(Btw, Desert Beacon has even more facts and figures on this, as well as some logic that Sharrontology simply doesn't believe in.)
Don't believe me... Watch for yourself!
So Sharrontology Obtuse Angle is attacking what Harry Reid did to save the 22,000 jobs at CityCenter? What, would it have been better for people to be without work? Or does she just hate Las Vegas and the workers that make the magic happen on The Strip?
And before someone tries to defend her loony rants by saying Reid "ignores everyone else", remember that this is simply not true. After all, thanks to Reid's efforts, the new "Nevada Transmission Line" project will be providing all sorts of new jobs up north in the rurals. So yet again, Sharrontology is caught in another lie. And yet again, she was far too clumsy in her delivery.
Showing posts with label City Center. Show all posts
Showing posts with label City Center. Show all posts
Monday, August 2, 2010
Wednesday, July 14, 2010
Sharrontology: Divine Intervention? UPDATED w/ New Poll #s
Why am I not surprised? Come on, this ad wrote itself!
Let's see, Harry Reid helped save 22,000 Nevada jobs. Sharrontology Obtuse Angle believes her job does NOT involve caring about any of our jobs. And GOoPers wonder why I and most everyone else I know consider Sharrontology a wackadoodle extreme right crackpot?
If it weren't for Reid making those calls to save CityCenter, most of us probably wouldn't even be here at this blog. (We'd all be fleeing a state in collapse...)
Oh, but Sharrontology believes God has a very special plan for her.
So is this really God's plan for her? And for Nevada? Is she really that much of a vengeful God?
Yes, and let's not forget Sharrontology is part of the extreme religious right that believes "God wants all the homosexuals and abortionists dead".
Perhaps that's the warped "Christianity" that defines Sharron Angle, but most people of faith here in Nevada would disagree with her on what God wants. Does God want her children to suffer from unemployment, lack of shelter, and lack of food? Does God hate the idea of bringing more renewable energy jobs into the state? Does God want young gay kids killing themselves because they think their families hate them and they're destined to go to hell anyway? Does God want young girls to suffer even more when someone impregnated them by way of violent rape?
But who knows, maybe God does have a plan for Sharron Angle... Perhaps a plan that involves showing Nevadans why we should NOT elect extreme right wing crazies?
UPDATE: Whoops! So is this God's plan for Sharrontology?
We now have something we haven't had in awhile: A poll, albeit a partisan poll, showing Senate Majority Leader Harry Reid (D-NV) ahead of his Republican opponent, Sharron Angle. Also, the data looks a bit old.
As Jon Ralston reports, the new poll by Fairbanks, Maslin, Maullin, Metz & Associates, commissioned by the liberal Patriot Majority PAC, shows Reid at 44%, and Angle with 40%. The survey of likely voters has a ±4% margin of error.
Interestingly, the poll was conducted from June 28-July 1, giving us a fortnight-old data set.
Hmmm... And this was data from two weeks ago? BEFORE Obtuse Angle stepped into "CityCenter-gate"? And "Rape-victims-need-to-make-lemons-into-lemonade-gate"? And "Death-panels-for-those-who-disagree-with-me-gate"? And private polls are confirming what this one shows? Jeez, Sharrontology really is digging herself into quite the hole. Thank you, Lord! ;-)
Tuesday, July 13, 2010
Sharrontology Spinning Out of Control
Oh, jeez. It gets worse. Sharrontology attacks the workers of CityCenter, bashes Harry Reid's work to secure financing so MGM Resorts could finish CityCenter, and now lies about it by calling it "stimulus" and "bailout" that she "would not have voted for".
HUH??!! Reid helped secure funding... Private funds. There was no TARP money involved, and there was no ARRA money involved. Clearly, Sharrontology Obtuse Angle knows nothing of which she speaks.
And by the way, Reid has worked hard both to bring our tax dollars home to create jobs AND to encourage private companies to come here to Nevada to create jobs.
And if you think that's bad enough, it gets worse. Much, much worse!
"Not mainstream"? "Elitist"? Oh boy, Sharrontology didn't wait long to resume attacks against her own fellow Republicans for not being batsh*t crazy wingnutty enough for her own personal taste. And for the record, Bob Bennett was defeated at a convention, NOT at the ballot box.
And wait, I thought Sharrontology didn't like "death panels"... Apparently when she's a death panel of one making all the life-or-death decisions, she relishes it!
Oh, and Bob Bennett not alone in rejecting her extremism. An increasing number of Nevada Republicans are doing the same.
No wonder why Sharrontology has to depend on corporate funded outsiders like Sal Russo, Ralph Reed, Dick Morris to raise money. If even a growing chorus of conservative Republicans are rejecting Sharrontology, she's toast... Or should I say charbroiled chicken?
And by the way, why wasn't Suzy Lowdown at the GOoP Convention last weekend? Hit too close to home for Sweet Suzy? She now has the experience to smell the start of a losing campaign?
HUH??!! Reid helped secure funding... Private funds. There was no TARP money involved, and there was no ARRA money involved. Clearly, Sharrontology Obtuse Angle knows nothing of which she speaks.
And by the way, Reid has worked hard both to bring our tax dollars home to create jobs AND to encourage private companies to come here to Nevada to create jobs.
And if you think that's bad enough, it gets worse. Much, much worse!
Sharron Angle, the Republican nominee for Senate in Nevada against Senate Majority Leader Harry Reid, fired back at Sen. Bob Bennett (R-UT), who predicted that she would lose to Harry Reid because of her associations with the Tea Party movement. In response, she says that Bennett, who lost his renomination at the state GOP convention this spring, has "outlived his usefulness."
"I'm glad to be lumped to a crowd of mainstream Americans who believe as they showed at the polls that Sen. Bennett has outlived his usefulness. I suppose he's not mainstream any longer," Angle said during an appearance Monday on the Neil Cavuto show. "He has become one of those elitists that is no longer in touch with what the country is really thinking about in these economic times."
"Not mainstream"? "Elitist"? Oh boy, Sharrontology didn't wait long to resume attacks against her own fellow Republicans for not being batsh*t crazy wingnutty enough for her own personal taste. And for the record, Bob Bennett was defeated at a convention, NOT at the ballot box.
And wait, I thought Sharrontology didn't like "death panels"... Apparently when she's a death panel of one making all the life-or-death decisions, she relishes it!
Oh, and Bob Bennett not alone in rejecting her extremism. An increasing number of Nevada Republicans are doing the same.
A growing number of Nevada Republicans are expressing skepticism over Angle's Senate candidacy. Some are even signaling they may not vote for the GOP contender over Senate Majority Leader Harry Reid in November.
Mayor Geno Martini, the Republican mayor of Sparks, Nev., bucked his own party this week when he endorsed Reid over Angle.
"Harry Reid's been very good for us for many, many years," Martini said of his decision to support the majority leader. "We can't rely on a new person, especially Sharron Angle, to do anything for us here in Sparks."
After first withholding her support, former Nevada Congresswoman Barbara Vucanovich, a well-respected figure in the party, announced this week that she would back Angle. But Vucanovich's endorsement ended up sounding more like a scolding.
"I said, 'Sharron, you're scaring the bejesus out of everybody,'" Vucanovich told the Las Vegas Review-Journal, describing "a long, candid conversation" with Angle. "I told her you better make damn sure people really understand what you're trying to do." [...]
State Sen. William Raggio, who Angle tried but failed to unseat in 2008, recently said he will "find it very difficult to support" the Senate candidate and also wagered he's hardly the only member of the Nevada GOP who has concerns.
"I would say there are a lot of Republicans who will find it difficult to support Sharron Angle," Raggio said shortly after the Nevada primary. "Abolishing the Department of Education, phasing out Social Security, those are pretty extreme positions. I think any incumbent is vulnerable, but you have to have somebody that is also acceptable if you're going to win."
Republican Reno Mayor Bob Cashell, who backed Angle's GOP primary opponent, Sue Lowden, recently criticized Angle by calling her an "ultra right-winger." Cashell does not mince words when it comes to Angle: "Our state [would] suffer and we would never get anything done." The Reno mayor intends to hit the campaign trail for Reid.
No wonder why Sharrontology has to depend on corporate funded outsiders like Sal Russo, Ralph Reed, Dick Morris to raise money. If even a growing chorus of conservative Republicans are rejecting Sharrontology, she's toast... Or should I say charbroiled chicken?
And by the way, why wasn't Suzy Lowdown at the GOoP Convention last weekend? Hit too close to home for Sweet Suzy? She now has the experience to smell the start of a losing campaign?
Friday, July 9, 2010
Obama & Reid Did a Rally... At the Place Sharrontology Would Have Let Fail
So I saw Obama at CityCenter yesterday. And he stuck up for our Senator, Harry Reid.
“There’s a guy from Searchlight, Nevada, who has been fighting for Nevada his whole life, and he’s fighting for working-class families,” Obama said of Reid. “He comes across soft-spoken. But anyone who knows Harry knows he’s made of strong stuff. He’s one tough guy.”
“He doesn’t always do what’s easy, he doesn’t always do what’s popular, but he always does what’s right.”
