Two Way Hard Three | Las Vegas Casino & Design Blog

The LV Sun gives us a glimpse into CityCenter Casino's server-based slot floor. Will players be apprehensive about a casino's ability to manage the games, denominations, paybacks and players' comp accounts from a central IT office? Or, in this age when everyone, including seniors, are at ease with computers, will the benefits be welcomed? In my opinion, it will be a huge success as long as players don't believe the casino can manage payback with each spin of the reels. This concern can be easily managed with strict controls from gaming regulators and through effective communication strategies by casinos. What does everyone think?
Server- Based Slot Floor At CityCenter

A Las Vegas-is-gonna-go-bust doom and gloom article from the Times Online in the UK.

http://www.timesonline.co.uk/tol/comment/columnists/chris_ayres/article3701686.ece

Another open topic for discussion.

One thing of note - I got some photos from Mike_Ch which I published:

http://www.ratevegas.com/photo/most_recent

Thanks Mike!

Some info on MGM Mirage's quarterly results, announced today:

http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=1110879&

http://www.marketwatch.com/news/story/mgm-mirages-net-profit-soars/story.aspx?guid=%7B74B0CA0C-98F3-4472-B48D-EB7F4B52CDFA%7D

CityCenter: Selling A Dream
"The overall experience is sensually sensational, even elating -- you've clearly reached the aspirational apex of luxury and achievement. It's stimulating and soothing; you feel like you belong. For the moment.
But the view from this summit has a swift kickback, a shadow side. It might leave you feeling curiously deflated -- like maybe you've been living your life wrong all these years. Left out. A loser."
Behold, the tiny, beguiling future

The first episode of what could become a new, semi-regular podcast has been posted.

It doesn't yet have a name but the working title is 'Vegas Roundtable'. It's a gaming industry related podcast in a discussion format. Today's 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

Thanks to all participants. The podcast is in my normal feed for 'The Worst Las Vegas Podcast' but it will probably move to a dedicated feed. Also, if anyone can think of a good name, drop them in the comments.

If you don't subscribe to the feed and want the direct URL, here it is:
http://media.ratevegas.com/35-roundtable_1-02_07_08.mp3

Mike_ch is back with another Stripwalk. This time he visits Encore, City Center, TI, Palazzo, Luxor and more. Check it out after the jump plus don't forget to check out the new photos:

Photos: http://www.ratevegas.com/photo/gallery/stripwalk

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.

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.

Well, you know the drill at this point. Another episode featuring MGM Grand, Wynn Las Vegas, City Center and more.

Photos are here: RateVegas Photos

This time we get a bonus video: Diablo's Cantina

"USA Today" profiles Terry Lanni:
"Throughout its history, Las Vegas has seen its share of legendary tycoons, from Howard Hughes to Steve Wynn. The low-profile Lanni flies under the public's radar, but he's one of the most-respected and influential forces in the $90 billion gaming industry.
"I've dealt with a few CEOs, and I'd have to rate Terry up there at the top," says Kirk Kerkorian, the 90-year-old owner of Tracinda, which held 56% of MGM Mirage's stock as of June. "I've always liked this company. We've got a hell of a team there."

Executive Suite: You can bet on MGM Mirage's Lanni

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."

Q+A: Bobby Baldwin

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

Here's the latest Strip Walk, this time hitting Wynn Las Vegas, Trump Las Vegas, New Frontier, Palazzo, Treasure Island, New York New York, Excalibur, Luxor and more...

As always, the photos are here: http://www.ratevegas.com/photo/gallery/stripwalk

Commentary after the jump... Take it away Mike!

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...

"Dubai agreed to pay $5 billion for a 9.5 percent stake in MGM Mirage and half of the Las Vegas casino owner's biggest development, bringing billionaire shareholder Kirk Kerkorian his biggest investment in the company."

This is huge news. There is a more in-depth report in the 8/22 Wall Street Journal for subscribers. The news troubles me, but Lanni and Murren haven't disappointed yet,

Dubai World To Buy 9.5% of MGM Mirage

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.

