 | Bovada is the only Internet casino endorsed by the Wizard. Here are my reasons why and my promise of support. |
The Evil Empire: Harrah's Corporation's values
| April 21st, 2011 at 11:03:51 AM permalink | |
| pacomartin Member since: Jan 14, 2010 Threads: 545 Posts: 6200 |
Ceasars Corporation is pretty big, but only about 21% of it's revenue comes from Vegas. In Vegas both their gaming and their non-gaming revenue is dropping at the same rate. They want more non-gaming revenue, hence the desire to put in a park behind Imperial Palace to include the giant ferris wheel. The Cosmopolitan, is being touted as a success, but I think it is a being sold. While food, beverage is fairly high, it is not overwhelming amount of money considering the huge cost of building the resort. The gaming revenue at $250K per day is below what Alliante Station made it's first few weeks. Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear |
| April 21st, 2011 at 12:21:53 PM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4820 | People in Vegas been hearing about a ferris wheel for a decade. Maybe it will finally materialize. It will be a crowd magnet and might improve revenue in the casino a bit as well but probably not by much. Cosmopolitan aimed at the Yuppie Market and got it. It didn't get much in gambling. I don't know if it wanted it or not. Heck of alot of marketing effort went into everything but the casino. Gotta be a reason for that. I just wonder with all this Non-Gaming revenue emphasis Harrahs is skimming far more than just the cream. |
| April 21st, 2011 at 12:48:44 PM permalink | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| pacomartin Member since: Jan 14, 2010 Threads: 545 Posts: 6200 |
When it was being conceptualized they thought that there would be a huge market for wealthy people who wanted a second home in Las Vegas. The thought was they were going to sell those condominiums in Cosmopolitan and City Center for a lot of money. That would justify the construction cost. But both City Center and Cosmopolitan went wildly over budget. Hotel revenue can never make up for the huge loss in expected revenue from condo sales. The press release in April 2005 which was the month the Wynn opened, said the resort was going to cost $1.5 billion and have 1700 condominiums. When the company (3700 Associates, LLC) was formed April 2004, I am willing to bet they were projecting at least $2 billion in condo sales. They expected to be open in early 2008 (when the Palazzo opened). So it is difficult to say what their expectations were as far as gaming. To me that gaming revenue is shockingly low. Total revenue is below the median of the 23 major casino/resorts on the strip. The gaming commission doesn't tell you which casino is the median (11th ranked) of the 23 casinos. My best guess at the median is either the 11 year old Palms or the 18 year old Treasure Island. Remember that Phill Ruffin only paid $775 million for TI.
Wine loved I deeply, dice dearly -Edgar, betrayed son of Gloucester in King Lear | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| April 21st, 2011 at 1:46:08 PM permalink | |
| kp Member since: Feb 28, 2011 Threads: 7 Posts: 422 |
Take a look at MSS for the VP as well. |
| April 21st, 2011 at 1:50:08 PM permalink | |
| JimMorrison Member since: Oct 19, 2009 Threads: 21 Posts: 593 |
Yeah MSS is a good place to send your VP allotment. EvenBob: "Look America, I have a tiny wee-wee, can anybody
help me?" |
| April 21st, 2011 at 2:00:39 PM permalink | |
| Nareed Member since: Nov 11, 2009 Threads: 218 Posts: 7275 |
Really old thread :) For my now dead trip <sniff> I'd decided to stay at MSS and play the hell out of their VP and craps. With a possible side trip to Palms. Maybe next year <sigh> This space is closed for remodeling |
| April 21st, 2011 at 4:10:26 PM permalink | |
| SOOPOO Member since: Aug 8, 2010 Threads: 49 Posts: 1322 | I love Harrah's. They let me stay at the Rio for free. I play $25 pai gow mostly, which is kind of like loitering. I may only get $10 - $20 a day in comps, but that is after the free room. The pool is great, the 'bevertainers' are a joy to order from, and the dealers have always been friendly. My last time there the Asia Poker game was a giant AP opportunity which I thoroughly enjoyed taking advantage of. I played at my usual low level in New Orleans and now am on that mailing list for great offers, too. |
| April 21st, 2011 at 4:59:58 PM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4820 | I guess you are referring to the fact that so many Pai Gow Tiles hands are Pushes. > I may only get $10 - $20 a day in comps, but that is after the free room. How many hours and how many dollars at risk does that take though? |
| April 21st, 2011 at 5:05:42 PM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4820 | Yes. And the most shocking thing seems to be that its low because the owners decided to run a hotel, nightclub and restaurant place rather than a casino. The clear emphasis is that they've given up on the gambling market. I think they have chosen to accept that Yuppies come to Vegas to party now, not to gamble. |
| April 22nd, 2011 at 5:37:17 PM permalink | |
| FleaStiff Member since: Oct 19, 2009 Threads: 75 Posts: 4820 |
This is an excerpt from a sailing magazine, but I was struck by how it made me think of Las Vegas. What are we doing wrong in this country? Even before the recession, much of our recreational boating industry was experiencing tough times. ... the boatbuilding industry has been chasing baby boomers into ever larger and more expensive boats with seemingly no strategy for what to do when these people are finally too old to sail. We have people who are firing up the sailors of the future and renewing the lifeblood of our sport, yet they are rigging leaking 30-year-old dinghies with clothesline. Okay. The excerpt related to sailboats but I kept thinking of gambling. The same thing is happening. The casinos are increasingly geriatric casinos and all the yuppies are at the topless pools and the various nightclubs. And the casinos seem to want it that way. |
| Bovada is the only Internet casino endorsed by the Wizard. Here are my reasons why and my promise of support. |