Obama also discussed the state of the economy, along with Harry Reid. They both discussed the need to continue working to bring more jobs back to Southern Nevada. And hey, what more appropriate venue to do this than at CityCenter, the complex Reid worked to save when financing was pulled and MGM Resorts (then MGM Mirage) nearly went bankrupt.
Actually, one of our Clark County Commissioners summed it up best...
Clark County Commissioner Chris Giunchigliani told the crowd: “Sharron Angle would not have lifted a finger to help any one of you ... If it’s not your job to create jobs, what the hell is your job?”
Oh yes, that's right. While Reid has worked hard to bring Recovery Act funds to Nevada, bring more renewable energy projects here, and prevent the collapse of Las Vegas' tourism industry...
Sharron Angle doesn't believe it's her job to ensure we have jobs.
Yep, that's right. If Sharrontology had her way, some 22,000 workers at CityCenter, along with many thousands more MGM Resorts workers, would likely be out of work.
In fact, one of these workers, Penny Webster, spoke and reminded us just exactly what the stakes are in this election.
"If Sharron Angle had her way, I would not have my job today. [...] Thanks to Harry Reid, I have a job".
Yep, that really summed it up well. Is Harry Reid some sort of "messiah" for Nevada? Nope. Is President Obama right about Harry Reid being so soft spoken that he may seem dull at times? Sure. And is Reid the best public speaker out there? No, not really.
But hey, I don't need all of that. (And last I checked, Ms. Obtuse Angle isn't all that great in her communication skills.) I need a Senator who works hard for me every day... And for you, and for our friends and family, and for our entire state of Nevada. That's what Reid does, and that's what Obtuse Angle refuses to do.
The choice is clear. And I didn't even need President Obama to tell me that, but it was still great to see him again. And yes, it looks like he's having a good time here in Vegas. :-)
Wednesday, July 7, 2010
Programming Note: Mr. President Is Coming Back to Town Tomorrow...
And this time, I intend NOT to miss it! I'll be at Aria tomorrow to report live from the Obama-Reid rally. Just check my Twitter (@atdleft) and Facebook for updates.
Oh, and there may be a surprise or three coming tomorrow... Stay tuned for more! :-p
Oh, and there may be a surprise or three coming tomorrow... Stay tuned for more! :-p
Friday, July 2, 2010
Are Strip Malls "Dressed for Success"?
Is everything changing at The Strip's malls?
Well, it makes sense. So many of us have changed our spending habits, so it makes sense that a number of tourists have, too. Maybe five years ago they would have splurged on a Burberry scarf, but now they just want an "I Got Lucky in Vegas" t-shirt.
But wait, are we over-simplifying this? Is the uber-high-end really dead? Actually, no... Far from it!
Come on, let's face it. High-rollers and big spenders do NOT come here to "save money and be thrifty"... They want the most lavish and extravagant experience of their lives! So as long as those big spenders keep coming back to Vegas to live out their fantasies, I guess there will always be a need for Prada and Chopard.
So where does it all fit in? Diversity. That's it, diversity.
Vegas has all sorts of people coming here for all sorts of different experiences. Some just want $5 blackjack tables, cheap dinner buffets, and that "I Got Lucky in Vegas" t-shirt, while others want private gaming salons, exquisite multi-course haute cuisine dinners, and that perfect Chanel little black dress.
The Strip's retail scene needs all sorts of stores to please all sorts of people. Perhaps the malls were in over their heads packing in the same ol' luxury brands four years ago, but now it would be foolish to completely drop them.
This is probably the key to The Forum Shops' continued success. They have ultra luxurious boutiques, kitschy souvenir shops, and everything in between. They seem to have something to target any tourist stopping by.
This makes me wonder how Crystals can keep going as is. Have they tied themselves too tightly into just one niche (luxury clothing & accessories)? Or are they being smart in sticking with the big spenders who just need to make their regular splurges to keep them afloat? We'll have to wait and see...
High-end retailers along the Strip — think Tiffany, Louis Vuitton and Chanel — are mourning the loss of splurgers — vacationers who reach deeper into their wallets for a big-ticket purchase because that’s one of the frills and thrills of the Vegas escape.
These days, Macy’s is the day’s fancy outing.
And it helps explain why Strip malls are branding down, and a new retail center planned across the street from the $8.5 billion CityCenter and its uber-posh Crystals mall will be anchored by Walgreens.
“The success of high-end luxury retail before the Great Recession was attributed to those who could afford it, and the aspirational consumer who wanted to trade up to luxury,” said Pamela Joy Ring, president of the Ring Retail Advisory in Las Vegas. “Those aspirational people are gone. They are spending within their means and patronizing the middle market.”
Well, it makes sense. So many of us have changed our spending habits, so it makes sense that a number of tourists have, too. Maybe five years ago they would have splurged on a Burberry scarf, but now they just want an "I Got Lucky in Vegas" t-shirt.
But wait, are we over-simplifying this? Is the uber-high-end really dead? Actually, no... Far from it!
The Forum Shops, which kicked off the move to luxury when it opened in 1992, said the upper-end market shouldn’t be written off. It cited recent remodeling and expansion by some of its retailers.
Versace, Gucci and Ermenegildo Zegna have recently expanded their stores, and others that are expanding include Burberry and Cartier.
The Forum Shops reports its sales were up double digits during the first quarter of this year, coming off a down 2009 when sales were about $1,400 per square foot. Even though sales dipped from $1,500 a square foot in 2008, the mall kept its No. 1 ranking in the country. [...]
Crystals’ operators say they are not second-guessing their high-end tenant-mix strategy, even in the face of the recession and competition from other luxury stores in town.
“We leased the building in the worst economic time ever and we know that,” said Farid Matraki, vice president and general manager. “But despite that, we had a mission, and we stayed on course on that mission. We knew we wanted a certain type of client and we pursued (that client).”
“I think our tenants appreciated the strategy as well. You don’t want to put a magnet souvenir store next to a Louis Vuitton.” [...]
“Las Vegas continues to draw high-end customers who enjoy certain dining and shopping,” Hermes USA President and CEO Robert Chavez said, citing high-end domestic and international travelers. “We are very optimistic about the potential upside of our business in Las Vegas.”
Come on, let's face it. High-rollers and big spenders do NOT come here to "save money and be thrifty"... They want the most lavish and extravagant experience of their lives! So as long as those big spenders keep coming back to Vegas to live out their fantasies, I guess there will always be a need for Prada and Chopard.
So where does it all fit in? Diversity. That's it, diversity.
Vegas has all sorts of people coming here for all sorts of different experiences. Some just want $5 blackjack tables, cheap dinner buffets, and that "I Got Lucky in Vegas" t-shirt, while others want private gaming salons, exquisite multi-course haute cuisine dinners, and that perfect Chanel little black dress.
The Strip's retail scene needs all sorts of stores to please all sorts of people. Perhaps the malls were in over their heads packing in the same ol' luxury brands four years ago, but now it would be foolish to completely drop them.
This is probably the key to The Forum Shops' continued success. They have ultra luxurious boutiques, kitschy souvenir shops, and everything in between. They seem to have something to target any tourist stopping by.
This makes me wonder how Crystals can keep going as is. Have they tied themselves too tightly into just one niche (luxury clothing & accessories)? Or are they being smart in sticking with the big spenders who just need to make their regular splurges to keep them afloat? We'll have to wait and see...
Thursday, May 27, 2010
Casinos: More Techie Goodness
Yesterday, we took a look at some new, exciting slot technology coming into the casinos. Well, it looks like the casino floor won't be the only part affected by new technology. Cosmopolitan of Las Vegas gave a sneak preview of what's to come at this week's Gaming Technology Summit.
So a Cosmo guest will be able to turn on the TV, open the drapes, turn off the iPod stereo, and handle every other electronic device/equipment with just one remote control. WOW!
And there's even more hi-tech goodness awaiting us outside the casinos!
And now, MGM Mirage is upping the ante with its own "Vegas Reality" iPhone app:
OK, so not everyone is excited about MGM Mirage's new app. Hunter at RateVegas explained the limitations of augmented reality (AG), and why most tourists probably won't be interested in holding their iPhones in front of them. Oh, and the app only provides details on MGM Mirage casinos... Understandable, but a little frustrating if one was expecting to use this somewhere like The North Strip, where there's only one MGM Mirage casino (Circus Circus).
And with all these technological advances, we'll have to wait and see how tourists react. So far, Aria's "fully integrated room technology" isn't getting overwhelming rave reviews due to the constant glitches. If Cosmo and other hotels are hoping to go in this direction, it will be crucial for them to ensure that everything actually works.
Otherwise, the future looks bright for more geeky techie goodness coming to entertain us, comfort us, and inform us here in Las Vegas. :-)
Cosmopolitan’s chief information officer, Marshall Andrew, said during a technology executive panel at Tuesday’s Gaming Technology Summit at Green Valley Ranch that the resort is using technology create a “wow factor.”
Andrew said people will have to wait for a public relations blitz for specifics, but he said the technology will focus in three areas: server-based gaming, mobile apps and in-room technology.
The property’s website, which will be launched in June, will detail the technology better, Andrew said.
Like its neighbors Aria and Mandarin Oriental at CityCenter, Cosmopolitan’s in-room technology will feature a central remote controlling all of the room’s devices, Andrew reluctantly shared.
