Steve Friess picked up on the news from Wachovia that Elad is putting the Plaza Las Vegas project on hold due to the challenging credit market:
Very interesting, especially coupled with the Cosmopolitan news. Friess apparently just did an interview with Steve Wynn where the casino mogul predicted this.
Update: Elad, the developer, is denying the report so at this point this is in question.
Some info on MGM Mirage's quarterly results, announced today:
Thanks to reader Andy who spotted this on The Mirage's official Web site. It seems the rooms are getting a full on make over starting in February and based on the pictures, they are totally tossing the current room decor.
Wow, that's drastic. Now, I totally think the rooms need to be redone but honestly, I think this design goes a bit too far for my tastes. I love the amenities they are adding - that's great... and, I think generally the vibe is okay but this is like cranked too far. It's as if they had one or two many committees weigh in on this, each tweaking the design a bit to the point that there's no longer any cohesion.
I got a press release this morning from MGM Mirage regarding a new restaurant going in at The Mirage. BLT Burger will be replacing the Habitat at the resorts' Southern-most Strip entrance.
This is another nail in the coffin of Siegfried and Roy's tenure at The Mirage. As for the restaurant, the press release states:
"BLT Burger's diverse menu will offer quality ingredients including beef (sirloin, short rib, chuck and brisket cut), American and Japanese Kobe, lamb and Ahi tuna burgers along with soft, no-frills buns. Onion rings and a variety of French fry options, including waffle-cut, sweet potato and chili cheese, will complement the meal. An array of milkshakes in classic and spiked varieties will be available along with a selection of ice cream floats. Nostalgic glass-bottled sodas, innovative cocktails, as well as a focused selection of wine and beer will quench every guest's thirst."
According to a release I got today, the aquarium that is behind the desk at The Mirage, which has been shrouded in black for months, has been revealed.
It's a whole new affair with more animals, new artifical reef and a new filtration system.
Supposedly the aquarium features 1,000 marine life forms in 20,000 gallons of water.
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.
Unrelated, Harrah's has scheduled an announcement for tomorrow regarding entertainment changes at their resorts in Las Vegas.
WYNN will release its Q2 earnings shortly, so we'll start a new topic now. In the meantime, Wynn has issed a press release announcing the opening of Blush on Labor Day weekend:
"Blush offers a unique option to the Las Vegas scene as the club seamlessly transforms from elegant lounge to high-energy nightclub."
Formerly the location of Lure, the venue will undergo a complete remodel under the direction of Wynn's Executive Vice President of Design Roger Thomas. The 4,500 square-foot club will feature a lit onyx dance floor and cr�me lantern ceiling sculpture. This central art focal piece will create various hues and images that enhance the vibe and atmosphere as the display literally comes alive nightly."
Updated: The earnings are in and they are pretty impressive. Check here.
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.
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
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.
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.
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.
Las Vegas Sands reported their Q1 2007 results today and while net revenues were up, net income was down due to expenses on upcoming resort properties.
This is getting kinda repetitive - LVS seems to post solid numbers every quarter. They're like Microsoft - making tons of money and totally boring at the same time.
Revenue: $628.2 million
Net Income: $114.60 million
The ADR at the Venetian was up and occupancy was over 98%. Not too shabby.
Macau casino revenue was up. They don't really have any room product to report in Macau yet.
I wouldn't normally post this as I get these press releases all the time but I thought this one was interesting.
It's a $20,000 package for a trip to the MGM Grand's Skylofts, designed for newlyweds.
It includes a meal at Robuchon, Ka, Tabu, the spa, Rolex watches (!), two nights in a one bedroom Skyloft and more. The complete description from the press release is after the jump.
The previews start early March with the actual opening on March 31st. This version of the production will feature John O'Hurly, known for his recurring role on 'Seinfeld' as J. Peterman.
While they were once heralded as bringing in a new wave of entertainment to Las Vegas, shows such as 'Avenue Q', 'Hairspray', and 'We Will Rock You' all faltered. At the same time, 'Mamma Mia' has had a very successful run that is scheduled to end in 2008 and the version of 'Phantom' at The Venetian has seen some success. 'The Producers', another Broadway hit, opens in February at Paris Las Vegas.
I haven't seen 'Spamalot' but I've heard the show is 'wacky' and might be a good fit for Vegas audiences. These shows always suffer from having to be cut down to a running length no longer than 90 minutes, as well as the language barrier with foreign visitors that doesn't exist at non-verbal shows, like those from Cirque du Soleil.
I personally hope that this show works. I really liked 'Avenue Q' and was sad to see it go. I usually really enjoy myself when we spend a night on Broadway in NYC, though I rarely catch touring shows when they come to LA.
Las Vegas Sands, owners of the Venetian in Las Vegas, NV, have won the coveted concession in Bethlehem, PA. This was being sought by other operators, including Trump and Isle of Capri.
The project will be built on a 126-acre site - a former steel mill - near Philadelphia. It will be interesting to see what impact this and other Pennsylvania projects have on Atlantic City as Philly is a major feeder market for AC.
It doesn't seem like the Bethlehem project will have any major financial impact for LVS.
and the LVS press release:
Wynn Resorts Ltd. reported their third quarter 2006 results today. This was an important quarter for the company as it included the first, albeit small, amount of operations from their second property, Wynn Macau. Also, a large one-time gain from the sale of a Macau sub-concession to PBL put a nice bit of cash into their pockets.
Net revenues for the quarter were $318.1 million. This is up 26.5% from the same quarter in the prior year. Net income for the quarter was $715.7 million but most of that is the one-time event related to the sub-concession.
The net loss has been reduced from $2.2 million last quarter to $1.3 million this quarter. EBITDA was $79.6 million, up 8.7%. I don't have the analysts jive in front of me but I think this is pretty close to what they were predicting.
Wynn Macau, operating for 25 days this quarter, generated net revenues of $45 million and EBITDA of $2.3 million, 81% of which came from table game play. ADR at Wynn Macau was 75.9% and non casino revenues were $4.9 million.
The conference call at 3pm will be on the Web site and we'll be talking in the chat room, which is located here.
For a breakdown of Wynn's results:
MGM MIRAGE issued a press release today regarding a project with Cirque du Soleil based on Elvis Presley to be performed at the upcoming Project CityCenter. The entire text of the press release follows after the jump.
Just days after competitors MGM MIRAGE and Wynn Resorts, Las Vegas Sands, operators of the Venetian in Las Vegas and the Sands Macau in Macau, China have announced their results.
Quarterly revenue is up to $503MM, based largely on the Macau property with net income of $134MM.
For details, see this release:
I got an interesting press release from The Mirage recently about a new program they are offering at their dolphin habitat.
For $500 you can spend the entire day with the dolphins and their training crew, learning about how these magnificent animals are cared for. The day includes a photo and a lunch.
Anyway, I'm sure there are some folks out there who are interested in looking into something like this so for them, I've attached the press after the jump. Enjoy!
I have had the pleasure of seeing several snippets and rough cuts of an upcoming documentary on Las Vegas history called 'As We Knew It: The Story of Classic Las Vegas'.
For those in Las Vegas, there is an upcoming screening of a work-in-progress print of the film.
If you can, I encourage you to check this out. What I've seen is great stuff. Details:
Wednesday, June 15th 1:00 pm:
A Work in Progress Screening of "The Story of Classic Las Vegas"
A rare chance to see the documentary in this incarnation.
Come learn the history of Las Vegas from the men and women who
Brenden Theatres at the Palms Hotel
Tickets on sale through the Cinevegas website: cinevegas.com
or beginning Tuesday at the Boxoffice.