[clutchcargo777]

Originally Posted by BBMW

For mall parking, I wasn't necessarily talking about Vegas.

What happened to the casinos EBITDA after they implemented both policies?

We, of course, are.


I don't like when people take the cop out that "it's like that in other cities". if you want to live where they charge to park everywhere, move there. Vegas is not like that and we want to keep it that way.

[CD2017]

For all the locals that complain about the nickel and diming (I personally hate fees for anything, just tell me the cost without the smoke and mirrors) saying that it's killing the casinos- it's not.

They have done the math, run the numbers, and have figured out they make more this way. Time will tell if it can continue with the world today or future generations, but they will pivot and reinvent.

[BBMW]

No, but the business owners see what similar businesses do in other cities.

Hotels all over the country were charging for parking LONG before Vegas did. The Vegas operators saw that, and figured the people in other cities were paying for parking, why shouldn't they charge for it. Atlantic City charged for parking day 1 (and I think it was going to the city, not the hotels.)

And, again, I thought it was going to cost the Vegas companies business. It didn't.

Originally Posted by clutchcargo777

We, of course, are.


I don't like when people take the cop out that "it's like that in other cities". if you want to live where they charge to park everywhere, move there. Vegas is not like that and we want to keep it that way.

[cowherjaw]

You'll likely see a temporary hiatus for parking fees as they'll be much more dependent on the drive traffic for the near term and it will be needed to compete. That's my prediction anyway.

[Willy702]

Originally Posted by equid0x

I used to go down to the strip to gamble every weekend. Since the parking fees went in, I've only gambled on the strip a few times a year. Its the principle of it. Its pretty outrageous to charge people to park to go into your establishment to spend and lose tons of money.

Imagine if shopping malls had taken this approach back in the 90s when they were still popular?

That's the whole point of a new tier for parking only. If you truly gambled "tons" of money you should get rewarded with free parking. They haven't advertised this because they love to get the fees, but hosts are capable of giving you free parking for the day on almost any amount of action if they choose to do so. But very few ever stop to call a host or ask for one when leaving, even those who stay in the hotel and gamble for days during their stay and could often get some charges taken off their account including parking.

[Willy702]

Originally Posted by BBMW

No, but the business owners see what similar businesses do in other cities.

Hotels all over the country were charging for parking LONG before Vegas did. The Vegas operators saw that, and figured the people in other cities were paying for parking, why shouldn't they charge for it. Atlantic City charged for parking day 1 (and I think it was going to the city, not the hotels.)

And, again, I thought it was going to cost the Vegas companies business. It didn't.

Atlantic City casinos STILL charge for parking even when its virtually deserted.

[Willy702]

Originally Posted by equid0x

They are getting nickel and dimed. Paid parking is bs, resort fees are bs, beverage service in most places is a joke now - never had weaker drinks in my life, comps? what are those?

Just 4 reasons Millennials don't visit the casinos as much as prior generations. If you want people to come back, you have to have them leaving feeling like a winner, even if they actually lost money. This means they need to get something for their money.

The corporate greed of these hotel chains is astounding. Companies should not be run by accountants. There is more to life than money.

You act like the people running the casinos own them. They don't. They are employees who report to someone and if they did things that didn't maximize the company's revenues or profits they'd be fired or put on notice. So many wanted Murren fired for changing the financial nature of Strip casinos, telling nonsense stories about if only he was gone Vegas would go back to how it was "before". Well guess what, he got fired for not making enough EBITDA to drive up the stock price. What do you think his successor and anyone else who goes in after him are going to do? What about all the people that report up the chain?

[UntilTheNDofTimE]

Originally Posted by lvmensch

The Strip is no longer a primarily gaming operation. Gaming is important but only one of the 3 revenue streams.

Resort fees are used by the casinos to avoid taxes. They will be the last thing to go away.

The physical plants are mostly not suited for low end clientele. And the plants are not going away any time soon.

So we may see some more and even less expensive Casinos. But the Wynn and Bellagio will stay as they are.

Just wait and watch. The fundamental economics of the Strip have not changed.

I agree. I'm not a local but a frequent visitor from CA who has been to vegas 20 times in 8 years. Everytime I go, there's no shortage of people. All you hear is locals and some tourists complain about how expensive rooms, resort fees, drinks, etc have gotten. Yet I've seen no drop off whatsoever in foot traffic in the last 10 years.

As you say, casinos no longer care about keeping food and lodging expenses low enough to encourage gambling. Now, margins on food, entertainment, and lodging is much higher than gambling. If they had a choice theyd probably encourage everyone to not gamble as long as they spent all that money in their resort. It guarantees they take all your money.

Foot traffic will go down post covid but I see them keeping some properties temporary closed to keep occupancy rates high and expenses minimized.

I see the status quo with a slight increase in room offers to valued customers.

[BBMW]

In point of fact, I think the parking fees there are mandated by the gaming commission, and go to the city or state for local development (or some such.) I know one casino there that doesn't charge for parking, but I figure they're eating the state fee.

Originally Posted by Willy702

Atlantic City casinos STILL charge for parking even when its virtually deserted.

[TheOldPuss]

I did a cursory search for a future vacay in Vegas in 2021. Hotel/Air prices are similar to those in the early 2000's - but the resort fees are still tacked on. Hmmm. Still, I'd love to return soon. Love the sun, shows, restaurants, Red Rock Canyon, etc.