{"id":29553,"date":"2021-05-03T08:13:35","date_gmt":"2021-05-03T16:13:35","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=29553"},"modified":"2023-09-26T13:26:37","modified_gmt":"2023-09-26T21:26:37","slug":"las-vegas-rates-rebound-kentucky-derby-brings-out-crowds","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/las-vegas-rates-rebound-kentucky-derby-brings-out-crowds\/","title":{"rendered":"Las Vegas rates rebound; Kentucky Derby brings out crowds"},"content":{"rendered":"\n
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In another sign of a faster-than-expected Las Vegas<\/strong> comeback, room rates on the Strip for the May 23-29 period are reported to be flat with 2019. Midweek numbers are mildly down (-17%) but counterbalanced by higher<\/em> weekend rates (+18%) than two years ago. This is a big achievement and a rapid one. Only Wynncore<\/strong> is missing out on the bounty, -2% weekdays but -45% on the weekend. MGM Resorts International<\/strong> is just 2% off the midweek pace and +22% on weekends. Caesars Entertainment<\/strong> is down 36% weekdays but 28% higher on the weekend, while Venelazzo<\/strong> is not feeling the midweek love (-27%) but rebounding +63% on weekends. The midweek numbers at MGM and Wynn may have been goosed by the fact that there’s finally a convention in town but it looks like the window may have closed in Sin City for travelers seeking a room-rate bargain.<\/p>\n\n\n\n

Vital Vegas<\/em> is doubling down on its insistence that the Palms Casino Resort<\/strong> has been sold to the San Manuel Tribe<\/strong>, despite an absence of confirmation from either Station Casinos<\/strong> or the analyst boys on Wall Street<\/strong>. A sale would be a plus for Station investors, as it would remove a dead weight from Station’s balance sheet, provide a one-time cash infusion and accelerate the company’s refocus on what it does best: build quality locals casinos. (Will Durango Station<\/strong> ever<\/em> be constructed?) Scott Roeben<\/strong> reports that the San Manuel got the Palms for $660 million, which wouldn’t even cover the $690 million Station put into renovating the place, although it would recoup the $312.5 million purchase price. So, capex aside, the Palms is now worth considerably more than when Station got it for a fire-sale markdown. That’s the glass half-full perspective.<\/p>\n\n\n\n\n\n\n\n

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Speaking of positive Las Vegas auguries, Vici Properties<\/strong> is feeling Vici-cated<\/a> by MGM\/Dubai World<\/strong>‘s sale of two CityCenter<\/strong> acres to Brett Torino<\/strong> for $80 million, sensing it justifies their faith in the Las Vegas Strip<\/strong>. Vici spent $6.25 billion to acquire Venelazzo and is coveting 23 acres of fallow land behind every Caesars Entertainment Strip property not named Caesars Palace<\/strong>, in addition to 27 acres it already owns. \u201cI\u2019m not sure if we\u2019re going to be buyers or sellers,\u201d equivocated Vici prexy John Payne<\/strong>. The $40 million\/acre paid by Torino eclipses the previous record, $33 million\/acre for what was supposed to become the Plaza<\/strong> meta resort (pictured<\/em>) and became … nothing. Vici CEO Ed Pitoniak<\/strong> shared Payne’s enthusiasm, saying, \u201cWe believe U.S. gaming, after showing its resilience as a consumer leisure sector throughout the worst periods of the Covid-19<\/strong> pandemic, will demonstrate continuing leadership as America<\/strong> fully reopens from the crisis.\u201d<\/p>\n\n\n\n

Another East Coast newspaper has joined the anti-smoking fusillade. The Times-News<\/em> in Pennsylvania<\/strong> is throwing its op-ed weight<\/a> behind a ban on casino smoking led by state Rep. Dan Frankel<\/strong> (D). It would segregate smoking to a secluded area away from the gaming floor. This would shut a loophole in the Keystone State’s 2008 smoking ban, which excepts casinos, cigar bars (naturally) and private clubs. Railed the column, “Even before the pandemic, 20 states had no-smoking bans in place, and, for the most part, they have succeeded financially. Along with Pennsylvania and New Jersey<\/strong>, Michigan<\/strong> has enacted a temporary ban during the pandemic. In all, about 1,100 casinos nationwide are smoke-free, even pre-pandemic, so to argue that it cannot be done in Pennsylvania and New Jersey is disingenuous.” We are increasingly inclined to agree.<\/p>\n\n\n\n

