 Published - Tropicana, WYNN, LVS and More...
Posted by Hunter on May 7, 2008
Yes, we're back (and better than ever?).
Anyway, the episode is posted here: http://www.vegasgangpodcast.com
Comment away!
Encore at Wynn Macau Continues to Grow
Posted by Hunter on May 2, 2008
Yes, the property formerly known as 'Wynn Diamond Suites' has been renamed 'Encore at Wynn Macau'.
Thanks to VegasTripping for the tip and also a photo of construction:
Encore at Wynn Macau
Encore at Wynn Macau Construction Photo
Donate To Support MacauTripping.com
Posted by Hunter on March 24, 2008
My friend Chuck at VegasTripping.com/MacauTripping.com has opened a fund raising drive for another trip to Macau in 2009. Chuck is responsible for some of the best English language content on Macau including reviews, a trip report, and many photos. Of course, tripping from SoCal to China is pricey and he's letting the public vote with their dollars.
I think it's a worthy cause and I put a couple of bucks in myself - I want to see the content continue and while I'm thinking about my own trip, I got a lot more than my $20 donation in value out of his writing so far - I consider it well worth it and encourage you to donate if you are able.
http://www.macautripping.com/tripping/post.php?p=156
Podcast: Vegas Roundtable #2 w/ Simpson, McKee, Schwartz, Monster and Me!
Posted by Hunter on February 21, 2008
We're back with roundtable #2 - this time around the topics include Crown investing in Harrah's/Station, MGM Grand Detroit, Pure being raided by the IRS, Cuba as the next Macau and more.
The participants include:
Jeff Simpson - http://www.lasvegassun.com and http://www.inbusinesslasvegas.com
David McKee - http://www.lasvegasadvisor.com/blogs/dmckee/
Dave Schwartz - http://www.dieiscast.com
Chuck Monster - http://www.vegastripping.com
Direct Download: http://media.ratevegas.com/36-podcast_02212008.mp3
Las Vegas Sands To Replace Sands Expo Center
Posted by detroit1051 on February 12, 2008
Las Vegas Sands hosted an Investors Day on February 11 in Las Vegas. Management presented detailed information on the company's operations in Las Vegas and Macau as well as on other projects being built or planned both in this country and overseas.
One important announcement was the plan to build a New Sands Expo at the corner of Koval and Sands. Once the facility opens at the end of 2010, the land that the existing Sands Expo Center sits on could be used for another resort or other purposes. The site is 20 acres and is part of the Venetian/Palazzo complex.
The Investors Presentation is available as a webcast and as a slide presentation. The slides of the New Sands Expo and of the 20 acres for future development are very interesting.
Investors Day Slides=Part I
Investors Day-Part II
Webcast Replay Links
Adelson: No New Licensees in Macau
Posted by Hunter on February 6, 2008
Thanks to David McKee's blog for pointing out this article from Macau with some quotes from LVS boss Sheldon Adelson.
The Macau Daily News says in their piece that according to Adelson, the number of concessions will NOT be expanded in 2009 and in fact may *shrink* as some of Ho's more ghetto places get hit.
Interesting. Sorry Harrah's.
Open Topic Discussion: January 17, 2008
Posted by detroit1051 on January 17, 2008
Sheldon Adelson: He is driven. Interesting article in the NY Times.
"...the Venetian is now the Strip’s second most profitable casino hotel, behind only the Bellagio, said Robert A. LaFleur, an industry analyst with the Susquehanna Financial Group, and that is with only a third of its revenue coming from its gambling floor."
When 3rd Place on the Rich List Just Isn’t Enough
MGM Grand Macau Rings In $6.6M In First Two Days
Posted by Hunter on December 26, 2007
According to MacauTripping.com, the MGM Grand Macau opened to a smashing success - over $6.6 million in drop in the first few days of operations. This points to a very high volume of play in that time.
Wynn Macau Expansion Opens December 24th
Posted by Hunter on December 20, 2007
This was in the news yesterday and I just assumed most people saw it so I didn't post it but maybe I was wrong... Anyway, Wynn Macau is set to open it's casino expansion on Monday, December 24th. This includes more tables, slots, and their new dramatic entry feature (I hope we hear more about this soon). Following in January are more retails shops including Hugo Boss and Ferrari.
http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=1088786&highlight=
MGM Grand Macau Opens
Posted by Hunter on December 18, 2007
Well, today is the big day for MGM Mirage with their first entry into Macau with the MGM Grand Macau. The property is a 50/50 joint venture with Pansy Ho, daughter of longtime operator Stanley Ho.