“They are going to have more features and functions,” Andrew said of the Cosmopolitan rooms. “Aria kind of laid the groundwork. A lot of us went over there and stayed in the rooms to check it all out. We saw things that we liked, but we saw things that we could improve upon, and that’s what we’re working on right now.”
So a Cosmo guest will be able to turn on the TV, open the drapes, turn off the iPod stereo, and handle every other electronic device/equipment with just one remote control. WOW!
And there's even more hi-tech goodness awaiting us outside the casinos!
Harrah’s put its first app for a property on the market in February 2010. Ceasars Palace allows users to check property maps, make restaurant reservations, check out current events at the property and even dig into the Caesars Palace history with photo galleries.
The app has 588 ratings in Apple’s App Store, with an average rating of 2 1/2 out of 5 stars.
Lane said the company developed the app to help its customers make decisions on things like shows and restaurants while on the property.
“Most decisions with our guests happen on the casino floor. That’s where you have to reach them,” Lane said.
Along with the Caesars app, the Harrah’s technology team also created a mobile site where customers can check their players club point balances in real time, a mobile slot game called iSpin and an initiative Harrah’s is calling “textpress” that lets guests bypass the check-in process at Caesars Palace.
MGM Mirage recently rolled out some mobile apps of its own. During April and May, the company released property-specific apps for MGM Grand, Mandalay Bay, New York-New York and the Beau Rivage in Biloxi, Miss.
More are under way for MGM Mirage Las Vegas properties, company executives said. The apps do similar things as the Caesars Palace apps — guests can make restaurant reservations, navigate their way with property maps and watch previews of resident shows on property. It also lets customers access the property’s Twitter feed so they can see what others are saying about the resort.
All three Las Vegas property apps have a rating of three out of five stars in Apple’s App Store.
And now, MGM Mirage is upping the ante with its own "Vegas Reality" iPhone app:
OK, so not everyone is excited about MGM Mirage's new app. Hunter at RateVegas explained the limitations of augmented reality (AG), and why most tourists probably won't be interested in holding their iPhones in front of them. Oh, and the app only provides details on MGM Mirage casinos... Understandable, but a little frustrating if one was expecting to use this somewhere like The North Strip, where there's only one MGM Mirage casino (Circus Circus).
And with all these technological advances, we'll have to wait and see how tourists react. So far, Aria's "fully integrated room technology" isn't getting overwhelming rave reviews due to the constant glitches. If Cosmo and other hotels are hoping to go in this direction, it will be crucial for them to ensure that everything actually works.
Otherwise, the future looks bright for more geeky techie goodness coming to entertain us, comfort us, and inform us here in Las Vegas. :-)
Friday, May 21, 2010
Casinos: On the Passing of "Theme Park Casinos"
Casinos may no longer be done like this, but the debate rages on. Were we right in ditching the theme parks for something else?
Hunter at RateVegas posted a photo of TI, and it got me thinking... And arguing.
In the early 1990s, Circus Circus mastered the art of bringing middle class families (with the kids!) to Las Vegas in building Excalibur, and later Luxor. And from there on, the other major casinos were trying to follow suit. MGM Grand originally had a giant theme park (where The Signature towers now stand). Treasure Island was intended to be a place where the kids could explore while the parents gambled. Vegas was a very different town back then.
These '90s theme parks were evidence of the Vegas casinos pursuing the "middle class family" sector that regularly takes trips to the two Orange Counties (California and Florida). That's what all the heavy theming was really all about. The kids wanted somewhere fun, and the parents wanted somewhere for the kids to have fun while they gambled. They were "exotic destinations" that the whole family could supposedly enjoy. But ultimately, the formula didn't work. I couldn't ever imagine Disneyland with a casino.
And by the early 2000s, attitudes were changing. The Strip was becoming "adults only" again. Mandalay Resort Group was already starting the de-theming with Luxor v.1996 and Mandalay Bay. The Palms didn't even go with any type of theme park, opting for a "hip party palace" vibe instead. And after initially flirting with Vegas in the '90s, the family set ultimately stuck with the two Orange Counties while MTV's "Real World: Las Vegas" (FINALLY) made Vegas look attractive to younger crowds.
Let's be honest here. Las Vegas has never really been considered the ideal "family friendly destination", and that's why I think the "theme park casino" concept was doomed from the start. Sure, there are places here in town where the tourists can take the kiddies. Obviously if we can raise kids here year-round, tourists can survive with the kids in tow. However, we'll never be a place like Orange County where families can go from Disneyland to Surf City and keep the kids excited all day.
And you know what? That's OK. We have gambling. We have fine dining. We have shopping. We have great spas. And of course, we have nightclubbing... And now dayclubbing! We're an adult oriented destination, and that's OK.
That's why I honestly don't miss the "theme park casinos" that dominated The Strip in the 1990s. It seemed then like they were pretending to be something they weren't. The casinos were pretending to be "kid-friendly fun zones" when they really just wanted the parents' cash, and Las Vegas was pretending to be another Orange County when we could never really fit that mold.
When I step into Wynn and Encore, it feels like a place where Steve Wynn and Roger Thomas finally had the full freedom to create a unique and luxurious experience. When I step into Aria, it feels like a cool and jazzy place that is really its own place. I even feel very comfortable at Mandalay Bay, as I think Circus Circus/Mandalay Resort Group saw where Steve Wynn was starting to go with Bellagio and taking it further in dropping the heavy theming to instead just provide a classy resort that doesn't have to pretend to be something else (save for perhaps the wave pool/"beach").
For me, it's OK for casinos to just be casinos... OK, maybe not. Still, I appreciate the casino resorts of today that aim higher. Wynn and Encore are a study in "maximalist" postmodern design that simultaneously incorporated the rich history of "Old Vegas" opulence and "New Vegas" chic. CityCenter is what happens when a casino resort complex takes a new direction in incorporating natural elements, contemporary minimalist cool, and the great postmodern art of our time.
So what's wrong with Las Vegas being herself? Especially when we have nothing to be ashamed of? Let's just be ourselves, especially now that we've matured into
Friday, May 14, 2010
NV-Sen: Suzy Lowdown Campaign Meltdown?
So Suzy Lowdown tried desperately to change the subject from her flailing campaign this week by attacking Harry Reid for saving CityCenter, taking Perini's side in the MGM Mirage v. Perini dispute over CityCenter, and looking like a fool. So what is she saying? That Perini did a great job in screwing up The Harmon? That all those construction worker deaths were no big deal? That it would have been better if CityCenter weren't built and MGM Mirage, Nevada's single largest employer, had gone belly up bankrupt?
Oh yeah, and didn't Ms. Suzy have her own little issue with not paying the construction bills for her fancy dancy Summerlin mansion? What was that line Jesus said about taking the log out of one's own eye before worrying about the speck in someone else's?
Yeah, Suzy Lowdown, destroying Nevada workers' jobs really is your job!
And of course, this was only just one facet of the continuing Suzy Lowdown campaign meltdown. According to the "poll" from "the 'newspaper' that shall not be named", Ms. Suzy holds a measly 30-25 lead over Batsh*t Crazy Sharron Angle in the GOoP primary with Lil' Tark Shark swimming just a little further behind at 22%. Heh. And "the 'newspaper' that shall not be named" was already crowning Lowdown the winner just a month ago?
And what about the other GOoPers nipping at Suzy Lowdown's big, red designer heels? Apparently, they didn't get the memo that Ms. Suzy was already supposed to be "the winner"... And the teabaggers are thumbing their noses at her as they're embracing the new love of their lives, Batsh*t Crazy Sharron Angle.
So is this Ms. Suzy's swan song? Or should I say chicken cluck?
Maybe not yet. She may yet survive the GOoP primary... But no matter who makes it out clucking, a certain someone from Searchlight is still smiling. I guess Jon Ashjian didn't even have to wreck the Nevada GOoP... Suzy Lowdown is already on her way to doing that herself, whether or not she wins the primary. :-)
Oh yeah, and didn't Ms. Suzy have her own little issue with not paying the construction bills for her fancy dancy Summerlin mansion? What was that line Jesus said about taking the log out of one's own eye before worrying about the speck in someone else's?
Yeah, Suzy Lowdown, destroying Nevada workers' jobs really is your job!
And of course, this was only just one facet of the continuing Suzy Lowdown campaign meltdown. According to the "poll" from "the 'newspaper' that shall not be named", Ms. Suzy holds a measly 30-25 lead over Batsh*t Crazy Sharron Angle in the GOoP primary with Lil' Tark Shark swimming just a little further behind at 22%. Heh. And "the 'newspaper' that shall not be named" was already crowning Lowdown the winner just a month ago?
And what about the other GOoPers nipping at Suzy Lowdown's big, red designer heels? Apparently, they didn't get the memo that Ms. Suzy was already supposed to be "the winner"... And the teabaggers are thumbing their noses at her as they're embracing the new love of their lives, Batsh*t Crazy Sharron Angle.
So is this Ms. Suzy's swan song? Or should I say chicken cluck?
