Encore to reduce hours of operation

From Fox5

https://www.fox5vegas.com/coronavirus/encore-at-wynn-las-vegas-changes-hours-of-operation-due-to-low-visitation/article_5603c448-0d77-11eb-8ea3-f7073e62088a.html?utm_medium=social&utm_source=facebook&utm_campaign=user-share&fbclid=IwAR3-qO_1Gz7Knk_bxempDPNLsZBZAJ48GNes5gcuNCd32orCHU0c1BvP6Gs

Scary stuff when businesses 'downsize'.  This way seems a reasonably better option.  Perhaps it will save some jobs in the short run.

Death knell.

Vegas is taking the exact opposite track from what it should be doing. Thus, the casinos are dying. It will be slow--a LVRJ article back in April reported that the big casino corporations had, on average, 18 months' worth of cash on hand (thank you, resort fees!). So they can survive--but for not much longer.

The only way they can survive in the long run is to turn Vegas back into Cheapo Bargain City, like it was in the 90s. They have to realize (or have it pounded into their heads) that people don't have as much money now. Encore-style weekends are out of reach of a lot of people now.

They also have to realize that quite a few of those they saw as reliable cash cows just ain't coming. They'll have to incentivize those people, or they may never come back.

You know, "I made $2000 from the pandemic!" "How so?" "I didn't go to Vegas!"

The "cheapo Las Vegas" deals sound great, but they don't fit the new economic model of today's multibillion-dollar properties.  Cheapo room, food and booze prices won't pay for the debt.  Caesars and MGM, to name a few, have borrowed massive dollars, "betting" on enough revenue to pay this debt.  Many casinos (and casino conglomerates) will file for bankruptcy within several years.  Once they are bought for cents on the dollar, we will begin to see better values.

From what I gather (second handedly) downtown is doing fine - not as good as before but they are not burning cash.     And thats because if you are a "downtown tourist" Vegas hasn't changed very much beyond some COVID-protocols with masks and social distancing.     You can still gamble, eat cheap, enjoy Fremont St and the Container Park.

The Strip is a different story.    Its a different kind of tourist.   That area has been purposefully moving away from gaming and moving more to sights/entertainment/spas/ and upscale dining.      Most of that stuff is now either severely limited or cancelled all together.    The tourists who primarily go to Vegas to see a Cirque show have no reason to visit.    And thats not going to change until you get some real movement on the virus cure.

I give credit to Sheldon Adelson and other execs who continue to pay their employees through this mess and take care of their health insurance.   Most of those businesses dont qualify for government help so its coming right out of their balance sheets.   Say what you will about Adelson's politics (and I would join you in many cases) but he is doing right by his employees.   I might end up spending a couple nights at the Venetian just to show his company some support.

Yes, I've savaged Adelson in the past, but good for him in keeping his employees afloat. I still can't forgive him for that propagandistic snot-rag, the LVRJ.

I do think there's a strong element of self-interest in casinos continuing to pay their employees and providing them their benefits, as if they just lay everyone off, many of them will never come back (and really, why would anyone live in Vegas if it wasn't for all the high-paying unskilled jobs?). I'm sure they were thinking a few months ago, "Well, if we want to reopen, we'll have to have staff."

It looks like their patience is running out, though. Massive layoffs are starting. BTW, the Venetian is sending me offers, even though all I've ever done there is play poker. So maybe they're feeling the crunch, too.

I'm totally off the Venetian's radar - I probably run a hundred bucks through some slots once a year, and haven't gotten any offers.  Their desparation hasn't reached my playing level yet. 

Antennanut..I am like you....I don't gamble in the Venetian at all ( ihave a card though) but they are sending me offers for "free suites" . The trouble with this offer is that they are Friday to Monday stays and who in their right mind would want to stay over the weekend with all the "young party" people???/ Definatley not me.

Well, rett98, that seems odd, that minimal to no play would get you an offer for weekend nights.  Traditionally would be Sun-Thurs in that case.  But I haven't darkened Ven's door in many years, so maybe that's how they do things. 

I bet you could call and ask for mid week nights and they'd do it for you.

Candy

It might be because historically, the Venetian hasn't charged all that much less for weeknights compared to weekend nights. Most Strip properties, you see rates like $59 on a Tuesday night and $399 on Friday.

I really expect, and hope to see, a HUGE rush of bargains as it dawns on the casinos that the recent semi-recovery of business was temporary---losing-starved addicts getting their fixes. They MIGHT get a small holiday bump, but I doubt they'll see even that, especially with the Big Horsey Show moving to Houston this year.

Just for grins, the offers I got from the Venetian seem to be valid on weekends as well. I never thought that I would receive even the slightest of incentives to drop by and breathe their perfumed air. I have played poker there quite a bit, so does that put me in their player database as anyone worth wooing...? Who knows.