Welcome to a new semi-regular feature, 'Strip Walk'. These photo updates from the Las Vegas Strip (and other parts of the Valley) have previously been presented by our man in the field, mike_ch. Well, now he's an official part of the crew and we're aiming to get these two you about every other work, time and schedule permitting.

His notes follow after the jump and the photos for this and future walks are here:

http://www.ratevegas.com/photo/gallery/stripwalk

Enjoy!

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

"Exclusive Resorts today announced that it will develop and own 30 luxury condominiums at MGM MIRAGE's (NYSE: MGM - News) highly anticipated Vdara at CityCenter on the Las Vegas Strip. Vdara Condo Hotel, one of the $7.4 billion project's four residential towers, is set to open in late 2009."

I had never heard of Exclusive Resorts, but I sure fall short of its demographics. This is not your father's timeshare. MGM Mirage and Exclusive issued a press release on Exclusive's purchase of 30 units at Vdara. Membership fees run from $239,000-$459,000 with annual dues of $14,000-39,000.

Here's the release with a link to Exclusive Resorts site:
Exclusive Resorts Buys 30 Units At Vdara

Last week's topic had 64 replies, so let's start a new one.

Kerkorian's initial interest in acquiring Bellagio and CityCenter certainly helped MGM during the month of June. The RJ summarizes share price changes in June for operators and slot manufacturers. MGM leads the pack.
Kerkorian's bid boosts 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

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

In Business Las Vegas has a story on the slowdown of new condo development in Vegas. The big exception is CityCenter which is still going strong with condo sales and is actually benefitting from the cancellation of "W" on Harmon. Buyers want the Strip!
"That success is evident by MGM Mirage reporting there are more than $1.1 billion in sales out of $2.7 billion in units it has on the market. Some 205 of the 227 residences at Mandarin Oriental have been sold. The Vdara condo hotel has sold 452 of its 1,543 residences and the two Veer Towers have written deals for more than 220 of its 670 condos, said Tony Dennis, executive director of CityCenter's residential division."
Condo Craze Cools

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

UNLV's Lied Institute for Real Estate Studies has released a report which says, "The marketing of sin that helps draws tourists to Las Vegas is an impediment in luring corporate headquarters to Southern Nevada....paints a pessimistic picture of Las Vegas' ability to recruit companies to Southern Nevada and diversify its economy beyond gaming."
The report is critical of some of the issues we've discussed here before, namely higher costs, unaffordable housing, poorly educated workforce, school system problems, lack of "cultural amenities", etc.
In Business Las Vegas summarized the report, but I've been unable to find a link to Lied's report itself. I'd like to read it in its entirety. I find the headline of the story a little over the top, using words like, "...image repels corporate relocation."

Do those here who either live in Las Vegas or frequently do business in Southern Nevada agree with the findings?

To read the article:
Report: Sin City Image Repels Corporate Relocation

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

MGM Mirage put out a press release today updating folks on City Center's progress.

I've heard a lot of chatter from insiders about the project and from all accounts it is coming along quite nicely - MGM Mirage executives are very pleased with their progress. Of course, recent photos show the main hotel is really taking shape.

There's also news on some budget changes to the project - nothing significant and entirely expected for a development in this stage and of this scope. MGM Mirage is also putting pressure on sub-contractors to reduce some project costs and budgets and without that, the price would have gone up more than they are indicating here.

Technorati Tags: casino design, gaming industry, las vegas, lasvegas, project citycenter

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

From the agenda of Clark County planners, we have some insight into future projects. Here goes:

City Center - Not much, just a slight increase in the height of the towers from 543 feet to 580 feet. The FAA signed off and MGM is stating that they need the space for stuff like elevators and if residents want to put stuff on the roof (I assume satellite dishes, etc...). Also, the retail component is being increased from 650,000 square feet to 666,870 square feet. One interesting note is that Bellagio's holding company, Bellagio LLC, is the applicant - surely they have new holding companies for City Center - I would assume at least one per development for legal and financial reasons.