Maybe not yet. She may yet survive the GOoP primary... But no matter who makes it out clucking, a certain someone from Searchlight is still smiling. I guess Jon Ashjian didn't even have to wreck the Nevada GOoP... Suzy Lowdown is already on her way to doing that herself, whether or not she wins the primary. :-)
Friday, April 23, 2010
Casinos: CityCenter Makes Conde Nast Traveler's "Hot List", Harrah's to Sell Rio?, Boyd Throws Station Reorganization Plans into Limbo
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Yep, you heard me right... MGM Mirage finally got some good news for CityCenter. Conde Nast Traveler has put both Aria AND Mandarin Oriental in its "2010 Hot List"! Apparently the rooms, the art, the restaurants, and the green touches all make Aria a winner in its book (even if Vegas Tripping and Rate Vegas' TWHT weren't as impressed initially). And since Conde Nast Traveler is quite revered as an authority on luxury travel, perhaps it can help encourage more of those high-end travelers needed to come and help CityCenter turn a profit?
Meanwhile in Harrah's territory, they may be considering (AGAIN!) selling The Rio. But unlike past rumors, which were just glorified gossip, this time it's getting press in Bloomberg Businessweek.
Harrah’s Entertainment Inc., the casino company owned by Apollo Management LP and TPG Inc., is seeking bids for the Rio All-Suite Hotel & Casino in Las Vegas, people with knowledge of the situation said.
Starwood Capital Group LLC and Colony Capital LLC are among the companies that are weighing bids for the resort, said the people, who declined to be identified because the talks are private. Some bids value the Rio at about $500 million, two of the people said.
Harrah’s, the world’s biggest casino company, is exploring a sale of the off-Strip property two months after buying Planet Hollywood Resort & Casino. Las Vegas is coming out of a two-year slump that took casino operators to the brink of bankruptcy. Chief Executive Officer Gary Loveman cut Harrah’s debt by $4.2 billion in 2009 by offering creditors new bonds at a discount. He extended maturities on another $5.5 billion this year.
Dave McKee has more on this, including his thoughts on who might be the early favorite to snatch The Rio. He thinks Colony Capital (which currently owns The Las Vegas Hilton, as well as a chunk of the possibly-soon-to-emerge-from-bankruptcy Station Casinos) is the frontrunner, followed closely behind by Starwood Capital Group (which currently owns Sheraton, Westin, St. Regis, and a number of other hotel brands). However someone in the comments there mentioned the constant rumor that Penn National Gaming (which came close to buying the bankrupt Fontainebleau, which ended up in Carl Icahn's hands) may get it, which is always a possibility considering how badly it wants to enter the Las Vegas market.
So will The Rio be banished from Planet Harrah's? We don't really know yet, since the company isn't saying anything... Yet. But since Harrah's has already tried multiple times to sell The Rio, I wouldn't be surprised if they finally let it go this year.
And finally, speaking of Station Casinos, its long, hot mess of a bankruptcy isn't over quite yet... Boyd Gaming and the unsecured creditors are challenging the reorganization plan! They specifically object to the proposed PropCo/OpCo plan to let Station keep Red Rock, Sunset, Palace, and Boulder along with the proposed "Viva" site and the Las Vegas Blvd/Cactus Ave. plot of land while putting all the other assets (or OpCo) into "auction". Boyd and the creditors are claiming that the "auction" process and PropCo/OpCo divide put Station and Colony at an unfair advantage over everyone else (including Boyd, which badly wants to buy as much of Station as the Nevada Gaming Commission will allow).
Oh, and a group of independent lenders is also objecting to Station's plan.
"By excluding OpCo assets of significant value, as well as the PropCo assets, from the proposed Station Casinos sale, the debtors are not allowing their assets to be shopped as their fiduciary duty requires," Boyd charged in court papers.
Boyd also noted that its offers to purchase Station assets in February and December 2009 were not accepted. The last offer for the entire company was for $2.45 billion.
"We now know that the debtors were only interested in pursuing an insider transaction at the expense of their creditors' interests in breach of the board's fiduciary obligations," Boyd's filing said. "The court should not sanction the debtors' ongoing blatant disregard for the creditors' interests by approving these one-sided bidding procedures."
Similar objections were filed Wednesday by the case's Official Committee of Unsecured Creditors, representing bondholders and others owed some $2.5 billion. The unsecured creditors charged that the Fertittas and Colony Capital have arranged to acquire a 50 percent interest in the PropCo properties at a 15 percent discount while arranging a lucrative 25-year management deal for those properties.
"These series of transactions are structured, using New PropCo and Fertitta Gaming, to camouflage the conflicts of interest and self dealing that are at the heart of the ... plan," attorneys for the unsecured creditors charged.
"The proposed restructuring is simply a deliberate campaign by those controlling Station Casinos to benefit themselves, its equity owners, at the expense of Station Casinos' creditor constituents," the creditors charged.
Another objection was filed by a group of independent lenders, which also complained that assets crucial to the operation of the OpCo casinos would not be included in the OpCo auction.
"From the perspective of the OpCo creditors, the process makes no sense: It's like selling KFC without the Colonel's secret recipe, or selling Coke without the formula, because the seller fails to capture the full value of the enterprise and the buyer acquires a business crippled without its competitive advantage," the lenders charged.
So will all their objections be enough to derail the Fertittas' plan to take Station out of bankruptcy? We'll have to wait and see.
Wednesday, April 14, 2010
Taking a Look at MGM Mirage's Preliminary 2010 Q1 Earnings
So today, MGM Mirage gave us a sneak peek of what to expect when it releases its full Q1 earnings report in the next couple of weeks. Here's The Wall Street Journal's rundown.
So MGM Mirage's early results look mixed compared to Wall Street expectations, but Wall Street is looking fairly negatively so far. MGM stock closed about 5.6% lower in after hours trading (though off its lows from about two hours ago), which means it will likely open much lower when the New York Stock Exchange (NYSE) reopens for trading tomorrow morning. What's all the commotion about?
As the analysts were saying on that CNBC clip I posted above, there's still concern over consumer spending... And apparently rightfully so, considering MGM's Las Vegas Strip REVPAR (revenue per available room) slid 8% to $94. However MGM's average room rates actually rose to $111 per night while occupancy remained stable at 85%, which was especially quite the feat considering Aria being a drag at only 63% occupancy.
And that's just it, CityCenter's first earnings report was a dud. MGM Mirage is expecting to report a $255 million operating loss on CityCenter in Q1 2010. However, it is still quite young and MGM is still expecting better results later in the year as summer tourist season approaches. And with overall Vegas tourism and gaming numbers improving in late 2009 and continuing this trend so far in 2010, there's certainly reason to hope.
So what should we take out of the early MGM Mirage numbers? It's still looking tough out here in Vegas, but things aren't looking so scary any more. And hopefully when the Las Vegas Sands, Harrah's Entertainment, and Wynn Resorts numbers come out, we'll get an even better picture of the overall financial health of The Strip.
MGM said it expects a 22-cent first-quarter loss, swinging from a 38-cent profit a year earlier, though both contained one-time items.
Excluding a large gain from extinguishing debt and a smaller impairment charge, the loss would have been 31 cents a share. Analysts, who typically exclude one-time items from their view, were expecting a 21-cent loss, according to a survey by Thomson Reuters.
The company also said revenue would likely be $1.46 billion, above the average analyst estimate for $1.43 billion. The first-quarter projection represents another year-on-year sales slide. Total casino revenue is expected to be approximately 5% lower than the prior year, an improvement from the fourth quarter's 11% drop.
MGM said that its revenue-per-available-room, a key lodging metric, on the Las Vegas Strip fell 8% from a year earlier, with occupancy of 85%. The tourist haven has struggled in the recession as gamblers either quit to save money or placed their bets at casinos closer to home, while corporations are avoiding taking business trips to such a flashy locale.
So MGM Mirage's early results look mixed compared to Wall Street expectations, but Wall Street is looking fairly negatively so far. MGM stock closed about 5.6% lower in after hours trading (though off its lows from about two hours ago), which means it will likely open much lower when the New York Stock Exchange (NYSE) reopens for trading tomorrow morning. What's all the commotion about?
As the analysts were saying on that CNBC clip I posted above, there's still concern over consumer spending... And apparently rightfully so, considering MGM's Las Vegas Strip REVPAR (revenue per available room) slid 8% to $94. However MGM's average room rates actually rose to $111 per night while occupancy remained stable at 85%, which was especially quite the feat considering Aria being a drag at only 63% occupancy.
And that's just it, CityCenter's first earnings report was a dud. MGM Mirage is expecting to report a $255 million operating loss on CityCenter in Q1 2010. However, it is still quite young and MGM is still expecting better results later in the year as summer tourist season approaches. And with overall Vegas tourism and gaming numbers improving in late 2009 and continuing this trend so far in 2010, there's certainly reason to hope.
So what should we take out of the early MGM Mirage numbers? It's still looking tough out here in Vegas, but things aren't looking so scary any more. And hopefully when the Las Vegas Sands, Harrah's Entertainment, and Wynn Resorts numbers come out, we'll get an even better picture of the overall financial health of The Strip.
Monday, March 15, 2010
NV-Sen: Worst. Ad. EVAH!
(Also at Stonewall)
There's only one word that can truly describe this despicable bullshit:
FAIL!
I'd talk more about the despicable bullshit lies thrown around in this trashy excuse of a political ad, but for now I'll focus on it as the radical right's EPIC FAIL. From Dullard Mush:
Now how can I argue with this? I can't... And why should I? It's the Rethuglicans embarrassing themselves BIG TIME!
