{"id":11961,"date":"2013-10-31T12:37:19","date_gmt":"2013-10-31T20:37:19","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11961"},"modified":"2021-05-25T06:36:47","modified_gmt":"2021-05-25T14:36:47","slug":"falling-upward-in-nevada-mgm-the-lion-meows","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/falling-upward-in-nevada-mgm-the-lion-meows\/","title":{"rendered":"Falling upward in Nevada; MGM: The Lion meows"},"content":{"rendered":"

Helped by a wee bit of late-August slot revenue, Nevada<\/strong> posted a 7% revenue gain this month, for a $959 haul. The Strip performed spectacularly<\/a>, up 13%, and Downtown<\/strong> edged 2% higher. Lake Tahoe<\/strong> vaulted 23% but Reno<\/strong> fell off 2%. Nor did Laughlin <\/strong>(-5%)\u00a0or\u00a0Mesquite <\/strong>(-2% and with 100% less Randy Black<\/strong>)\u00a0fare especially well.\u00a0On the Las Vegas Strip<\/strong>, baccarat win rose 49%, with the house playing very lucky<\/a>, as baccarat drop was but 8% higher.\u00a0Warned casino analyst Steven Wieczynski<\/strong>, “The positive baccarat volume performance was offset by generally underwhelming slot volumes<\/a><\/em>.” Blackjack also provided a $29 million boost and $337 million was bet on sports, with casinos holding 9%. North Las Vegas<\/strong> saw gambling revenues increase 14%, but the Boulder Strip<\/strong> was flat.<\/p>\n

\"MGM_Grand1\"<\/a>MGM Resorts International<\/strong> missed analyst expectations and posted a modest loss<\/a> of $32 million (“modest” by their standards, not yours or mine). Revenue was up 9% overall and 13% in MGM’s casinos. Leading the pack was MGM Grand Paradise<\/strong>, in Macao<\/strong>, with a 22% gain. Slowish recovery on the Strip — revenue per available room rose 3%<\/a> — held the overall company back. Strip occupancy nudged 1% upward<\/a>, to 91.5% — except at Circus Circus<\/strong> and the various CityCenter<\/strong> hotels. It’s also 88% of the way toward filling its quota of convention bookings for 2014. Most of the loss was a writeoff of real estate<\/a> in Jean<\/strong> and Sloan<\/strong>: One of J. Terrence Lanni<\/strong>‘s crazier legacies, having sought to build employee housing in the middle of the desert, in anticipation of a second airport being built out there. Even CityCenter continues to post incremental improvements, so the good news outweighed the bad.<\/p>\n

\"Sands<\/a>The headline item<\/strong> on this story seems negative: Less spending per visitor in Macao. But the dark lining is surrounded by a silver cloud. Macanese tourism is encompassing a wider swath of China, not simply Guangdong Province<\/strong>. Also, conference attendance has risen 67%. All of this ought to yield higher mass-market play, music to the ears of operators like Las Vegas Sands<\/strong> who have firmly planted themselves in that niche.<\/p>\n","protected":false},"excerpt":{"rendered":"

Helped by a wee bit of late-August slot revenue, Nevada posted a 7% revenue gain this month, for a $959 haul. The Strip performed spectacularly, up 13%, and Downtown edged 2% higher. Lake Tahoe vaulted 23% but Reno fell off … 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":[88,56,28,51,76,49,62,126,11,78,79,12,9,19,100,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11961"}],"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=11961"}],"version-history":[{"count":7,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11961\/revisions"}],"predecessor-version":[{"id":29612,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11961\/revisions\/29612"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}