Wynn Las Vegas - Again, nothing major. They want to build a walkway from their Sands Ave. parking to the back of house area of the hotel, just for employees. The walkway does intersect with the monorail and the request states they will install a 'protective roof plate' to prevent falling debris hitting anyone. Ha.

Fontainebleau - Some details on the project, which is in review. The tower will be 735 feet high with 2,880 hotel rooms and 1,020 condos with kitchens. The tower sites on a low-rise podium with heights that vary from 81 feet (LVB side) to 175 feet on the convention center side on the back. Other than that, the details are few. They do have a batch plant on site at this time.

Technorati Tags: casino design, entertainment, fontainebleau, gaming industry, las vegas, lasvegas, mgm mirage, project citycenter, wynn, wynnlasvegas

We all know the base genetics of MGM Mirage's City Center development - a mixed use project across 76 acres on a prime piece of Las Vegas Strip real estate. Multiple hotels, gaming, restaurants, retail and condos all coming together in an effort to master plan an miniature city.

The construction cranes are crawling over the property and the 4,000 room hotel/casino that will anchor site is up beyond the 11th floor. A live Web cam of the construction is on the official Web site. Also, MGM MIRAGE provided me with some photos and renderings of the project. Some may be familiar and others new.

I was able to tour the sales pavilion that has been a key tool in allowing MGM Mirage to almost completely sell out one of their condo developments (The Residences at Mandarin Oriental). Along with the tour some questions were answered about some of the other components of the project.

Keep reading after the jump for some more thoughts on what I saw.

online casino games

Technorati Tags: casino design, cirque du soleil, entertainment, gaming industry, las vegas, lasvegas, mgm mirage, project citycenter, vegas, vegas photos

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

Today's newspapers have some interesting stories.

First off is the Sun with an article on Bobby Baldwin and the CityCenter plan. Some of the water and special features are alluded to here. A very interesting article. From this piece I can't help but think that pretty soon there will be way too many interesting resorts to really see Las Vegas in a single weekend anymore... if you can even do that still today.

http://www.lasvegassun.com/sunbin/stories/consumer/2007/jan/21/566630061.html

Second is an article on implosion prep for the Stardust:

http://www.reviewjournal.com/lvrj_home/2007/Jan-21-Sun-2007/business/12010899.html

Technorati Tags: boyd, casino design, condos, echelon, gaming industry, las vegas, mgm mirage, project citycenter, vegas

** I was originally scheduled to do a tour of the City Center Sales Pavilion this weekend. Unfortunately something has come up and I will be in California instead. Anyway, here's some info I got on PCC from MGM MIRAGE and I will re-schedule my tour. **

MGM MIRAGE opened the Project CityCenter Sales Pavilion in early January to showcase the various features of their $7 billion project. The center features models of several of the condo units, incorporating state-of-the-art technology to give prospective buyers an immersive experience.

The Pavilion is open daily, 10am - 7pm. Appointments are preferred but according to MGM MIRAGE staffers serious prospects can often be squeezed in. More info, direct from MGM MIRAGE, on the various units follows.

Technorati Tags: casino design, gaming industry, las vegas, project citycenter, vegas, vegas photos

Howdy folks! As a quick aside, I meant to do a podcast tonight but it didn't happen - sorry!! I'm shooting for the weekend and from then on, probably every 7-10 days. Thank you for being patient. There's clearly a lot to about.

I am planning on being in Las Vegas at the end the month, just for a weekend, to tour and document the progress at CityCenter's preview center - thanks to MGM MIRAGE for any access. From what I'm told, the preview center is amazing - I look forward to sharing with everyone... Expect photos to follow.

Regarding Wynn Macau, their 'Diamond Suites' project, located on the property edge near the future MGM Grand (with its neat/original curtain wall design), is a new hotel tower with the aim to up their room inventory as the company also looks into possibilities on Cotai Originally, Wynn Macau had something akin to a phase '1b', which was supposed to expand the casino floor, add a showroom and a new 'front feature', all to open in early 2007. This front feature is some kind of special effects room that Wynn says will 'blow us all away'.