Richard Abowitz, who usually doesn't focus on politics at Gold Plated Door, made an exception today in his critique of the ad:
Oh, yes... This should really win votes! Curry Nevadans' favor by trying to convince us to dump our powerful voice in Nevada, denounce our largest employer and bash them as "slave masters", and bash our friends and family members who work at the casinos as "evil union leaders"?
I wonder what MGM Mirage workers think about this. No wait, actually I don't. I bet they agree with CEO Jim Murren and are glad that CityCenter opened and they have jobs.
Again, this is just trashy... And I'm confident this won't work. In fact, I'm hoping by showing you this video, I will have lit a fire under your ass so that you'll be making sure we continue to have a strong advocate for working Nevadans in Harry Reid.
There's only one word that can truly describe this despicable bullshit:
FAIL!
I'd talk more about the despicable bullshit lies thrown around in this trashy excuse of a political ad, but for now I'll focus on it as the radical right's EPIC FAIL. From Dullard Mush:
For all the hype regarding the Expose Harry ads that were coming down the pike, one could be forgiven for thinking the Harry Reid death blow was at hand. After all, this was going to be from the team that helped doom Michael Dukakis in 1988 with the classic "Willie Horton" ad.
But, instead, it looks like something a Jr. High beginning video class would put out ... as a rough cut. For chrissakes, it plays like a low-budget union ad against MGM Mirage, not some great indictment of Reid.
It fails on virtually every level. Where was the deep and concerned narrator's voice, the ominous background music, the financial ties to Reid (like, oh, how much money he's received from MGM Mirage) and what's with the monstrous fonts at the end? It looks and sounds like something Todd Taxpayer whipped up for a buck and change over his lunch break.
Now how can I argue with this? I can't... And why should I? It's the Rethuglicans embarrassing themselves BIG TIME!
Richard Abowitz, who usually doesn't focus on politics at Gold Plated Door, made an exception today in his critique of the ad:
Wow, this is a stupid advertisement. I don’t often have opinions on political matters. But you can really tell that this was created by people outside Las Vegas and Nevada. I do think it is a scandal that Nevada gaming authorities gave Dubai World a pass on the behavior of a sovereign dictatorship no matter how benign and business-like the veneer. But blaming the Senator from Nevada via attacking his efforts on behalf of MGM-Mirage (the largest private employer in Nevada) is hardly an approach designed to appeal to voters here. And, when done bashing the Senator, the commercial seems to take a gratuitous shot at unions; in Las Vegas that means attacking a great many of the workers in casinos on the Strip. Maybe, nationally this sort of low blow advertisement can make a Senate Majority Leader less popular. But to a Vegas audience this advertisement is incoherent.
Translation moment for locals: when the advertisement calls MGM-Mirage “the slave bosses” –this is not a metaphor. And, how does that relate to Senator Reid? Oh, yes; he supports MGM-Mirage who are “the slave bosses.”
Sure Senators from Nevada are beholden to casino interests. But the sad truth is that you have to be a bit more specific to form that reality into a complaint. All Senators from Nevada support casinos, always, and forever. There will never be a Senator from Nevada who denounces casinos, duh.
Nevada is not used to being this important, politically. We were the place everyone else wanted to dump nuclear waste. Now, with a Senate Majority Leader from this state, that insane idea is dead. And, Nevada instead attracts advertisements seemingly dumped here from out of state.
Oh, yes... This should really win votes! Curry Nevadans' favor by trying to convince us to dump our powerful voice in Nevada, denounce our largest employer and bash them as "slave masters", and bash our friends and family members who work at the casinos as "evil union leaders"?
I wonder what MGM Mirage workers think about this. No wait, actually I don't. I bet they agree with CEO Jim Murren and are glad that CityCenter opened and they have jobs.
Again, this is just trashy... And I'm confident this won't work. In fact, I'm hoping by showing you this video, I will have lit a fire under your ass so that you'll be making sure we continue to have a strong advocate for working Nevadans in Harry Reid.
Monday, March 8, 2010
Betting on Michelin Stars: Tapas Muy Deliciosas en Julian Serrano
Tucked in a corner of the grand casino at Aria, the heart of MGM Mirage's brand new CityCenter project, is Julian Serrano. Yes, it's Spanish. Yes, it's tapas. And yes, the food here is fantastic!
Start off with something like the stuffed piquillo peppers. The goat cheese inside is creamy and tangy. The pepper outside is cooked just right. And oh my, the savory tomato sauce pulls it all together and makes it extra delicious!
And if that isn't amazing enough, order the mushroom and manchego risotto. Maybe you've had good risotto dishes before, but this takes risotto to another level with tasty mild mushrooms and tangy manchego cheese. Of course, it also doesn't hurt that the risotto is cooked to al dente perfection... Perfect to absorb that lovely sauce.
Go ahead, order a sangria. It's quite refreshing... And fruity, too!
And while we're talking sweet stuff, it's time to talk about flan. Honestly, the flan itself doesn't really have a strong flavor profile... But thankfully, the strawberry compote on top and light caramel sauce on bottom enliven this plate! And when all three combine, that's when the magic happens on this plate.
And just days after Cafe Ba Ba Reeba closed further up The Strip, it was truly heartwarming to go to Aria today and find all these fabulous tapas dishes at Julian Serrano. Maybe it didn't work out at first, but it ultimately looks like good Spanish cuisine is back on The Strip and will be here to stay.
And by the way, don't hesitate to come and enjoy this place! MGM Mirage did something truly revolutionary on The Strip in taking CityCenter in such a green direction, and the rest of Las Vegas really is following. All of the CityCenter hotels (Aria, Vdara, and Mandarin Oriental) have achieved LEED Gold Certification in sustainable design, as well as the adjacent Crystals shopping mall.
So if that isn't enough to bring you here, I don't know what is. ;-)
And by the way, you always find more of my food reviews at my Urbanspoon page.
Thursday, February 25, 2010
CityCenter... Revisited
I'm sure y'all remember what happened last year when I shared my honest opinions on CityCenter. So have things changed? What's happening so far in 2010?
Well, it looks like MGM Mirage is surviving with it so far. The company's overall losses are dropping, and there seems to be a viable plan for Aria to turn a profit (scroll down to see the comments at this link to see the Aria profit talk).
So how's it really faring? Well, I did a little "investigative reporting" (hehe) when I did a grand tour of CityCenter with Hunter @ RateVegas see for myself. Here's the "evidence" (with some Bellagio pics thrown in for the heck of it).
And the verdict? I'm still amazed by the architecture. I'm fascinated by the very "un-Vegas-y" minimalist design.
However, there are still some clear problems popping up that MGM Mirage needs to fix ASAP for CityCenter to reach its full potential. For one, why isn't it easier to reach Aria from The Strip? And if all the tourists heading to Aria must be funneled through Crystals, then why aren't there more stores that cater to more of them? (Not all tourists can afford a Louis Vuitton handbag, and not all of them are interested in buying that or a Hermes scarf... Seriously, no Disney Store? No Vegas souvenir store?)
Also, why is Vdara still such a hot mess? Here's a news flash for MGM Mirage: The "condo-tel" concept hasn't really worked in Vegas, and this is even less likely to work since the standard "suites" are way too damned small (550 sq. ft.) to function as real "homes". Oh, and at this point (nearly 4 months since opening!) there's no good excuse for bad layout, malfunctioning items, and uneven service!
Clearly, CityCenter is still suffering from some serious growing pains. And seriously, MGM Mirage still has plenty of work to do in fixing them and making CityCenter (especially the main Aria/Crystals/Vdara component of it) work. I'm hoping they'll succeed, since it's in the best interest of Las Vegas and Nevada for CityCenter and MGM Mirage to succeed. It's just that CityCenter still needs a little more reworking to really work out for everyone's benefit.
Well, it looks like MGM Mirage is surviving with it so far. The company's overall losses are dropping, and there seems to be a viable plan for Aria to turn a profit (scroll down to see the comments at this link to see the Aria profit talk).
So how's it really faring? Well, I did a little "investigative reporting" (hehe) when I did a grand tour of CityCenter with Hunter @ RateVegas see for myself. Here's the "evidence" (with some Bellagio pics thrown in for the heck of it).
And the verdict? I'm still amazed by the architecture. I'm fascinated by the very "un-Vegas-y" minimalist design.
However, there are still some clear problems popping up that MGM Mirage needs to fix ASAP for CityCenter to reach its full potential. For one, why isn't it easier to reach Aria from The Strip? And if all the tourists heading to Aria must be funneled through Crystals, then why aren't there more stores that cater to more of them? (Not all tourists can afford a Louis Vuitton handbag, and not all of them are interested in buying that or a Hermes scarf... Seriously, no Disney Store? No Vegas souvenir store?)
Also, why is Vdara still such a hot mess? Here's a news flash for MGM Mirage: The "condo-tel" concept hasn't really worked in Vegas, and this is even less likely to work since the standard "suites" are way too damned small (550 sq. ft.) to function as real "homes". Oh, and at this point (nearly 4 months since opening!) there's no good excuse for bad layout, malfunctioning items, and uneven service!
