{"id":19856,"date":"2017-06-21T07:18:49","date_gmt":"2017-06-21T15:18:49","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=19856"},"modified":"2017-06-21T07:18:49","modified_gmt":"2017-06-21T15:18:49","slug":"the-heat-is-on-as-vegas-warms-up-so-does-its-economy","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/the-heat-is-on-as-vegas-warms-up-so-does-its-economy\/","title":{"rendered":"The heat is on; As Vegas warms up, so does its economy"},"content":{"rendered":"

Two of the nation’s premier casino markets — Las Vegas<\/strong> and Phoenix<\/strong> — are grappling with Baghdad<\/strong>-size temperatures, with more to come, not for months but years<\/a>. (See video embed.) Coping with the Las Vegas Strip<\/strong>, if you dare, mandates frequent hydration and hella \"\"sunblock. However, in a perverse way, this is good for business. With inhospitable conditions emptying the sidewalks, customers have little choice but to stay inside and gamble. As I like to say, it’s an ill wind indeed that doesn’t blow somebody some good.<\/p>\n

Proving that mad dogs and casino executives go out in the midday sun, MGM Resorts International<\/strong> chose yesterday to break ground on a 42% expansion of its MGM Grand<\/strong> conference center. In addition to 250,000 square feet of meeting space (including a courtyard that will be superfluous on days like these), MGM is busting out an expansion of its health-y focus. First there were the Stay Well Rooms. Now MGM is rolling forth something called Stay Well Meetings. “Demonstrating the demand for a new way to conduct business, Stay Well Meetings feature amenities and programs that stimulate healthy, productive and creative work environments that many clients are actively seeking,” the company said. The health-focused space will occupy the entire second floor of the extension. MGM is looking at a late-2018 completion date.<\/p>\n

* Gaming expansion in Pennsylvania<\/strong> is far from a done deal but already some analysts are looking at it in terms of what it might mean for Atlantic City<\/strong>. Not much, they argue<\/a>, downplaying the impact of \"\"convenience gaming, which will come in the form of slot routes and tablet gambling at airports. Indeed, it seems like Keystone State casinos have the most to fear. As for Atlantic City, most of the bleeding inflicted by Pennsylvania has already happened, the optimists argue. As Fitch Ratings<\/strong>‘ Colin Mansfield<\/strong> puts it, \u201cThe risk is to the current operators in the state. The Atlantic City market took a hit when Pennsylvania first introduced casino gaming but I don\u2019t see this being that big an impact.\u201d<\/p>\n

If — a big “if” — Pennsylvania legalizes Internet<\/strong> gambling, there’s no downside for New Jersey but there could be a considerable upside if the two states sign a compact — such as Delaware<\/strong> and Nevada<\/strong> have done — pooling the two states’ players. Perhaps in anticipation of this, SugarHouse<\/strong> has set up online shop in Atlantic City.<\/p>\n

* Unemployment rates in Las Vegas are below 5% for the first time since the boom of 2007. Stock analysts have been bullish on locals casino companies for several quarters now and this news will only make them more so. It will also be reflected in consolidations like Golden Entertainment<\/strong>‘s recent Stratosphere<\/strong> acquisition. If big construction projects like Resorts World Las Vegas<\/strong> come to fruition, the influx of construction workers will make locals casinos tasty little morsels for corporate consumption.<\/p>\n

* The next frontier of the gaming industry could be … Ireland<\/strong>? “Ireland has excellent internet connectivity and is an English speaking country. It has immense potential to attract online gamblers from all over the world,” argues one editorial, advocating further regulation and encouragement of investment. In 2017, casino revenues in the Emerald Isle were $2 million-plus. By 2020, that number is projected to reach $355 million. Time to stop looking for four-leafed clover and investigate this market in earnest.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two of the nation’s premier casino markets — Las Vegas and Phoenix — are grappling with Baghdad-size temperatures, with more to come, not for months but years. (See video embed.) Coping with the Las Vegas Strip, if you dare, mandates … 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":[23,164,14,117,120,97,22,37,11,91,207,95,9,38],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19856"}],"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=19856"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19856\/revisions"}],"predecessor-version":[{"id":19857,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/19856\/revisions\/19857"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=19856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=19856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=19856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}