Given that the public spaces are now going to be more aligned with the 'Diamond Suites' areas, they have been delayed until later this year. The 'Diamond Suites' tower is still 18 to 25 months out, though no specific dates have been announced. Some of the new tables and slots will open for the celebration of Chinese New Year, which is also coming to Las Vegas in a few weeks.

Ok, and last, MGM MIRAGE has new renderings of both CityCenter and MGM Grand Macau in their latest financial presentation. Very interesting shots that really show how the new buildings will interact with each and specifically "NOT" interact with neighbors.

MGM Mirage Financial Presentation 1/2007

I realize this was long winded - sorry. I hope everyone is doing well. Photos will follow in this space.

Technorati Tags: boyd, casino design, fremont

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

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 book here (and it supports this site in a small way): Roll the Bones: The History of Gambling

Keep reading after the jump...

Technorati Tags: atlantic city, boyd, caesars, casino design, gaming industry, harrahs, hilton, las vegas, lasvegassands, macau, mgm mirage, project citycenter, ratevegas.com, vegas, wynn

This podcast includes some audio clips from my recent trip to Las Vegas. I talk about construction on Encore, CityCenter, Palazzo, Aladdin and more. Also, some special guests including Tim and Michelle from Five Hundy By Midnight and loyal contributor Mike E. We listen to a few messages from listeners (thanks for the theme song!) and even find some time to talk Vegas news.

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
Odeo: http://odeo.com/claim/feed/e9ba87a56391268b
Direct RSS: http://www.ratevegas.com/feed/podcast

Technorati Tags: bellagio, casino design, gaming industry, las vegas, lasvegas, lasvegassands, mgm mirage, mirage, palazzo, photography, planet hollywood, podcast, project citycenter, ratevegas.com, vegas, vegas photos, venetian, wynn, wynnlasvegas

I spent some time in Las Vegas this weekend (actually, a little more time than I had planned) and I wanted to report on my trip.

First off, I have posted construction photos of Encore, City Center, Bellagio renovations, Aladdin/Planet Hollywood, The Mirage (Japonais and Revolution), The Palazzo, and the pit that will become the Cosmopolitan.

I got to meet with a few readers/listeners, fellow podcasters and friends. I had a short chat with Elaine Wynn who is a real class act.

The photos are posted at this link, plus they are also in their respective categories:
http://www.ratevegas.com/photo/most_recent

More after the jump...

Technorati Tags: bellagio, caesars, casino design, gaming industry, las vegas, lasvegas, mgm mirage, mirage, palazzo, palms, photography, planet hollywood, project citycenter, treasure island, trip report, vegas, vegas photos, venetian, wynn, wynnlasvegas

You guys have probably seen Mike's construction updates in the past. Well, we're turning them into a front page story as they are available... Thanks to Mike from all of us for providing this info and taking time out of his day to do this.

The body is after the jump but he's covering the following:

Wynn Las Vegas and Encore
Venetian
Bellagio
Excalibur

Photos are linked and are posted to the RateVegas.com galleries. The most recent RV photos can always be found here:

http://www.ratevegas.com/photo/most_recent

Technorati Tags: bellagio, caesars, casino design, gaming industry, las vegas, palazzo, venetian, wynnlasvegas

I got my review copy of Dave Schwartz's new book, "Roll The Bones" today and I've started to read it. Dave is a friend of mine and I feel lucky to call him that. He's the number one gambling historian and author of several books. He works at UNLV as the Director of the Center for Gaming Research. His Web site is located here, which we are now proudly hosting for him: http://www.dieiscast.com

A full review will follow when I'm done but so far, it's great. Anyone that's seriously interested in gambling should buy this book right now.

The link below is from Amazon.com and not only do you get the book for a great price, but we get a small cut of the proceeds, so you are supporting the site and getting what so far seems like a great book.

Ok, here goes: Roll the Bones: The History of Gambling

Enjoy.