Clearly, CityCenter is still suffering from some serious growing pains. And seriously, MGM Mirage still has plenty of work to do in fixing them and making CityCenter (especially the main Aria/Crystals/Vdara component of it) work. I'm hoping they'll succeed, since it's in the best interest of Las Vegas and Nevada for CityCenter and MGM Mirage to succeed. It's just that CityCenter still needs a little more reworking to really work out for everyone's benefit.
Monday, January 4, 2010
Betting on MGM Mirage's (& Las Vegas')... SUCCESS? T. Rowe Price Is. For $277 MILLION!
Oh yes, you heard me right. The Baltimore investment firm is now investing a grand total of $277 million in MGM Mirage. But why, especially when so many are still expecting MGM Mirage to fail?
Apparently, we Americans love spending money so much that T. Rowe Price is expecting us to stop being tightwads and have more fun once it becomes clearer the economy is recovering.
Even though Fath admitted later in The Sun's story that he thinks MGM Mirage went in too deep with CityCenter, he now also thinks expectations have been set so low that a modest profit for their new project will be enough to restore confidence in the company, and in Las Vegas... Despite still feeling bearish on other gaming companies with debt problems, like Harrah's Entertainment, Las Vegas Sands, and Station Casinos.
Well, casino operators have had good reason to be afraid of raising rates. In the dark, hard times of 2009, they had to lower rates just to fill the rooms and cut their losses. If even Steve Wynn agreed to do it, then what else could they have done?
However, things may be changing. Vegas room rates for New Year's Eve 2009/10 were up 4% over NYE 2008/09, and a number of hotels, from Aria to Paris to Sam's Town to The M, were all sold out by December 30. Now we're still nowhere near 2007 room rate highs, but occupancy looks to be flat... Which is a minor miracle of its own, considering all the new hotel rooms added last year on The Strip (CityCenter, PHo Westgate), on Paradise (Hard Rock's new towers), and in Henderson (The M Resort).
So perhaps we finally hit rock bottom at some point in 2009 and are poised for some kind of comeback in 2010? I hope so, and it looks like T. Rowe Price is betting so with its bet on MGM Mirage. And looking at the first tea leaves for 2010, perhaps better days lie ahead in the new year.
Apparently, we Americans love spending money so much that T. Rowe Price is expecting us to stop being tightwads and have more fun once it becomes clearer the economy is recovering.
[T. Rowe Price portfolio manager Joseph] Fath’s optimism for MGM Mirage is mainly based on macroeconomic trends, such as recent growth in the gross domestic product, rather than any grand company strategy. Lately, he has been poring over such mind-numbing statistics as retail inventories and manufacturing shipments — data that seem far removed from the glitz and salesmanship of the Strip.
In a phone interview, Fath said he thinks the figures serve as signals of business demand and an eventual indicator of whether Joe and Jane Pittsburgh — or their counterparts in, say, China — will splurge in Las Vegas.
“I feel better than I ever have this year,” Fath said with an audible sigh of relief that sounded out of place on the other end of the phone line, in the nation’s foreclosure capital.
“Things are absolutely better than they were six months ago. Job losses are slowing and home foreclosures are starting to clear. This will be a delayed recovery. But it’s a question of how fast things pick up and what that looks like.”
Some have made similar comments. But what sets Fath apart from the many skeptics who fear for MGM Mirage and Las Vegas tourism in general is his continued belief in a tenet of American culture: “This is a consumption nation. As people’s balance sheets get better, they will spend more.”
Even though Fath admitted later in The Sun's story that he thinks MGM Mirage went in too deep with CityCenter, he now also thinks expectations have been set so low that a modest profit for their new project will be enough to restore confidence in the company, and in Las Vegas... Despite still feeling bearish on other gaming companies with debt problems, like Harrah's Entertainment, Las Vegas Sands, and Station Casinos.
Given lowered financial expectations for CityCenter, the property, he said, only has to generate a modest profit for MGM Mirage stock to benefit. CityCenter will hurt the lowest-performing and least competitive properties, which isn’t necessarily a bad thing for the Strip or MGM Mirage, which owns several of the Strip’s more profitable resorts, he added. [...]
MGM Mirage will seek to refinance its heavy debt load, while likely taking cash out of CityCenter in exchange for debt on the mostly equity-financed project, Fath said. “There’s still heavy lifting to do, but the nasty stuff is done.”
This year will be bumpy, he warns, with business likely to grow in the second half of the year and into next year. “The average Joe needs to feel better about things and for that to happen, things like employment and housing prices need to pick up.”
And yet, many Strip resorts, especially those owned by MGM Mirage, have been able to maintain high occupancy rates by offering unprecedented deals. Thirty-five million visitors flocked to Las Vegas this year in a crummy economy.
“The demand is there. They need to book business at higher rates. But a lot of operators are scared to raise rates,” Fath said.
Well, casino operators have had good reason to be afraid of raising rates. In the dark, hard times of 2009, they had to lower rates just to fill the rooms and cut their losses. If even Steve Wynn agreed to do it, then what else could they have done?
However, things may be changing. Vegas room rates for New Year's Eve 2009/10 were up 4% over NYE 2008/09, and a number of hotels, from Aria to Paris to Sam's Town to The M, were all sold out by December 30. Now we're still nowhere near 2007 room rate highs, but occupancy looks to be flat... Which is a minor miracle of its own, considering all the new hotel rooms added last year on The Strip (CityCenter, PHo Westgate), on Paradise (Hard Rock's new towers), and in Henderson (The M Resort).
So perhaps we finally hit rock bottom at some point in 2009 and are poised for some kind of comeback in 2010? I hope so, and it looks like T. Rowe Price is betting so with its bet on MGM Mirage. And looking at the first tea leaves for 2010, perhaps better days lie ahead in the new year.
Friday, January 1, 2010
2010: What's Next
Happy New Year... Or will it be? Oh, I think so.
Over the next few days, I'll be collecting on my thoughts on what may lie ahead in 2010. Now that we're done looking back in 2009, we can now look forward.
In the mean time, here's what I'm looking forward to in 2010:
- Harry Reid surviving yet another Senate reelection campaign, thanks to a major victory on health care and an improving Nevada economy (as well as the total incompetence of the GOP).
- Continued turbulence in the Governor's race... Already declared one of the most interesting in the country, and this was BEFORE Oscar Goodman jumped into it!
- CityCenter continuing to prove itself as more of the complex opens to the public and the entire project defines its own identity.
- What happens next with the Station Casinos bankruptcy, and whether Boyd Gaming will ultimately conquer (most of) Station.
- Whatever will happen to The Cosmopolitan, Fontainebleau, Echelon, and all the other stalled projects on The Strip.
So what are you thinking about 2010 so far? What do you think will happen to the gaming industry and tourism? And will Nevada ever diversify and allow new industries and new ideas in?
Let's see what happens in the year ahead.
Over the next few days, I'll be collecting on my thoughts on what may lie ahead in 2010. Now that we're done looking back in 2009, we can now look forward.
In the mean time, here's what I'm looking forward to in 2010:
- Harry Reid surviving yet another Senate reelection campaign, thanks to a major victory on health care and an improving Nevada economy (as well as the total incompetence of the GOP).
- Continued turbulence in the Governor's race... Already declared one of the most interesting in the country, and this was BEFORE Oscar Goodman jumped into it!
- CityCenter continuing to prove itself as more of the complex opens to the public and the entire project defines its own identity.
- What happens next with the Station Casinos bankruptcy, and whether Boyd Gaming will ultimately conquer (most of) Station.
- Whatever will happen to The Cosmopolitan, Fontainebleau, Echelon, and all the other stalled projects on The Strip.
So what are you thinking about 2010 so far? What do you think will happen to the gaming industry and tourism? And will Nevada ever diversify and allow new industries and new ideas in?
Let's see what happens in the year ahead.
Wednesday, December 30, 2009
Best of 2009 #1: "CityCenter, CityCenter, CityCenter!"
Come on, you knew this was coming. It's the largest private construction project in the nation's history. It's created at least another 12,000 jobs for Nevadans badly in need of work...
And will likely come in handy to save Harry Reid's job in DC...
And it's refueled a long simmering controversy over the death of "Old Vegas" and whether a CityCenter-like business model is better for the Nevada gaming industry than the type of business model "one of the boys" would "think up".
Well, we know for sure that "one of the boys" wouldn't think this up!
Or this...
Or this...
Or this...
And especially this!
An environmentally friendly Vegas casino? REALLY??!!
So obviously, there is plenty to talk about CityCenter. And going into 2010, this will still be a major development in the ongoing saga of The Las Vegas Strip.
So first, let me remind you of something I wrote late last month about how quintessentially "Las Vegas" CityCenter really is.
....
So The Sun has a big story today on City Center's grand opening. Jim Murren's putting on his confident face for the grand occasion. MGM Mirage continues to reassure us that Dubai World's debt crisis won't send Las Vegas' newest attraction crashing to the ground. So City Center starts opening this week and all of Vegas holds its breath.
I really think Jim Murren's heart was in the right place with City Center. Despite what all the critics are saying, it is exactly what Las Vegas needs. Until very recently Las Vegas has lacked an urban center, an artistic edge, and forward-thinking design. But now with City Center, we finally have something to call our own... Not just another carbon copy of yet another world landmark, but a stunning collection of postmodern architecture that we can really call our own.
