{"id":10395,"date":"2013-01-28T12:23:57","date_gmt":"2013-01-28T20:23:57","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=10395"},"modified":"2013-01-28T12:23:57","modified_gmt":"2013-01-28T20:23:57","slug":"cap-and-trade-at-sands-skyfail-the-sequel","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/cap-and-trade-at-sands-skyfail-the-sequel\/","title":{"rendered":"Cap-and-trade at Sands; SkyFail: The sequel"},"content":{"rendered":"

\"\"Ever since the government of Macao<\/strong> put a hard cap on the number of table games in the enclave, casino operators have been forced to do a certain amount of cap-and-trade. In order to stock up Sands Cotai<\/strong>, 200 tables had to be removed from Venetian Macao<\/strong>. According to J.P. Morgan<\/strong> analyst Joseph Greff<\/strong>, these were supplanted by “slots, electronic tables, double-dealer games or semi-mechanical tables which have a relatively lower yield.” (I guess this settles the question of whether the Macanese government regards an electronic table as a slot or not.) “Venetian Macao’s mass market volume was negatively impacted (somewhat)” … a situation potentially alleviated by today’s announcement that city hall was granting Sands China<\/strong> an additional 200 tables<\/a>, expected by Greff to go back into Venetian Macao and generate a half-billion dollars a year<\/a>.<\/p>\n

Due to “underutilized public space,”<\/strong> Sands is also expected to suffer least from the partial smoking ban that is being imposed on Macao’s casinos. (Imagine trying to find room for non-smokers in \"\"Stanley Ho<\/strong>‘s cramped, antiquated ratholes. Incidentally, Sands has announced salary increases for its Macao employees, to keep up with the Jonses … or the Hos, in this case<\/a>.) Lastly, Marina Bay Sands<\/strong> in Singapore<\/strong> is projected to make an 18%-20% ROI this year, news which should alleviate Sheldon Adelson<\/strong>‘s chronic air of dyspepsia … at least for a few moments. James Packer<\/strong> and Lawrence Ho<\/strong> will need executive clemency similar to that which Adelson just received. They’ve borrowed an additional $1.4 billion<\/a> to finance completion of rescue project Studio City<\/strong> (above<\/em>, total cost: $2.9 billion). That’s predicated on having 500 tables. It’s yet another case of the Macanese regime being caught between encouraging growth and trying to freeze inventory.<\/p>\n

Add the name<\/strong> of Las Vegas Review-Journal<\/strong> casino veteran Howard Stutz<\/strong> to the chorus of Skyvue<\/strong> skeptics. In a wrap-up of its recent travails, he notes that Howard Bulloch<\/strong>‘s stop-and-go project has the better location than Caesars Entertainment<\/strong>‘s Vegas High Roller<\/strong> but makes a strong case against its viability<\/a>. Best line: “Las Vegas<\/strong> needs two observation wheels like it needs two CityCenters<\/strong>,” Touch\u00e9<\/em>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Ever since the government of Macao put a hard cap on the number of table games in the enclave, casino operators have been forced to do a certain amount of cap-and-trade. In order to stock up Sands Cotai, 200 tables … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[56,28,4,117,7,96,94,62,93,25,12,108,61,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10395"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=10395"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10395\/revisions"}],"predecessor-version":[{"id":10396,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10395\/revisions\/10396"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=10395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=10395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=10395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}