Technorati Tags: atlantic city, aztar, bellagio, borgata, boyd, broadway, caesars, casino design, cirque du soleil, fremont, gaming industry, golden nugget, hard rock, harrahs, hilton, hooters, las vegas, luxor, macau, mandalay bay, mgm grand, mgm mirage, mirage, monorail, palazzo, palms, planet hollywood, playboy, project citycenter, red rock, riviera, sahara, southcoast, stardust, station, table games, treasure island, tropicana, vegas, venetian, wynn, wynn macau, wynnlasvegas

First up, I tracked down this image that is a rendering of CityCenter - looks more recent than most:

City Center Rendering - Oct. 2006

On an unrelated topic, the LA Times ran a story on Macau that is interesting, though not a lot of new ground:
http://www.latimes.com/travel/la-tr-macao8oct08,0,319698,full.story?coll=la-home-travel

Technorati Tags: casino design, gaming industry, las vegas, macau, mgm mirage, project citycenter, wynn macau

I attended a casino function at Bellagio last week. A few notes I made appear after the break.

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.

Technorati Tags: cirque du soleil, entertainment, gaming industry, las vegas, mgm mirage, project citycenter, elvis, vegas

VegasTodayandTomorrow.com has an update on the Jockey Club. It will be renovated at Cosmopolitan's expense as part of a deal reached when Jockey Club permitted Cosmopolitan to build on its parking lot. The report says Jockey Club has more than 14,000 owners. This sure is a Win for the tired, old Jockey Club.

Details can be found at:
Jockey Club Renovation Funded by Cosmopolitan

Two bits of MGM Mirage news this morning.

First off, MGM has created a realty company to sell condos in City Center. The unique move will enable buyers to purchase direct from the developer.

More in the LV Biz Press:
http://www.lvbusinesspress.com/articles/2006/08/08/breaking_news/02news.txt

And on David's Blog:
http://www.dieiscast.com/2006/08/08/city-center-realty/

Next up, a press release talking about upcoming evening pool parties at TI. Honestly, the pools at all these hotels seems like a very underutilized nighttime asset.

The TI event is called 'Whisper' and runs Thursdays in August and Labor Day Monday, 6pm-11pm.

Technorati Tags: condos, gaming industry, las vegas, mgm mirage, project citycenter, treasure island, vegas

Liz Benston, Las Vegas Sun, describes the dramatic towers which will serve as the gateway to MGM Mirage's CityCenter. I'm slowly becoming enthused with the project.

Read the article here:
Gateway to CityCenter

If you've been following the Vegas news over the past day or so, you will have noticed some new details on MGM MIRAGE's 'Project CityCenter' development, to be located between Monte Carlo and Bellagio.

We got the skinny from MGM MIRAGE and will summarize what we know after the jump.

Technorati Tags: casino design, condos, gaming industry, las vegas, mgm mirage, project citycenter, vegas

So, I'm in Vegas checking out what is new and different and instead of just writing a simple note I decided to record audio as I walked through the properties... So, I guess this is the first Two Way Hard Three 'podcast'. I don't plan on podcasting on any kind of regular basis, this is a convenience thing. It's not short at over 30 minutes.

Anyway, if you don't like to hear people complaining about stuff, this isn't the podcast for you. I listened back and a lot of it is negative - I like talking about how people are screwing up... You have been warned.

NOTE: I recorded this late, late Friday night. I just listened to it again (and edited a bit). It's a little crazy sounding at times, very stream of consciousness. I also sound a little tipsy (never!). Hopefully I won't scare anyone off... Enjoy. I am off to a top secret meeting. Will report back when I have something to report.

Our podcasts are available via the RateVegas.com podcast RSS feed: http://www.ratevegas.com/feed/podcast

Technorati Tags: aladdin, bellagio, broadway, caesars, casino design, cirque du soleil, entertainment, gaming industry, harrahs, las vegas, mgm mirage, mirage, podcast, project citycenter, trip report, vegas, web sites, wynn, wynnlasvegas

Liz Benston in the June 4th Las Vegas Sun has two bullish stories on future growth. The first is on increased investor interest in Las Vegas gaming and condos. The second report is on Cosmopolitan, going up between Bellagio and CityCenter.