It just seems like this was cursed with bad timing and bad financing. MGM Mirage has relied on Dubai World to help complete this project, but now Dubai is collapsing on its own debt load. MGM Mirage has also taken on more debt than it could handle in trying to monopolize almost all the west side of The Strip. In many ways, the tale of City Center so far is a reflection of the George W. Bush era of unbridled corporate greed let loose to cannabalize our economy.
I guess in many ways, City Center is a reflection of Jim Murren himself. We see his beautiful artistic side with the whimsical design of the buildings, the public art adorned all over, and the "green" defining this entire project. However we also see Murren's darker corporate side with the construction death scandals, the now hot mess with the Dubai World financing, and the constant reminder that the era of "New Vegas", started 20 years ago when Steve Wynn opened The Mirage and brought the "Wall Street Raiders" to conquer Las Vegas, has come to a brutal end here as we contemplate how to move forward in a "New New Vegas" with a more sustainable, both environmentally sustainable AND economically sustainable, future.
I still hope for success with City Center. We need some success in Las Vegas for a change. I guess I'm now also hoping that this become a wake-up call to all of us that Las Vegas needs to change. "Old Vegas" left the building long ago with its mafia history and Old Hollywood glory, and "New Vegas" didn't quite work out as planned, fueled as it was by unsustainable real estate speculation and "construction begetting construction" that was long doomed to fail. Now the cynics and skeptics that always predict the fall and demise of Las Vegas have somehow always been proven wrong, as we somehow always adapt for survival and undergo a metamorphosis to ultimately thrive. But that's just it, we succeed when we change what's wrong and do what's right.
Las Vegas could have died when the luster of the new railroad wore off, but instead we legalized gambling and made marriage (and divorce) so damned easy that almosr anyone could do it. Las Vegas could have died when World War II ended and the military build-up eased off, but instead The Strip was born and Hollywood glamour transformed our once sleepy outpost in the Mojave Desert into the cutting edge of "cool". Las Vegas could have died when the mob was driven out of town by the feds and the gaming regulators, but instead Howard Hughes ushered in a new era of "corporate casinos" that led Kirk Kerkorian to build bigger and inspired Steve Wynn to build better. Las Vegas could have died with the post-9/11 tourist slump, but instead this town became the "it destination" that's now made us the most visited place on earth.
I really think Las Vegas is at another turning point today. And interestingly enough, City Center may lead us to our future. We will be reminded of Wall Street greed gone wrong, but also inspired by eco-friendly design done right. We will be horrified by the massive corporate debt loads and shady "wheelin-dealin'" enabled by the corporate right and conservative wet dreams of hyper-deregulation, but we will also be awestruck by the moving public art that will encourage us to let our imagination run wild and free.
City Center now embodies Las Vegas. It tells the story of our past, warts and "beauty marks" and liposuctions and facelifts and triple bypass operations and all. It reflects our present, a jarring contrast of celebrity panache and inglorious economic collapse. It shows the way to our future, hopefully one that includes living in concert with Mother Nature and building a stronger community with a sound economy.
So let City Center open and start a new chapter in the great Las Vegas story.
....
And now, I'll move onto something I wrote this month when I was a little miffed at MGM Mirage CEO Jim Murren "dissing" us Vegas locals.
....
Jim Murren is now in the hot seat over City Center. It's just starting to open up, and people are starting to wonder what will be next for MGM Mirage's big bet.
Will it fail?
Will it succeed?
What happens now to Las Vegas?
We'll all soon be finding out in the coming days, weeks, and months. In the mean time, a mini-scandal is emerging over what Murren said in the last video clip above. Steve Friess first caught this in the transcript of last night's "Face to Face", when Jon Ralston asked Jim Murren about what he had earlier told Friess for his LA Weekly write-up on City Center.
Here's the original clip from LA Weekly:
And in case you haven't yet started uploading that second video, here's how Murren made it worse.
Donde los yikes??!! Does Jim Murren really want to kick sand in the locals' faces? And worse yet, does he really want to hand over all these potential customers to Boyd Gaming and Station Casinos on a silver platter? Many of my neighbors already complain all the time about how expensive everything on The Strip is, how much traffic always plagues The Strip, and how snooty all those fancy-schmancy hotels on The Strip are. By Jim Murren adding to "the snooty factor", how will he ever get my neighbors out of Green Valley Ranch, Sam's Town, or The M to venture to The Strip to see City Center?
I guess if he's really not all that upset if locals never visit Aria, Tony Marnell will really appreciate keeping more local business at The M.
But really, this is just one of the many concerns MGM Mirage should still have about City Center. I toured Crystals with my dad last weekend after I gave him an intimate "birthday celebration" at Aureole at Mandalay Bay. (By the way, I'm obviously NOT one of those Strip-hating locals!)
Now let me say that I just LOVE the design of this place! It's very "eco-chic", and I'm digging it. However, my dad wasn't...
That is, he wasn't finding Crystals all that attractive. For one, not all the stores are open yet. Furthermore, most of the ones that are open have already set foot in Southern California (where Dad still lives), in exclusive "shopping resorts" there like Orange County's South Coast Plaza and LA/Beverly Hills' Rodeo Drive. So not only might Jim Murren have a problem with Vegas locals, but he may also have trouble finding Californians to jump up the 15 to see something that they think they've already seen in LA and OC.
So what's his plan to lure in travelers who aren't all that into postmodern architecture and/or high-end designer label shopping? Does he have one?
I hope he does... And he thinks of one fast. I really think City Center can be a huge success, but only if it actually entices people to come and spend money in it.
And guess what? This means making it easy to move around City Center. This means making gamblers feel comfortable gambling in Aria. This means not alienating locals and SoCal weekenders. Oh yeah, and this means keeping up with the competition! I'll let Steve Friess explain that last bit some more.
Again, don't get me wrong, City Center is a great concept. I'm even liking the new ad campaign for Aria.
I just think MGM Mirage needs to remember that this needs to offer great products, great comfort, and great service for this to be a real success.
....
And I'll finish with this piece from November, when I shocked y'all here with my "commie lovin' socialist pinko!" self agreeing with Steve Wynn and Sheldon Adelson on something: Viva Las Vegas! :-D
....
Well, we have some bad news and some good news. First, the bad: MGM Mirage's bottom line REALLY bled red last quarter. The good news? They're looking at a better 4th Quarter so far.
Yikes! Those are some serious losses. So why the hell is Jim Murren still so upbeat? MSNBC (via Stiffs & Georges) provided some answers earlier this week.
And so far, even Murren's cross-Strip rivals are cautiously optimistic about City Center's ultimate success.
I guess this is one of those rare times when I'll agree with both Steve Wynn AND Sheldon Adelson! I may be perceived as some "crazy extreme left socialist", but in reality I'm also rooting for MGM Mirage and City Center right now. I really do hope they ultimately succeed.
And so far, there's good reason to hope. The worst of "The Great Recession" is over, and once unemployment turns around more people will have more money to spend on such discretionary items as trips to Vegas.
Still, everything isn't coming up roses just yet. Again, unemployment is still high and even a lot of people with jobs are focusing on saving money right now just to stay on top of the bills. Unfortunately for the big casinos (but good for savvy travelers!), room rates are likely to remain in the bargain basement just to lure all those tourists here to see the shiny new Vegas attraction next to what was our shiny new attraction 11 years ago.
So don't fret too much, Las Vegas will very much survive the rest of this recession and ultimately recover. Just don't expect a return to 2000 or 2005 hey days so quickly. There may be some bumps along the way, but City Center will bring in the tourists and Sin City will go on.
And will likely come in handy to save Harry Reid's job in DC...
And it's refueled a long simmering controversy over the death of "Old Vegas" and whether a CityCenter-like business model is better for the Nevada gaming industry than the type of business model "one of the boys" would "think up".
Well, we know for sure that "one of the boys" wouldn't think this up!
Or this...
Or this...
Or this...
And especially this!
An environmentally friendly Vegas casino? REALLY??!!
So obviously, there is plenty to talk about CityCenter. And going into 2010, this will still be a major development in the ongoing saga of The Las Vegas Strip.
So first, let me remind you of something I wrote late last month about how quintessentially "Las Vegas" CityCenter really is.
....
So The Sun has a big story today on City Center's grand opening. Jim Murren's putting on his confident face for the grand occasion. MGM Mirage continues to reassure us that Dubai World's debt crisis won't send Las Vegas' newest attraction crashing to the ground. So City Center starts opening this week and all of Vegas holds its breath.
I really think Jim Murren's heart was in the right place with City Center. Despite what all the critics are saying, it is exactly what Las Vegas needs. Until very recently Las Vegas has lacked an urban center, an artistic edge, and forward-thinking design. But now with City Center, we finally have something to call our own... Not just another carbon copy of yet another world landmark, but a stunning collection of postmodern architecture that we can really call our own.
It just seems like this was cursed with bad timing and bad financing. MGM Mirage has relied on Dubai World to help complete this project, but now Dubai is collapsing on its own debt load. MGM Mirage has also taken on more debt than it could handle in trying to monopolize almost all the west side of The Strip. In many ways, the tale of City Center so far is a reflection of the George W. Bush era of unbridled corporate greed let loose to cannabalize our economy.
