What a turnaround: Las Vegas Sands has finally ‘fessed up that India will be a top feeder market for Marina Bay Sands (left). There’s no shame in that — it simply gives S&G the opportunity to remind Sands that we called “B.S.” on departed COO William Weidner‘s claims that the Indian subcontinent was a target market for Macao.
So where was $5.4 billion MBS (now expected to miss yet another deadline for opening) supposed to get its clientele? Afghanistan? Mozambique? Tasmania? Meanwhile, not only is Resorts World Sentosa eating Sands’ lunch, Genting Bhd Chairman Lim Kok Thay is rubbing Sheldon’s face in it by projecting a Genting foray into American markets. His wish list consists of “existing resorts that [are] down on their luck.” The line forms to the right …
Is Utah next? Speaking of feeder markets, Las Vegas now needs to worry about one of its crucial arteries: Hawaii. While the news out of the Aloha State isn’t as bad — especially for Boyd Gaming — as it first appears, if budgetary worries are weaking Mormon-thick Hawaii’s once-ironclad opposition to casinos, that would imperil one of Vegas’ most reliable and loyal customer bases. And if Hawaii falls, how much longer can Utah‘s hidebound anti-gambling stance hold fast? S&G doesn’t begrudge entrepreneurs from pursuing gaming ventures in either state but LDS prudishness has been one of Las Vegas’ (and Wendover‘s) best friends.
Foxwoods giveth, Foxwoods robs you blind. In return for giving raises to some employees, Foxwoods Resort Casino is screwing most everyone, halting 401(k) matches. Casino management says the matching contributions will be restored “when the market improves within 12 months.” Wow, that’s some nice crystal ball Foxwoods has. Mind if I borrow it?
“In return for giving raises to some employees, Foxwoods Resort Casino is screwing most everyone, halting 401(k) matches.”
Another example of why the RegressIcans are always attacking defined-benefit pensions: it’s harder for their big business contributors to screw their employees when pension agreements are nailed down in union contracts.
Ohio passing casino gaming is likely to take a bit of a bite out of Vegas too. I have no idea where we ranked as a feeder state, but I have to believe it was pretty high. I also have to believe that a good majority of Ohio gamblers preferred a ‘gambling trips’ rather then a day trip. At least in the Cleveland area, although closest day trip for us was 3 hours away. I know that local casinos here won’t replace Vegas as a destination for many, but it’s likely to affect it somewhat. And considering NE Ohio, is a 10 population region in the country, that can’t be good news either.
To say that \ India will be a top feeder market for Marina Bay Sands \ is madness. The guy just doesn’t know what he is talking about. Star Cruises which is part of the Genting has sometimes 1000 Indian pax here on their ship in the few summer months. But the Indians are not pathological gamblers like the Chinese. You find perhaps a dozen Indian gamblers in the casinos after the caberet shows.
And Star Cruise is a household brand in India. Genting must be laughing their heads off now.