{"id":28854,"date":"2020-11-27T09:26:53","date_gmt":"2020-11-27T17:26:53","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=28854"},"modified":"2020-12-02T07:27:55","modified_gmt":"2020-12-02T15:27:55","slug":"las-vegas-first-the-bad-news","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/las-vegas-first-the-bad-news\/","title":{"rendered":"Las Vegas: First, the bad news …"},"content":{"rendered":"\n
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It’s no wonder October was a bad month for the Las Vegas Strip<\/strong> and Downtown<\/strong>. Visitation to Sin City fell 49.5% and room revenue tumbled 61%. Caesars Entertainment<\/strong> CEO Tom Reeg<\/strong> could, for the sake of argument, be right that Las Vegas<\/strong> will come back bigger than ever at any time in its history. But in the near term it’s pretty clear that things are going to get worse before they get better. Even the locals-casino bubble has burst. Among the factors hurting the Strip last month was that there were zero conventions (a situation unlikely to change anytime soon), leading to woeful hotel occupancy of 47%. Reducing available-room inventory by 8,600 units didn’t help much, even if it was a move in the right direction. Average room rates declined 24% to $112\/night and revenue per available room was a meager $52.<\/p>\n\n\n\n\n\n\n\n

Midweek occupancy was dreadful, 38.5%. The one ray of hope was weekend business, which saw 64% of rooms filled. Daytrippers seems to be the bright spot in all of this, with auto traffic at the California<\/strong> border up 7% and 3.5% higher on all major interstates. But air traffic was down 59% from last year, so it looks like Las Vegas is going to have to hunker down for a very cold winter indeed. Wall Street<\/strong> analysts are right to like Station Casinos<\/strong> and Boyd Gaming<\/strong>, which have taken a conservative approach to reopening, while the Strip operators jumped the gun. For the moment, ‘jumped the shark’ looks more like it.<\/p>\n\n\n\n

Cirque du Soleil <\/strong>has been rescued from the clutches of bankruptcy by “secured lenders<\/a>,” led by Catalyst Capital Group<\/strong>. Having apparently given up on fighting Covid-19<\/strong>, former Steve Sisolak<\/strong> adviser Jim Murren<\/strong> will co-chair the reconstituted Cirque. In a controversial non-move, Daniel Lamarre<\/strong> of the ancien regime<\/em> stays on as CEO. One could argue that this provides needed continuity with Cirque’s past\u2014or that Cirque’s recent string of turkeys (anyone remember R.U.N.<\/em>?) argues for fresh leadership. The company is already talking about pushing into “new markets,” pretty bold verbiage for a Cirque du Soleil that is presently in eclipse, or at least a shadow of its former self.<\/p>\n\n\n\n

The Las Vegas Raiders<\/strong> weren’t the only losers in the team’s rematch with the Kansas City Chiefs<\/strong>. A gambler who wagered a nine-leg parlay on the game was foiled when Patrick Mahomes<\/strong> iced the game with two victory formations, bringing him up short of the 16.5 rushing yards on which the gambler had bet. There goes $7,000, making an unnamed sports book that much richer. Over\/under bets on Mahomes’ rushing yards have a history of being a bust<\/a> and this was no exception.<\/p>\n\n\n\n

If you’ve got a half-hour to spare, Red Rock Resort<\/strong> exec Dustin Boshers<\/strong> analyzes classic scenes<\/a> from gambling-themed movies. He starts by reassuring us that “cheater’s justice” enforced with a chainsaw no longer takes place in Las Vegas. That’s a relief. We haven’t watched his whole program yet but perhaps Boshers could theorize on why Gretchen Mol<\/strong> seemed to be on uppers throughout Rounders<\/em>, the iconic film of the poker craze.<\/p>\n\n\n\n

Jottings<\/em><\/strong>: In keeping with precedent, Donald Trump<\/strong> pardoned a Thanksgiving turkey<\/a> … Derek Stevens<\/strong> is rolling out the welcome mat for Circa<\/strong> hotel guests. Anyone who books between now and Dec. 26 can check into their room two days early, at 3 p.m. Previously, rooms were to open on Dec. 28. Rates start at $299\/night … Venelazzo<\/strong>‘s This is Christmas<\/em> has canceled all performances due to new anti-Covid restrictions. It would have been the property’s first and only live show … Sheldon Adelson<\/strong> is attracting some big fish by dangling his Strip properties as bait. Zel Capital Partners<\/strong> CEO Stephen Schwanz<\/strong> (speaking generically<\/a>) argues that a sale-leaseback arrangement would offer “an ideal alternative method to conventional financing” especially in terms of providing quick liquidity … American Gaming Association<\/strong> President Bill Miller<\/strong>, take note: Gambling ‘N Go<\/em>, a news site, recently discovered vulnerable customer data<\/a> at “several top-rated online casinos that operate globally.” The miscreants include Betway.com<\/strong> and BetOnline.ag<\/strong>. This gives Miller valuable ammo for his campaign against offshore betting sites.<\/p>\n","protected":false},"excerpt":{"rendered":"

It’s no wonder October was a bad month for the Las Vegas Strip and Downtown. Visitation to Sin City fell 49.5% and room revenue tumbled 61%. Caesars Entertainment CEO Tom Reeg could, for the sake of argument, be right that … 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":[60,244,34,80,274,155,42,51,14,4,37,286,255,241,10,254,74,243,57,9,19,100],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28854"}],"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=28854"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28854\/revisions"}],"predecessor-version":[{"id":28855,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/28854\/revisions\/28855"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=28854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=28854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=28854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}