[LV10101]

I think many people are not seeing the whole picture...gambling revenue in Las Vegas is down; Baccarat is down 53.7%, that is huge it means a lot of Asian gamblers, the ones who spend a lot of money, are not coming to Las Vegas. You add in Caesars bankruptcy problems that not only cause issues for Caesars but for Las Vegas as a whole. You then add in Macau which is a disaster. You then add in new competition from other states. Las Vegas has huge issues, huge. Caesars and MGM are making huge cuts with expenses and are cutting staff. It's not good right now when you look at the whole picture.

[Willy702]

Originally Posted by LV10101

I think many people are not seeing the whole picture...gambling revenue in Las Vegas is down; Baccarat is down 53.7%, that is huge it means a lot of Asian gamblers, the ones who spend a lot of money, are not coming to Las Vegas. You add in Caesars bankruptcy problems that not only cause issues for Caesars but for Las Vegas as a whole. You then add in Macau which is a disaster. You then add in new competition from other states. Las Vegas has huge issues, huge. Caesars and MGM are making huge cuts with expenses and are cutting staff. It's not good right now when you look at the whole picture.

Must bother you to have to tell the worldVegas is doomed every year only to see once again the city has grown and casino managers have figured out how to move onto the next group of visitors willing to spend money.

[LV10101]

Willy702...do you really think Vegas is better than it was in the past? Really having two companies control the majority of casinos on the Strip is better? Do you think the bankruptcy of Caesars is a good thing? How about those "casino managers" who got Caesars in that mess?

Also this is the first "year" I have said Las Vegas is not doing well, you don't have to believe me take a look at what the experts are saying. I do remember when people were saying Atlantic City would never fail or Pennsylvania would never take the number two gaming revenue spot from Atlantic City...oh how things change.

At least MGM is expanding outside of Las Vegas they realize the competition is getting stronger and more people want to gamble closer to home. Things are changing in Las Vegas. Now the good, unlike Atlantic City, Las Vegas is trying to adapt with some of these changes. The convention market is hot and Mandalay Bay and the Las Vegas Convention Center are adding on to their convention spaces. The nightclub and restaurant markets are hot as well Las Vegas is doing a good job on that front as well. But all of that still lacks when it comes to gaming revenue. You will see changes in Las Vegas over the next several years.

[BBMW]

The Caesars bankruptcy is a necessary event. The precrash LBO left it with an unsustainable level of debt. The BK should relieve the that pressure and allow the properties to operate more normally. So on that basis, it is a good thing. Basically, it's undoing the mistake that was the LBO.

[Willy702]

Originally Posted by LV10101

Willy702...do you really think Vegas is better than it was in the past? Really having two companies control the majority of casinos on the Strip is better? Do you think the bankruptcy of Caesars is a good thing? How about those "casino managers" who got Caesars in that mess?

Also this is the first "year" I have said Las Vegas is not doing well, you don't have to believe me take a look at what the experts are saying. I do remember when people were saying Atlantic City would never fail or Pennsylvania would never take the number two gaming revenue spot from Atlantic City...oh how things change.

At least MGM is expanding outside of Las Vegas they realize the competition is getting stronger and more people want to gamble closer to home. Things are changing in Las Vegas. Now the good, unlike Atlantic City, Las Vegas is trying to adapt with some of these changes. The convention market is hot and Mandalay Bay and the Las Vegas Convention Center are adding on to their convention spaces. The nightclub and restaurant markets are hot as well Las Vegas is doing a good job on that front as well. But all of that still lacks when it comes to gaming revenue. You will see changes in Las Vegas over the next several years.

Vegas will always change. Yes gaming revenue is under pressure and that wont change. But in the closest thing to economic diversification the city will see the revenue shifts to non gaming are quite healthy. That development makes me say Vegas is far better off now than in the past. Gaming will evolve out of what it is today and if you think relying on the current business model ever makes sense for long thats where you find trouble. That was what buried Caesars, but recognizing the shifts is what has saved MGM.

And this two companies controls the Strip talk isnt true. Four big companies now, couple other big companies with resources coming on. Penn is a great company, they will make progress too. Maybe two companies have the most real estate but they are far from control over it.

[LV10101]

Willy702...my comment was there are "two companies control the majority of casinos on the Strip". Yes my statement was correct the majority of Casinos on the Las Vegas Strip are currently owned by Caesars or MGM.

If you think Las Vegas can survive under the pressure for decreasing gaming revenue and stay the same I will gladly disagree with you. We have been seeing the changes for years now as gaming revenue has decreased. Non-gaming revenue will not make up for the loss of gaming revenue. It will get worse. Las Vegas is not better off today than it was years ago...there are many more states with full Las Vegas style casinos, Macau has been a burden on Las Vegas and having only two companies control the majority of Strip casinos is not a good thing.

[BBMW]

Some of the drop in gaming revenue is temporary. The Chinese government is cracking down on gambling trips by it's citizens for PR reasons. This can only last for so long. Do you think anything the Chinese government does is going to stop the Chinese penchant for gambling. At some point the government will lose interest, and the pods Chinese whales will swim back.

[LV10101]

BBMW....your thought on this situation is just that, you have no evidence or past experience to believe what you are saying will come true. Gaming revenue has been dropping since the crash, yes it went up but it continues a downward trend. As you can see from Caesars things are not good. Also MGM is doing significant cutbacks to staff and services at many of their resorts in Las Vegas. Due to competition from other states the Las Vegas of old will never be back.

[MSchu]

there is nothing in the news about the mirage being sold off... hearsay.

[LV10101]

Originally Posted by MSchu

there is nothing in the news about the mirage being sold off... hearsay.

Give it time the selling process is in the beginning stages. MGM wont make it public until they are ready to make it public.