Personally, I think this property looks very interesting and it is certainly on my list of places to stay when I visit Macau sometime next year. I see the Wynn Macau/MGM Macau combo (they are right next door to each other) as the true epicenter of Macau luxury, despite Las Vegas Sands' grand Cotai experiment, at least for now.
http://money.cnn.com/news/newsfeeds/articles/prnewswire/LATU077A18122007-1.htm
Wynn Macau Photo Walk Through
Posted by Hunter on November 7, 2007
Chuck at MacauTripping.com has posted a photo walkthrough of Wynn Macau with shots from his recent trip. A must see for Wynn fans.
http://www.macautripping.com/features/feature.php?feature_id=5&page=1
Wynn Resorts Reports Q3 2007 Results
Posted by Hunter on October 30, 2007
Wynn Resorts just reported as the market closed - the conference call is about to start and I'll update this with any interesting info.
Quarterly revenue was $653.4 million, up from $318.1 million last year - all because of Macau. Adjusted property EBITDA was $186 million.
Adjusted net income: $73.4 million, compared to a $1.3 million loss last year. GAAP net income was $44 million and that figure from last year was skewed by the sale of the Macau sub-concession.
Lots of interesting details in the press release: http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=1069836&highlight=
ADR at Wynn Las Vegas: $282, up from $271 a year ago. Occupancy was 96.6%.
ADR at Wynn Macau: $245 and occupancy was 91.9%.
MGM Mirage Posts Third Quarter Results
Posted by Hunter on October 30, 2007
MGM Mirage posted their 2007 Q3 results - the company's net revenues are up 6% to $1.9 billion.
Details are here: http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NTIzODMxMSZkb2M9Mg%3d%3d
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.
The RJ Goes to Macau
Posted by Hunter on October 21, 2007
Looks like the RJ has a front page piece on Macau gaming, specifically US based operators there. It's an interesting piece and it comes with a fairly cheesy map and some photos. Worth checking out - even some photos of the analysts that get quoted in every gaming article in the paper.
http://www.lvrj.com/news/10701326.html
Macau Quarterly Gaming Revenues Rise Again
Posted by Hunter on October 18, 2007
Sorry I'm only getting to post this now... Looks like Macau quarterlies are once again blowing through estimates:
http://biz.yahoo.com/ap/071018/macau_gaming_revenue.html?.v=1
A 46% increase? Nice. This quarter had a little bit of Venetian Macau action but we'll really get a feel for that next time around, plus of course in the LVS and WYNN quarterlies.
Inside The MGM MIRAGE Brain Trust: Jim Murren
Posted by Hunter on October 10, 2007
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.
Las Vegas Sands Macau Concession Payola?
Posted by Hunter on October 4, 2007
Very interesting article in the RJ about a case involving Las Vegas Sands, sealed documents and their Macau sub-concession.
http://www.lvrj.com/business/10228141.html
Was anyone aware of these allegations? This could prove to be very bad for Sands.
MacauTripping Launches
Posted by Hunter on October 2, 2007
My good friend Chuck from VegasTripping.com has launched his new Macau site, MacauTripping.com.
This is a great addition to the Macau Web scene and a place I'll use for info constantly - at least until RateMacau.com goes live.
Good work Chuck!
Open Topic Discussion: October 1, 2007
Posted by detroit1051 on September 30, 2007
Liz Benston had an interesting column on Macau in the 9/30 LV Sun:
Catching up to Las Vegas
Quickies: Station in North Las Vegas, Macau vs. Macao and More...
Posted by Hunter on September 30, 2007
Some quick notes on what's in the paper's today...
The RJ has an article on Aliante Station which is being built in North Las Vegas by the soon-to-be-private Station Casinos, Inc. North Las Vegas is a bit of a future growth market for them but this is set to be another nicely put together project, even if it is very 'Station-esque'.
Inside Gaming has an interesting note on 'Macau' vs 'Macao', which the eagle eyed will have noticed are both used by US operators in Macau (Wynn Resorts likes 'Macau', Las Vegas Sands uses 'Macao' - sounds like the LVS folks are clinging to the past).
I'm still looking for some sort of concrete occupancy numbers for The Venetian Macau - anyone seen anything published other than 'things are going well'? If so, post links in the comments.
Lastly, MacauTripping.com has been following up on the trip blog with great posts daily. Its quickly becoming my fave stop for Macau info and getting me excited for a trip myself. I did go out and grab RateMacau.com and there's no way I could get all the info I need without heading over there myself. We'll see I guess.
