But in a good way. Despite having one less weekend in which to gamble than in 2019, gaming revenues were off the charts last November. The Las Vegas Strip vaulted 46% to $755 million and locals revenues, expected to level off, instead catapulted 45% to $263.5 million. Some of the latter was fattened by end-of-October slot win, not tallied until the following Monday. Statewide, the leap was 41% to $1.3 billion. The magic number for the Strip was a 45% increase in baccarat win (remember, more international players were allowed into town) on 35% more wagering plus tighter hold. Strip slot win—$408 million—was a 47% jump on 31% more coin-in (and 9% hold), while non-baccarat table games rallied 45% on 35% larger betting and tight hold.
Downtown revenues rocketed 59% to $83 million ($30 million better than Circa‘s first month, a year earlier) while the Boulder Strip enjoyed a 61% moonshot to $93.5 million. North Las Vegas climbed 21% to $23.5 million, Laughlin eked out an extra 5% to reach $43 million and miscellaneous Clark County climbed 40% to $146.5 million. South Lake Tahoe recovered well from the Caldor wildfire, up 31% to $18 million and Reno hopped 19% to $60 million. As for the Vegas area, its recovery was accomplished in spite of a 4.5% declivity in passengers passing through what was still McCarran International Airport. 119,000 of them were aboard international flights, down 61% from 2019 but a comeback has to begin somewhere. As for domestic carriers, Southwest Airlines‘ 1.3 million passengers crushed all competitors. Now back to our doctor-mandated bedtime.
Get well David, we rely on you… But I have to differ with you on the “good” description of the obscene cash haul these casino/resorts are swimming in, this sucks on multiple levels… They are winning large while they cut service, cut workers, and only offer usurious and ridiculously high table minimums. If this is “good”, I want “bad”. My wife won’t come with me to Las Vegas if we have to beg and do gyrations for basic room housekeeping, and I won’t come by myself. And if I have to drive 25 miles to find a decent craps table minimum in a sketchy neighborhood I’m out. Normally when I have not been to Vegas in 3 years I am amped and hyped to go, that was then and this is now…
I think in 2022 The Walt Disney Company will build a new amusement park/water park which will also include a hotel-casino somewhere in Vegas. There are 3 locations (and more) where it could go:
1. A real estate company called 3D Investments LLC bought 60 acres of land for $130 million dollars back in February of 2019. The location is at the corner of Harmon Avenue and Koval Lane which is next to Ellis Island Hotel and Casino. Disney would probably have to pay between $160 to $180 million dollars for the land (Land near Las Vegas Strip once planned for casino has new owners, Eli Segall, 2/19/2019).
2. Station Casinos owns around 100 acres of land at the corner of Tropicana Avenue and Dean Martin Drive. The Wild Wild West Hotel and casino is currently located here and is small, old and run down. I would assume Station Casinos would want at least $400 million dollars for the land.
3. This is a real long shot but according to Vital Vegas (Podcast Episode 137) MGM Resorts have bids out for both Excalibur and Luxor for demolishing both casinos. Mr. Roeben says pre-sale contracts have been signed. I would think there is at least 120 acres of land there so Disney would have plenty of room to build a massive project here. I would assume MGM Resorts would want at least $800 million dollars for the land.
MGM Resorts could also build a brand new hotel-casino replacing both Excalibur and Luxor. I think MGM Resorts is more interested in building a new hotel-casino in Japan in which this blog recently had a picture.
Lastly the Oakland A’s might move to Vegas so its possible they have talked to both 3D Investments LLC and Station Casinos about buying the land and building a new baseball stadium at either location. I also read on this blog that the Tropicana Hotel and Casino could be demolished and then the Oakland A’s could build a new baseball stadium there. Good luck to the A’s wherever they wind up playing baseball.
Its Vegas so anything is possible. Happy New Year.
Excellent analysis! Wish I’d thought of it.