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Old 07-30-2015, 02:09 PM
 
Location: Under a bridge
2,420 posts, read 3,849,616 times
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Quote:
Originally Posted by LV10101 View Post
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.
Hopefully the INDEPENDENTS buy the properties. The corporations built behemoths and many are no longer sustainable.
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Old 07-30-2015, 02:42 PM
 
Location: Portland, OR
635 posts, read 746,230 times
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Quote:
Originally Posted by MountainBiking View Post
Hopefully the INDEPENDENTS buy the properties. The corporations built behemoths and many are no longer sustainable.
Agreed.
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Old 07-30-2015, 02:46 PM
 
15,849 posts, read 14,479,382 times
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Both MGM and Harrah's (now Caesars) crippled themselves during the boom by taking on far to much debt. Wynn and Sands, which didn't, are doing much better. This is really the crux of the problem. If they have a short term gaming revenue problem its from the Chinese crackdown, which is very likely a temporary situation.

While the Caesars bankruptcy may turn out to be a drawn out affair, based on the creditor challenges, once they get through it, and shed a large portion of the debt, it will be a much healthier operating company. A lot of the service cutbacks are driven by the need to, well, service their debt.

MGM is marginally profitable, even with the debt. So they may have problems BKing. This could be a drag on them long term.

Quote:
Originally Posted by LV10101 View Post
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.
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Old 07-30-2015, 03:06 PM
 
Location: Portland, OR
635 posts, read 746,230 times
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BBMW...again all that is speculation. Let me speculate; Las Vegas will continue to lose gaming revenue due to competition from other states. Things (comps, employees, etc) will continue to be cut back. MGM is playing it smarter than Caesars with cutting things back now and selling some of their properties...but things will continue to decrease in Las Vegas over the long term.
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Old 07-30-2015, 07:30 PM
 
15,849 posts, read 14,479,382 times
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Gaming grew in Vegas for decades as it was expanded around the country. So that's not a problem. The 2008 crash hit Vegas hard, but the operating dude came back pretty well. If there's a problem right now, it's the Chinese issue .

Look at the stock charts of the gaming companies. They were all coming back until Bejing dropped the hammer.
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Old 07-30-2015, 07:31 PM
 
109 posts, read 162,668 times
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Quote:
Originally Posted by LV10101 View Post
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
This is true, just came for my 4th year in a row and not nearly as many Chinese folks as I have seen in the past. Played some Mini-Baccarat and table was practically dead. The Baccarat room at the Aria was dead when I peeked in. Surprisingly, I met many more Mexican people then I ever had in vegas (actual people on vacation from Mexico).
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Old 07-30-2015, 07:39 PM
 
Location: Portland, OR
635 posts, read 746,230 times
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Quote:
Originally Posted by sanchez8 View Post
This is true, just came for my 4th year in a row and not nearly as many Chinese folks as I have seen in the past. Played some Mini-Baccarat and table was practically dead. The Baccarat room at the Aria was dead when I peeked in. Surprisingly, I met many more Mexican people then I ever had in vegas (actual people on vacation from Mexico).
I work in a major casino on the Strip...I don't think people realize how bad it is right now. The lack of Asian gamblers has a huge effect on Las Vegas, Macau has a huge effect on Las Vegas and it is hitting Las Vegas hard right now.
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Old 07-30-2015, 07:42 PM
 
109 posts, read 162,668 times
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Quote:
Originally Posted by LV10101 View Post
I work in a major casino on the Strip...I don't think people realize how bad it is right now. The lack of Asian gamblers has a huge effect on Las Vegas, Macau has a huge effect on Las Vegas and it is hitting Las Vegas hard right now.
Funny because you would think a crackdown in gaming in Macau would send them over to LV, but a few weeks prior the market [in China] was crashing. I dont think the money is there in China like it has been the past few years.
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Old 07-30-2015, 08:31 PM
 
15,849 posts, read 14,479,382 times
Reputation: 11948
Fine. I think we're saying the same thing. It's the Chinese issue.

Given the Chinese penchant for gambling, eventually they'll be back. Note that there are two casinos going up right now in Vegas that are aimed at the Chinese market.

Quote:
Originally Posted by LV10101 View Post
I work in a major casino on the Strip...I don't think people realize how bad it is right now. The lack of Asian gamblers has a huge effect on Las Vegas, Macau has a huge effect on Las Vegas and it is hitting Las Vegas hard right now.
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Old 07-30-2015, 09:35 PM
 
6,385 posts, read 11,886,305 times
Reputation: 6874
Quote:
Originally Posted by LV10101 View Post
I work in a major casino on the Strip...I don't think people realize how bad it is right now. The lack of Asian gamblers has a huge effect on Las Vegas, Macau has a huge effect on Las Vegas and it is hitting Las Vegas hard right now.
Yeah so painful. Record visitation, will be record occupancy and room rates in the fall and winter. So much pain.
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