Worst Las Vegas Podcast #18 - In-Depth Macau w/ Chuck from VegasTripping.com - September 23rd, 2007
Posted by Hunter on September 23, 2007
Well, that was a great conversation... We had an in-depth talk with Chuck from VegasTripping.com who just recently has gotten back from Macau.
We went over everything from specific hotel talk on topics like Wynn Macau, Venetian Macau, Galaxy Starworld, MGM Grand Macau, Casino Lisboa and more. We also talked about the business - folks like Wynn Resorts, Las Vegas Sands, SJM, Melco and others.
Cotai, gaming industry topics, casino design and more. It was a great discussion and I'm hoping we can do another segment soon.
Filed under
Business of Gaming
,
Casino Design
,
Harrah's
,
Interviews
,
Las Vegas Strip
,
MGM MIRAGE
,
Macau Casinos and Hotels
,
Podcasts
,
RateVegas.com
,
Trip Reports
,
Venetian/LV Sands
,
Wynn Resorts
UPDATED: Special 'Macau Sunday' Podcast: Charles from VegasTripping
Posted by Hunter on September 23, 2007
Fresh back from Macau, where he chronicled his trip, Charles from VegasTripping.com will be a guest for a special Q&A version of the podcast.
We'll be doing this on TalkShoe but here's how this will work - you guys submit some questions here on the site, I'll ask them in the first 30 minutes or so. The second half of the show will be open for general discussion. We'll see how that goes.
So... TONIGHT at 6pm PT
Update: Ok, the Talkshoe link is here: http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=44621.
If you're planning on joining us, I strongly recommend you go to the TalkShow.com Web site ahead of time to sign up for an account and download the software. Strictly speaking, the software isn't required (only a telephone is really required) but having it gives you extra features.
If you really can't download the software, you can call in using this number: 724-444-7444 with the TalkCast ID of 44621. Without the software you might not be able to ask any questions as we won't be able to identify you in the system.
Quickies: Wynn on The Strip, Leach on Nightclubs
Posted by Hunter on September 20, 2007
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.
Worst Las Vegas Podcast #17 - September 15th, 2007
Posted by Hunter on September 16, 2007
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
Filed under
Bellagio
,
Boyd Gaming
,
Business of Gaming
,
Casino Design
,
Detroit Casinos
,
Harrah's
,
Las Vegas Strip
,
MGM MIRAGE
,
Macau Casinos and Hotels
,
Palazzo
,
Podcasts
,
Project CityCenter
,
RateVegas.com
,
Station Casinos
,
Strip Walk
,
Venetian/LV Sands
,
Wynn Resorts
Harrah's Making Moves on Cotai
Posted by Hunter on September 16, 2007
Harrah's is making moves on the Cotai Strip in Macau by purchasing a golf course that makes them the second largest land holder in the area after Las Vegas Sands.
Based on one Web site's analysis, they paid about $22 million an acre - not too shabby.
Harrah's is still without a concession that gives them the necessary license required to operate a facility in Macau but of course, money talks and Harrah's wants in.
VegasTripping Goes to Macau And Trippies 2007!
Posted by Hunter on September 7, 2007
My good friend Chuck at VegasTripping.com is heading to Macau next week. Despite being very jealous, I'm happy to send you guys over to his site to get the regular updates he'll be posting - I know that I'm looking forward to some very thorough reporting from the field, HST style.
If you want to follow the mayhem as it unfolds, here's the best link for the action:
http://www.macautripping.com/tripping/
Second up, their annual 'Best Of' list, the Trippies, are now open for nominations. Feel free to nominate us - the parent Web site, RateVegas.com, this blog and even our podcast, which we're bringing back into a more regular schedule with live call-in shows (next Sunday the 16th!).
UPDATED: Venetian Macau Opens - Reader Review
Posted by Hunter on August 27, 2007
I'm just back from a little vacation and I'm beat but this is something I need to report - Las Vegas Sands have opened their second property in Macau, The Venetian Macau - the first hotel to open on the Cotai Strip.
Some links:
http://biz.yahoo.com/prnews/070827/lam130.html?.v=12
http://www.lasvegasnow.com/global/story.asp?s=6987645
Update: Read the comments for a review from reader Chris B.
MGM Mirage Shuffles Upper Management
Posted by Hunter on August 21, 2007
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.
The press release is here:
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.
