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Posted At : July 2, 2008 10:28 AM | Posted By : D McKee
Related Categories:
Wall Street,Harrah's,Macau,LVCVA,Sheldon Adelson,The Strip,Boulder Strip,Riviera,MGM Mirage,Station Casinos
While the Las Vegas Convention & Visitors Authority may blanch from peddling bargain-oriented messages, we don't. While it wasn't that long ago that some of us were mourning the apparent demise of on-Strip bargains -- or redefining said bargains as $100/night -- the downward economic spiral of the U.S. has dramatically reconfigured the equation. And a 39% drop in MGM Grand room prices or a 45% plunge at Green Valley Ranch definitely qualifies as "dramatic."
Boulder Strip quality at Las Vegas Strip prices
On the lighter side, you've got wonder what they're smoking at the Longhorn or Speedway that leads them to believe they can justify price points equivalent to Sunset Station, Excalibur or Harrah's Las Vegas -- and 2.5X those at Palace Station. Oh well, optimism is an admirable quality.
Speaking of bargains, Wall Street is punishing Las Vegas Sands for its room discounting, not to mention predictions of a delayed opening (as in months later than planned) for Four Seasons Cotai. At $43.09 and falling, LVS is definitely a "bargain play," off $105.67/share from its 52-week high.
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