Investment appetite for Las Vegas is hotter than ever.

Cosmopolitan

Advertising Age has just completed a five part series on Las Vegas. The link will take you to Part 1. Subsequent parts may be accessed by clicking near the bottom, right side of Part 1.

>>So where does Las Vegas go with it? When does this model stumble
under its own weight? Not any time soon, if the record-breaking crowds
are any indication. But there's another trend at work on the Strip
that will drive the next evolution of Las Vegas, and that is real
estate. Last week's sale of the Tropicana Hotel at the south end of
the Strip offered a new opportunity to peg a number to what an acre is
worth here on the city's beachfront: $30 million.<<

Advertising Age Series on Las Vegas

According to multiple sources, including the The Strip Podcast and the Las Vegas Review Journal, the next Cirque de Soleil show will be at Project CityCenter and be based on the music/imagery of Elvis.

Ok... Another CDS show on the Strip? So far we have Mystere, O, Zumanity, Ka and now Love, not to mention Cirque-esque shows such as Le Reve and even Celine Dion's show. How far will this go? Can they keep filling theaters with new shows? Personally I think that moving to shows that are more grounded in a central theme/identity such as Love and whatever this Elvis show will be is a smart(er) move. I'm not an Elvis fan (though I'm a big Beatles fan) so I'm not that excited for an Elvis based show.

What do you guys think? Are CDS impenetrable?

Technorati Tags: casino design, cirque du soleil, entertainment, gaming industry, las vegas, mgm mirage, project citycenter, vegas

The Las Vegas Review Journal reports on MGM Mirage's Annual Meeting. Terry Lanni made it sound almost certain that MGM will develop a CityCenter East in Atlantic City.

The most interesting comment was probably meant to be a joke, but if I were Steve Wynn, I'd be watching my back. Here is his quote:

"Lanni conceded Wynn has been ahead of MGM Mirage in Macau, but he said the time advantage will be short-lived.
"And who knows, next year we might even have the annual meeting at Wynn," he said."

To read the RJ's article:

MGM Annual Shareholders Meeting

The RJ also has photos of Boardwalk's implosion:

Boardwalk Razed

Today is a quarterly reporting day for MGM MIRAGE and report they did... Profits up 30%. They claim $135 million in savings from the combined MGM/Mandalay properties. I'll be listening to the conference call and updating this story as soon as I can - Windows Media Player is not cooperating at all.

Net revenues for the quarter were $1.9B and 'same-store' revenues were $1.2B, up 4% (they did 4% better even without the MBG acquisition). Occupancy stands at 97% (!) and the ADR (average daily rate, key indicator in hotel/leisure reporting) was $181 (up $5 from last year). REVPAR (revenue per available room - another key metric) was also up $5 to $175.

Quickly reading some of the detail, it looks like they wrote off about $24 million related to the Bellagio/Monte Carlo tram. This sounds like the tram is back out of service to accommodate CityCenter development. Eventually CityCenter will link the properties.

$380 million was spent on capital improvements, including CityCenter, The Mirage, Beau Rivage, and MGM Grand Detroit.

Update:

The Mirage will be the site of a new ultra lounge called 'Revolution', based on the Beatles and opening in the fourth quarter.

Supposedly the new Mirage restaurants are doing great and Japonais is scheduled to open in August.

CityCenter design for the main hotel is complete and excavation is underway. Foundations will be poured in about a month.

The Boardwalk demolition will take place on May 9th.

The new Bellagio parking garage (employees) is going to open in July.

CityCenter will have a sales center between Monte Carlo and NYNY and also 'discovery centers' in the lobbies of Bellagio and The Mirage.

Beau Rivage construction is progressing. Apparently the restaurants will be completely new, none of the old concepts are being rebuilt.