Filed under
Atlantic City
,
Bellagio
,
Business of Gaming
,
Casino Design
,
Detroit Casinos
,
Harrah's
,
Las Vegas Strip
,
MGM MIRAGE
,
Macau Casinos and Hotels
,
Press Releases
,
Project CityCenter
Wynn Talks Cotai, Encore and More in Interview
Posted by Hunter on August 13, 2007
Thanks to VegasTripping.com for pointing us to this interesting interview with Steve Wynn.
He talks about their upcoming Cotai property - he wants to make it the best in the world it seems... Also, some talk on Encore (the casino will look like Macau's, which is pretty much what we all expected) and Las Vegas Sands.
Great interview: http://macaubusiness.com/index.php?id=881
Update: I thought I had a photo of the Wynn Macau casino in my gallery but I looked and couldn't find one. I know I've seen it though - I remember really liking it with the columns and drapes - much more low-key than WLV. Anyone have a link?
MGM Mirage Quarterly Profit Up On Property Sales
Posted by Hunter on August 2, 2007
MGM Mirage had a big quarter but a large portion of the ground they gained were from one time events - property sales in Primm and elsewhere.
Still, income from continuing operations was also up - the company is healthy and I still consider it to be one of the best run in gaming - a model for the industry in that regard.
Revenues hit $2.11 billion and earnings were at $360 million with those property sales factored in. Incoming from continuing operations was $182 million, up from about $140 million in the year ago quarter.
REVPar on the Strip jumped 7%. I hope to have property specific info soon.
http://biz.yahoo.com/ap/070802/earns_mgm_mirage.html?.v=2
http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=1035817&
Technorati Tags: atlantic city, bellagio, borgata, cirque du soleil, cirquedusoleil, condos, gaming industry, las vegas, lasvegas, luxor, macau, mandalay bay, mgm grand, mgm mirage, mirage, project citycenter, treasure island, vegas
Las Vegas Sands Profit Falls in Q2 ; Revenues Up
Posted by Hunter on August 1, 2007
Las Vegas Sands reported their second quarter results today and the story is that net income is down this quarter, mostly due to higher costs.
Net income was $34.4 million from $109.3 million a year ago. Big drop... Well, they are about to open the Venetian Macau so they clearly have a reason to be spending money this quarter. Revenues were up to $612.9 million from $517 million so unless they get spend happy next time around, this is likely no huge deal.
http://www.reuters.com/article/marketsNews/idUKN0143840020070801?rpc=44
http://biz.yahoo.com/ap/070801/earns_las_vegas_sands.html?.v=1
Update: Looking at some of the numbers, at The Venetian in Las Vegas the ADR (average daily rate) was up $266, almost 10%. Other metrics like the drop were also up - fundamentals look solid.
http://biz.yahoo.com/prnews/070801/law176.html?.v=3
Technorati Tags: gaming industry, las vegas, lasvegas, lasvegassands, macau, venetian
CotaiCasinoNews.com: Macau Cotai Strip Update
Posted by Hunter on July 9, 2007
Welcome to the first in a new series. Thanks to our friends at CotaiCasinoNews.com, we will have some regular news and updates from Las Vegas Sands' replica of the Las Vegas Strip in China.
Continue after the jump for the posting with all the latest Cotai Strip news.
Technorati Tags: casino design, gaming industry, lasvegassands, macau
Wynn Resorts Swings to Profit for Q12007
Posted by Hunter on May 7, 2007
Well, they finally got out of the red... Wynn Resorts announced Q1 2007 net income of $58.4 million, compared to a loss of $11.4 million for 2006. Adjusted net income was $72.6 million, on strong results from Wynn Macau and Wynn Las Vegas.
Revenue for the quarter was $635.3 million, up from $277.2 million from a year ago.
http://phx.corporate-ir.net/phoenix.zhtml?c=132059&p=irol-newsArticle&ID=996673&highlight=
The conference call starts in 20 minutes and I will be updating based on anything from that call.
The press release covers all of the interesting details - I will break them down shortly.
Technorati Tags: gaming industry, las vegas, lasvegas, macau, wynn, wynn macau, wynnlasvegas
Macau Casino Update: April 2007
Posted by Hunter on May 5, 2007
A big thank you to Drambuie Man for sending in a new report and photos from Macau.
I asked for some more photos of Wynn Macau and the Venetian and we got some good coverage. I can't wait to get out there and see this stuff myself.
http://www.ratevegas.com/photo/gallery/macau
The report is after the jump...
Technorati Tags: casino design, gaming industry, lasvegassands, macau, mgm mirage, sands, wynn,
