Nevada Reports Fifth Straight Year of "Losses" for Casinos
January 11th, 2014 at 7:23:49 AM
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CARSON CITY, Nev. (AP) - Nevada's largest casinos, still climbing out of the recession, suffered a combined net loss of $1.35 billion in 2013, marking the fifth straight year without an overall profit, state regulators reported Friday.
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Read more: http://www.myfoxdc.com/story/24418581/nevadas-biggest-casinos-lose-135b-in-2013#ixzz2q6UpCrIa
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January 11th, 2014 at 7:27:41 AM
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"The Strip's gambling revenue of $5.7 billion was up 3.5 percent from 2012, while the Strip's total revenue of $15.5 billion rose 1.7 percent. It's the 15th straight year in which Strip gambling revenue made up less than half of all revenue, a trend indicative of a tourism market where visitors come for other recreational activities besides gambling."
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Gambling revenue was up at a higher percentage (double) than the total revenue increased. Maybe figuring out how to get more gambling action would help fix things????
Bean counters focus on beans. Casinos need to focus on gambling. Las Vegas has a lot of things that take some time away from gambling, but I am there mainly to...gamble.... I can see shows, look at the pretty colors, etc. elsewhere. There is nowhere else that I can get the variety of places to gamble that I can in Las Vegas.
...that is just me, though...
Read more: http://www.myfoxdc.com/story/24418581/nevadas-biggest-casinos-lose-135b-in-2013#ixzz2q6V9dt9C
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Gambling revenue was up at a higher percentage (double) than the total revenue increased. Maybe figuring out how to get more gambling action would help fix things????
Bean counters focus on beans. Casinos need to focus on gambling. Las Vegas has a lot of things that take some time away from gambling, but I am there mainly to...gamble.... I can see shows, look at the pretty colors, etc. elsewhere. There is nowhere else that I can get the variety of places to gamble that I can in Las Vegas.
...that is just me, though...
January 11th, 2014 at 7:29:12 AM
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Saw this, makes me wonder what NV will have to do to reinvent itself as at some point they will have to admit the Wynn-supercasino-boom of 1989-2005 is no more.
All animals are equal, but some are more equal than others
January 11th, 2014 at 8:17:48 AM
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Quote: AZDuffmanat some point they will have to admit the Wynn-supercasino-boom of 1989-2005 is no more.
Seems to me we realize that already. When was the last time anyone started a new casino from scratch?
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
January 11th, 2014 at 8:22:40 AM
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Quote: WizardSeems to me we realize that already. When was the last time anyone started a new casino from scratch?
speaking of which, anyone know of updates to the Echelon super casino that used to be the Sarhara?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
January 11th, 2014 at 8:30:39 AM
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Quote: 100xOddsspeaking of which, anyone know of updates to the Echelon super casino that used to be the Sarhara?
That doesn't count as "from scratch" in my opinion, but just driving past there I see construction going on.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
January 11th, 2014 at 8:34:52 AM
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Quote: 100xOddsspeaking of which, anyone know of updates to the Echelon super casino that used to be the Sarhara?
Here's a recent news article:
http://www.reviewjournal.com/business/business-press/remakes-properties-work-resorts-world-expected-enliven-las-vegas-strip-14
The new project on the Echelon site (which replaced the Stardust) is Resorts World. Construction is planned to begin this year.
The Sahara is projected to reopen this year as SLS Las Vegas.
"Scientists tell us that the fastest animal on earth, with a top speed of 120 feet per second, is a cow that has been dropped out of a helicopter."
January 11th, 2014 at 11:56:10 AM
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Quote: WizardSeems to me we realize that already. When was the last time anyone started a new casino from scratch?
I was thinking more broadly than that. Not just the casino owners but townspeople in general.
Like in Rochester, NY where Kodak and Xerox once were the lifeblood but after the early 1980s they were in a permanent decline. It took until digital cameras were everywhere for the locals to accept fully that life would be changed forever. Sooner or later Vegas locals will have to start and get new business lines to start up.
Question is, did the metro area grow beyond what it should have and will it ever support such a large population absent the tourist economy?
All animals are equal, but some are more equal than others
January 11th, 2014 at 12:31:08 PM
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The truth is that people can gamble pretty much anywhere now. Casinos have been built all across the country and it's easier to go to a casino in your own town than go to Las Vegas to do the same thing. Las Vegas' edge is that they offer so much more from their casinos: shows, rides, public drinking, nightlife, sightseeing, etc. I live less than two hours drive from Atlantic City, but I prefer to go to Vegas on vacation because Vegas offers so much more in the way of entertainment.
By the way, Atlantic City is also in serious decline right now because they focused entirely on gambling and now Pennsylvania has their own casinos so tourists don't visit as much. AC never built up other entertainment options as part of their resorts and now they are paying the price.
By the way, Atlantic City is also in serious decline right now because they focused entirely on gambling and now Pennsylvania has their own casinos so tourists don't visit as much. AC never built up other entertainment options as part of their resorts and now they are paying the price.