Technorati Tags: casino design, gaming industry, las vegas, macau, mandalay bay, mgm grand, mgm mirage, mirage, treasure island, vegas

For years and years, many travelers equated cheap rooms, shrimp cocktails and showgirls with Las Vegas. Hotel rooms under $100 per night were available all up and down the Strip - not just from the Northern cluster of older hotels. As recently as 1999 it wasn't uncommon to be able to book at room at Bellagio for $140/night on weekends.

No longer.

These days, rates for standard rooms have increased and former mid-level properties have been renovated and re-branded in an attempt to convert them to the higher end. Forget about Strip rates under $100 on weekends and don't be freaked out if your sub-par room at the Luxor costs $249.

What happened? Is this bad for the city? Is Las Vegas still a deal? More after the jump.

Technorati Tags: bellagio, casino design, gaming industry, las vegas, mgm mirage, treasure island, tropicana, vegas, wynn

This morning brings a press release from our friends at MGM MIRAGE discussing, among other things, progress on planning for Project City Center.

Some good info in there, give it a read:

http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=IROL-NewsText&t=Regular&id=814938&

Technorati Tags: casino design, gaming industry, las vegas, project citycenter, vegas

The Las Vegas Sun reports that MGM's CityCenter is adding more than 1,100 hotel rooms and condos to the CityCenter project on the Strip between Bellagio and Monte Carlo. The changes will add $1 Billion to the development. Estimated cost of CityCenter is now $6 Billion, up from the original estimate of $4 Biillion which was subsequently raised to $5 Billion.

The story may be read at:
CityCenter Already Expanding

A quick hit on a couple of stories from the past few days:

Castaways History

Boardwalk Closes

Cosmopolitan Gets Financing

The Boardwalk, located between Monte Carlo and Bellagio on the Las Vegas Strip, will close January 9th, 2006 to make way for MGM MIRAGE's upcoming Project CityCenter

LVRJ: Boardwalk to Close
LV Sun: Boardwalk to Close

Technorati Tags: casino design, gaming industry, las vegas, lasvegas, mgm mirage, project citycenter, vegas

Due to a request from MGM MIRAGE, we have removed the images. Sorry guys.

Technorati Tags: casino design, las vegas, lasvegas, macau, mgm grand, mgm mirage, project citycenter, vegas

MGM MIRAGE will release more details on their ambitious CityCenter project today.

UPDATE: Official Press Release: here.

Some information is offered up in the RJ:
Project CityCenter Details

More here:
CNN on CityCenter

And:
Marketwatch on CityCenter

Technorati Tags: casino design, /las vegas, /lasvegas, /mgm mirage, /vegas

According to the Las Vegas Sun, one of the operators of the three 'boutique' hotels included in MGM MIRAGE's 'Project CityCenter' will be the famed Mandarin Oriental Hotel Group.

Mandarin currently has no presence in Las Vegas but they are known for their high end accommodations around the World.

Project CityCenter will be built on land between Bellagio and Monte Carlo that is currently occupied by the Boardwalk Hotel. CityCenter is scheduled to open in 2009.

Las Vegas Sun

Technorati Tags: lasvegas, mgm mirage, mirage, vegas

I'm expecting a whole series of great new posts coming in the coming weeks and months, including:

• What's Wrong With Wynn Las Vegas - Our letter to Steve.
• MGM MIRAGE + Mandalay = What's next?
• An Introduction to Sports Betting - this is the first article by a guest author, soon to be named.
• Project CityCenter - Will it Really Change Las Vegas?
• High Rise Condo Buying Guide
• Stripping: Caesars Palace, The Flamingo, O'Shea's, Imperial Palace and Harrah's
• The Best Las Vegas Hotel Web Sites
• What Casino Offers The Highest Return on Investment in Las Vegas?

Plus a lot more. I'm having a great time writing this stuff and this is just the beginning.

Love writing? Love Las Vegas? We're looking for contributors. Feel free to contact us at: editor@ratevegas.com

Thanks to the 2004 MGM MIRAGE annual report, we have a new rendering of their CityCenter project, going up between Bellagio and Monte Carlo.

Project CityCenter (large)