{"id":24488,"date":"2019-07-11T07:38:54","date_gmt":"2019-07-11T15:38:54","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=24488"},"modified":"2019-07-11T07:38:54","modified_gmt":"2019-07-11T15:38:54","slug":"cosmo-in-play-wynn-looking-robust","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/cosmo-in-play-wynn-looking-robust\/","title":{"rendered":"Cosmo in play; Wynn looking robust"},"content":{"rendered":"

Always a step ahead of the mainstream media, VitalVegas<\/em> reports that The Cosmopolitan of Las Vegas<\/strong> has been sold. No details are available and the story hasn’t made the wire services, but that’s not going to stop us from speculating. The buyer probably couldn’t wait around for Eldorado Resorts<\/strong> \"\"CEO Tom Reeg<\/strong> to make up his mind as to whether or not he was going to sell Las Vegas Strip<\/strong> assets. Phil Ruffin<\/strong> openly covets a second Strip resort and if\u00a0Planet Hollywood<\/strong> is out of reach, the Cosmo makes a good second choice. Speaking of seconds, jilted Caesars Entertainment<\/strong> suitor Tilman Fertitta<\/strong> is probably looking for some retail therapy. How much better might the Cosmo do if rebranded as a Golden Nugget<\/strong>? And even though it already has the Tropicana Las Vegas<\/strong>, don’t count out Penn National Gaming<\/strong>. If it wants a more state-of-the-art Strip resort we’d certainly understand. At any rate, those are the obvious candidates, although we wouldn’t rule out acquisitive Churchill Downs<\/strong> or another dark-horse candidate. After all, it must irk Full House Resorts<\/strong> CEO Dan Lee<\/strong> that he has to go out of town whenever he wants to visit one of his casinos.<\/p>\n

While on the subject of VitalVegas<\/em>, Scott Roeben<\/strong> is reporting a new round of resort-fee increases at MGM Resorts International<\/strong> properties. You’ll pay an extra $6 at Bellagio<\/strong>, Aria<\/strong> and Vdara<\/strong>, bringing the total to $45 and starting August 1. If casino executives are wondering why visitation to Las Vegas<\/strong> has stagnated, perhaps they should consider their own greed.<\/p>\n

* JP Morgan<\/strong> analyst Joseph Greff<\/strong> met with Wynn Resorts<\/strong> brass and was “enthused about its growth prospects and rapidly improving free cash flow profile.” So much so that Greff characterized a 3.5% revenue-growth \"\"projection in Macao<\/strong> as “conservative.” That said, he noted that investors were “still skeptical\/apathetic towards Macau and China<\/strong> exposed stocks.” Free cash flow is expected to improve starting in 2021, even though Crystal Pavilion<\/strong> (two hotel towers with 1,300 rooms, right<\/em>) at Wynn Palace<\/strong> won’t open for another three years after that. Wynn is projecting $8.1 billion in revenue for 2021, well ahead of Wall Street<\/strong>‘s consensus. Of that, $960 million is predicted to come from Encore Boston Harbor<\/strong>. In Macao, Wynn predicts a 16% market share, driven by growth in mass-market play. Other positive factors are the expansion of the casino floor at Wynn Macau and the return of premium customers. Baccarat will be “choppy” next year, better in 2021.<\/p>\n

On the domestic front, Wynncore<\/strong> will see a new, Thomas Keller<\/strong> restaurant and rehabbed room product. The return of the golf course is also expected to be cause for celebration. The new convention center debuts early next year and the company “also expects to benefit from high-margin catering revenue, \"\"recurring MICE business (60% is repeat), and grow with existing groups\/attract new groups.” In Boston<\/strong>, Wynn expects it can do as much as 12.5% return on investment and make as much as $1.1 billion a year. (Heady talk.) The low-end ROI projection is 8.5%. From a shiny-object perspective, few things are as attention-grabbing as Crystal Pavilion<\/a>, “a glass and steel structure inspired by the shape of a water lily, conceptualized and developed by famed architect Robert A.M. Stern<\/strong> in collaboration with Wynn Design and Development<\/strong>. It will include an immersive theatre, partner with world-class art museums, have an Asian gourmet food pavilion and art sculpture gardens, and have a ‘gong spire.'” Color us impressed.<\/p>\n

* When MGM opened Park MGM<\/strong>, it felt it was filling a void in the Vegas experience. Little did we know how much: Sin City’s first Hello Kitty Cafe<\/strong> opens this week. I’m sure you will sleep easier with this knowledge, as will I.<\/p>\n","protected":false},"excerpt":{"rendered":"

Always a step ahead of the mainstream media, VitalVegas reports that The Cosmopolitan of Las Vegas has been sold. No details are available and the story hasn’t made the wire services, but that’s not going to stop us from speculating. … 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":[65,176,56,66,145,18,199,62,112,245,69,119,234,9,129,38,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24488"}],"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=24488"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24488\/revisions"}],"predecessor-version":[{"id":24492,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24488\/revisions\/24492"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=24488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=24488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=24488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}