January 11th, 2014 at 7:05:32 PM
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Quote: gpac1377Here's a recent news article:
http://www.reviewjournal.com/business/business-press/remakes-properties-work-resorts-world-expected-enliven-las-vegas-strip-14
The new project on the Echelon site (which replaced the Stardust) is Resorts World. Construction is planned to begin this year.
The Sahara is projected to reopen this year as SLS Las Vegas.
oh wow.. so the echelon mega casino is the stardust/Frontier site.
and the Saraha is being converted into a mega casino by a different coglamerate.
so 2 new mega casinos opening in vegas soon.
hopefully they don't turn out to be a Revel.
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
January 11th, 2014 at 10:06:23 PM
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Quote: 100xOddsoh wow.. so the echelon mega casino is the stardust/Frontier site.
and the Saraha is being converted into a mega casino by a different coglamerate.
so 2 new mega casinos opening in vegas soon.
hopefully they don't turn out to be a Revel.
It still doesn't seem like to me, there is the business there to support 2 new big mega casinos. Either wishful thinking and their throwing money away, or I don't know what I'm talking about.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
January 11th, 2014 at 11:14:45 PM
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I don't exactly get this. My take as I understand it is they're bringing in less than before, but still at profits. They could spend to raise revenue, but it's not worth the volume. $20 Which could have been spent on the floor, they would rather just grab it first with resort fees, probably at lower taxes. Although their motivations might be similar to gaming, they are not the same.
I am a robot.
January 11th, 2014 at 11:41:11 PM
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Quote: AZDuffman
Question is, did the metro area grow beyond what it should have and will it ever support such a large population absent the tourist economy?
That question can be asked about almost any city. St Louis was smaller than only NYC, Philadelphia, and Brooklyn in 1870.
Buffalo was once a top 10 city.
For the most part people largely forsook the deserts of the world prior to the 20th century. Now they flock to them.
It's a shame they didn't move harder on Space Tourism. Vegas is a much more logical place than Truth or Consequences, New Mexico.
January 12th, 2014 at 5:40:05 AM
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Quote: pacomartin
For the most part people largely forsook the deserts of the world prior to the 20th century. Now they flock to them.
Because if you have all the water and A/C you want the desert becomes a mostly nice place to live. I have a buddy in Buffalo who insists it will rise again because of its access to plenty of water. By now it and Rochester were supposed to be the metroplex DFW became. Its not even close.
Which brings me back to Vegas. If you think about it, there is little reason to have a big metro area there. St Louis was and is huge because it sits on both land and water that are natural interchanges. New York is a natural and still hue port--if you eat a chocolate bar made in NY the beans came through it.
Vegas should probably be most closely associated with Phoenix in some ways. Killer heat in the desert, cropped up because there is enough water nearby to sustain people but not great for commercial navigation. But Phoenix became a more diverse economy while Vegas did not. Will "another Phoenix" be supported?
My take is if the USA did not have Vegas we would need to invent it. DiNero's voice over in the beginning of "Casino" is correct about it being a morality car wash second chance place. Most places do not want all the wild behavior that can happen in Vegas. Nations need an "anything (almost) goes imperial morality-free city" in some ways, even if reality is not quite that. Vegas is a sort of pressure relief valve, go blow off steam then come back to life.
But such a place may only need half or less the population they have now.
All animals are equal, but some are more equal than others
January 12th, 2014 at 5:59:40 AM
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When was the last time they had to?Quote: WizardSeems to me we realize that already. When was the last time anyone started a new casino from scratch?
Now if they want a big new super casino its got to be WAY out in the desert with all the support services and employees commuting.
Cheaper to reshuffle.
Besides.... what new "theme" would you like to start with? City Center did the "No Theme Mega Box" ... it didn't work.
Whats the theme: See Arab dollars swallow Vegas?
January 12th, 2014 at 8:35:29 AM
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Carson City: Anyone read that end part about profitability of casinos in Carson City and Douglas County as sort of more properly being translated to "If the casino is so remote that there ain't no use in running specials, it will make money anyway".
Lake Tahoe ... I know that the lake is suffering, that all the rich nudists live in Incline Village and that the poorer nudists share about eleven different areas there.... but why do the casinos suffer. Sure they won't allow nudity but aren't nudists the highest spending demographic there is in the USA? (No, Paco... I can't find a source for it, but I will try to). Nudists were number one and professional artists were the second ... this is from a survey I read eons ago and wish I could find again. It tracked long term real estate growth with dominant demographic data.
Lake Tahoe ... I know that the lake is suffering, that all the rich nudists live in Incline Village and that the poorer nudists share about eleven different areas there.... but why do the casinos suffer. Sure they won't allow nudity but aren't nudists the highest spending demographic there is in the USA? (No, Paco... I can't find a source for it, but I will try to). Nudists were number one and professional artists were the second ... this is from a survey I read eons ago and wish I could find again. It tracked long term real estate growth with dominant demographic data.