Sports betting finally yielded tax revenue for the state of Virginia<\/strong> last month, as operators recorded positive adjusted gross revenue. Handle was $304 million, from which $26.5 million in revenue was derived. After promotional outlays, that number was $14 million. WynnBet<\/strong> arrived on the scene last month, to be joined by UniBet<\/strong> this month. Obviously, the NCAA Tournament<\/strong> boosted action\u2014although punters were forbidden to wager on any of the five Virginia teams in the big dance. Observed PlayUSA<\/strong> analyst Dustin Gouker<\/strong>, \u201cVirginia\u2019s market is in such a healthy position for such a young market … with such a solid foundation in place, Virginia\u2019s market should easily be able to withstand future challenges, including future competition from a neighboring state like Maryland<\/strong>.\u201d<\/p>\n\n\n\n

How did Hard Rock International<\/strong> spend $500 million reinventing Trump Taj Mahal<\/strong> not yet not put flat-screen TVs in every room? That’s an oversight Hard Rock Atlantic City<\/strong> is promising to correct as part of a new, $20 million capex campaign. The bulk of the money will go into redesigning 25 Roxy Suites and 66 Celebrity Suites. Other monies will go toward adding Asian-oriented slots and table games, as well as a Starbucks<\/strong> and a new, unspecified restaurant. Embracing the newly upgraded beach (thanks, Army Corps of Engineers<\/strong>), Hard Rock will put out 1,000 deck chairs and eight restrooms.<\/p>\n\n\n\n

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Our Atlantic City<\/strong> correspondent kudos Hard Rock this week, after a Sunday visit: “Got there just in time for the 4 p.m. open of their Legends Lounge. So glad, their food was both better and fresher than MGM’s Borgata<\/strong> lounge. One of their dessert choices is shown with a very good presentation, not just a few cookies on a plate like MGM. The cup in the upper left is the ice cream; at Borgata we were previously told ‘no ice cream, freezer was taken away.’ Borgata’s no-ice-cream [problem is] easily solved as both Home Depot<\/strong> and Lowe’s<\/strong> sell freezers.”<\/p>\n\n\n\n

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Previously, our spy checked out the Golden Nugget<\/strong>, which “was crowded, half-hour wait to get into their Chairman’s Lounge for dinner. Good food, slow service, won $130.” Not a bad night overall. “Saturday was Harrah’s Philadelphia<\/strong> at Chester<\/strong> to watch the harness races and later the Kentucky Derby<\/strong> on TV screens. I don’t remember seeing so many people in Chester before. The photo shows only a small portion of the crowd. Won a little on slots, lost a little on the horses. Overall was a $2 loss.” Again, not bad. We’ve had worse days at the track.<\/p>\n\n\n\n

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Jottings<\/em><\/strong>: There’s been another Coronavirus<\/strong> death in Singapore<\/strong>, part of a new cluster in cases, the first in two months. What’s this got to do with casinos? It’s reported that a resurgence of Covid-19<\/a> is “potentially threatening efforts to open up a long-awaited travel bubble with Hong Kong<\/strong> and host major upcoming summits including the World Economic Forum<\/strong> and Shangri-la Dialogue<\/strong>.” You don’t want to hear that if you’re Marina Bay Sands<\/strong>. Capacity at attractions like Resorts World Sentosa<\/strong> has already been restricted … Earth Wind & Fire<\/strong> will play The Venetian<\/strong> Nov. 10-20. Tickets go on sale May 7 at 10 a.m., Vegas time … WynnBet<\/strong> went live in Tennessee<\/strong> on Friday, its sixth territory. The online-only service will be promoted with a touring bus to host special events around the state … If you think American casinos were hit hard by Coronavirus, look at Europe<\/strong>. It’s been knocked to the canvas and still hasn’t gotten up<\/a> … No more gambling in Saipan<\/strong>: Sole operator Imperial Pacific International<\/strong> has had its license pulled. At issue are links with junketeers from China<\/strong> … More bad news for Crown Resorts<\/strong>. It’s been hit with a $780,000 fine in Melbourne<\/strong> … Finally a casino operator has balked at a too-high tax rate. MGM Resorts International<\/strong> CEO Bill Hornbuckle<\/strong> is saying ‘no’ to Chicago<\/strong>, citing concerns with the selection process and, yes, the steep taxation. The odds on Wynn Resorts <\/strong>or Hard Rock International<\/strong> just got a lot better.<\/p>\n","protected":false},"excerpt":{"rendered":"

In another sign of a faster-than-expected Las Vegas comeback, room rates on the Strip for the May 23-29 period are reported to be flat with 2019. Midweek numbers are mildly down (-17%) but counterbalanced by higher weekend rates (+18%) than two years ago. This is a big achievement and a rapid one. Only Wynncore is […]<\/p>\n","protected":false},"author":83928,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1728],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/29553"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/users\/83928"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/comments?post=29553"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/29553\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=29553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=29553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=29553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}