I guess in many ways, City Center is a reflection of Jim Murren himself. We see his beautiful artistic side with the whimsical design of the buildings, the public art adorned all over, and the "green" defining this entire project. However we also see Murren's darker corporate side with the construction death scandals, the now hot mess with the Dubai World financing, and the constant reminder that the era of "New Vegas", started 20 years ago when Steve Wynn opened The Mirage and brought the "Wall Street Raiders" to conquer Las Vegas, has come to a brutal end here as we contemplate how to move forward in a "New New Vegas" with a more sustainable, both environmentally sustainable AND economically sustainable, future.
I still hope for success with City Center. We need some success in Las Vegas for a change. I guess I'm now also hoping that this become a wake-up call to all of us that Las Vegas needs to change. "Old Vegas" left the building long ago with its mafia history and Old Hollywood glory, and "New Vegas" didn't quite work out as planned, fueled as it was by unsustainable real estate speculation and "construction begetting construction" that was long doomed to fail. Now the cynics and skeptics that always predict the fall and demise of Las Vegas have somehow always been proven wrong, as we somehow always adapt for survival and undergo a metamorphosis to ultimately thrive. But that's just it, we succeed when we change what's wrong and do what's right.
Las Vegas could have died when the luster of the new railroad wore off, but instead we legalized gambling and made marriage (and divorce) so damned easy that almosr anyone could do it. Las Vegas could have died when World War II ended and the military build-up eased off, but instead The Strip was born and Hollywood glamour transformed our once sleepy outpost in the Mojave Desert into the cutting edge of "cool". Las Vegas could have died when the mob was driven out of town by the feds and the gaming regulators, but instead Howard Hughes ushered in a new era of "corporate casinos" that led Kirk Kerkorian to build bigger and inspired Steve Wynn to build better. Las Vegas could have died with the post-9/11 tourist slump, but instead this town became the "it destination" that's now made us the most visited place on earth.
I really think Las Vegas is at another turning point today. And interestingly enough, City Center may lead us to our future. We will be reminded of Wall Street greed gone wrong, but also inspired by eco-friendly design done right. We will be horrified by the massive corporate debt loads and shady "wheelin-dealin'" enabled by the corporate right and conservative wet dreams of hyper-deregulation, but we will also be awestruck by the moving public art that will encourage us to let our imagination run wild and free.
City Center now embodies Las Vegas. It tells the story of our past, warts and "beauty marks" and liposuctions and facelifts and triple bypass operations and all. It reflects our present, a jarring contrast of celebrity panache and inglorious economic collapse. It shows the way to our future, hopefully one that includes living in concert with Mother Nature and building a stronger community with a sound economy.
So let City Center open and start a new chapter in the great Las Vegas story.
....
And now, I'll move onto something I wrote this month when I was a little miffed at MGM Mirage CEO Jim Murren "dissing" us Vegas locals.
....
Jim Murren is now in the hot seat over City Center. It's just starting to open up, and people are starting to wonder what will be next for MGM Mirage's big bet.
Will it fail?
Will it succeed?
What happens now to Las Vegas?
We'll all soon be finding out in the coming days, weeks, and months. In the mean time, a mini-scandal is emerging over what Murren said in the last video clip above. Steve Friess first caught this in the transcript of last night's "Face to Face", when Jon Ralston asked Jim Murren about what he had earlier told Friess for his LA Weekly write-up on City Center.
Here's the original clip from LA Weekly:
I’ve never been in Encore, when did it open up? I’ve never been into Palazzo. It’s not that I don’t care, I just don’t need to go. But I do know – I have nothing against either one of those guys, especially Steve Wynn, I like him a lot. But [CityCenter] is not going to be, for most people, the same as just another resort opening up. I know it won’t.
And in case you haven't yet started uploading that second video, here's how Murren made it worse.
"I live in Summerlin. I have a great community. I coach my kids. I have a lot of restaurants out there. If I didn't work in the resort community, I probably wouldn't come down here much. That was my point. That is my point as a counterpoint to CityCenter. I really believe it is not a casino-hotel. I really would not be upset at all if people never visit Aria that live here. ... ." [Emphasis mine.]
Donde los yikes??!! Does Jim Murren really want to kick sand in the locals' faces? And worse yet, does he really want to hand over all these potential customers to Boyd Gaming and Station Casinos on a silver platter? Many of my neighbors already complain all the time about how expensive everything on The Strip is, how much traffic always plagues The Strip, and how snooty all those fancy-schmancy hotels on The Strip are. By Jim Murren adding to "the snooty factor", how will he ever get my neighbors out of Green Valley Ranch, Sam's Town, or The M to venture to The Strip to see City Center?
I guess if he's really not all that upset if locals never visit Aria, Tony Marnell will really appreciate keeping more local business at The M.
But really, this is just one of the many concerns MGM Mirage should still have about City Center. I toured Crystals with my dad last weekend after I gave him an intimate "birthday celebration" at Aureole at Mandalay Bay. (By the way, I'm obviously NOT one of those Strip-hating locals!)
Now let me say that I just LOVE the design of this place! It's very "eco-chic", and I'm digging it. However, my dad wasn't...
That is, he wasn't finding Crystals all that attractive. For one, not all the stores are open yet. Furthermore, most of the ones that are open have already set foot in Southern California (where Dad still lives), in exclusive "shopping resorts" there like Orange County's South Coast Plaza and LA/Beverly Hills' Rodeo Drive. So not only might Jim Murren have a problem with Vegas locals, but he may also have trouble finding Californians to jump up the 15 to see something that they think they've already seen in LA and OC.
So what's his plan to lure in travelers who aren't all that into postmodern architecture and/or high-end designer label shopping? Does he have one?
I hope he does... And he thinks of one fast. I really think City Center can be a huge success, but only if it actually entices people to come and spend money in it.
And guess what? This means making it easy to move around City Center. This means making gamblers feel comfortable gambling in Aria. This means not alienating locals and SoCal weekenders. Oh yeah, and this means keeping up with the competition! I'll let Steve Friess explain that last bit some more.
Whoa, whoa, WHOA! [City Center President Bobby] Baldwin said Aria's casino is the economic engine of the whole she-bang and Murren knows that. But Murren doesn't even care if his neighbors ever see it and, if he didn't have to because he gets millions to do so, he might never bother either! This is not a ringing endorsement of the most significant financial element of your new endeavor, is it?
So let's remove Aria from CityCenter. Without it, you're left with four buildings containing private residences, two of which are also hotels that contain no shows or casinos. And you have a 500,000-square-foot "retail and entertainment district" with some of the most expensive products anyone can sell anywhere in the world, not exactly a locals-friendly shopping experience. Plus a whole lot of terrific art and an oft-mentioned pocket park that Murren recommends as a neat place to sit even though there's no place (yet) to sit. [...]
Again, there are lots of elements of CityCenter I love. But it is worrisome when a massive gaming company is being piloted by someone who isn't personally aware of his competition and seems so personally uncomfortable with the heart of his business.
Again, don't get me wrong, City Center is a great concept. I'm even liking the new ad campaign for Aria.
I just think MGM Mirage needs to remember that this needs to offer great products, great comfort, and great service for this to be a real success.
....
And I'll finish with this piece from November, when I shocked y'all here with my "commie lovin' socialist pinko!" self agreeing with Steve Wynn and Sheldon Adelson on something: Viva Las Vegas! :-D
....
Well, we have some bad news and some good news. First, the bad: MGM Mirage's bottom line REALLY bled red last quarter. The good news? They're looking at a better 4th Quarter so far.
With its CityCenter resort set to open, MGM Mirage today reported a loss for the third quarter as revenue fell on the Las Vegas Strip -- but also said its results are improving in the fourth quarter.
"We continue to show sequential improvement in our operating results over the course of 2009,'' Chairman and Chief Executive Jim Murren said in a statement.
MGM Mirage lost $750.4 million, or $1.70 per share in the third quarter vs. a profit in the year-ago quarter of $61.3 million or 22 cents per share. Net revenue of $1.533 billion was down from $1.785 billion.
The results include previously announced noncash accounting charges against earnings of $1.17 billion. These include a $956 impairment charge for the company's investment in CityCenter and $203 million to write down the value of condominiums under development there.
Yikes! Those are some serious losses. So why the hell is Jim Murren still so upbeat? MSNBC (via Stiffs & Georges) provided some answers earlier this week.
[Union Gaming Group analyst Bill] Lerner and others also predict a rebound in visitation of up to 5 percent next year as people check out CityCenter, take advantage of the ongoing bargains and begin to feel better about their own financial situation. International visitation is also increasing, says Jicinsky, and now accounts for about 15 percent of the total. (Last week, British Airways started daily, non-stop service from Heathrow; next May, XL Airways will start twice-weekly charter service from Paris.)
All of which bodes well for both CityCenter and Las Vegas and, perhaps, for travel in general. “We’re a good microcosm of the broader business community,” says Murren. “The next six months are going to be muted, but business travel and consumer activity are going to improve, particularly by April or May of next year.”
And so far, even Murren's cross-Strip rivals are cautiously optimistic about City Center's ultimate success.
"We hope it grows the market," said Steve Wynn, chief executive at Wynn Resorts Ltd (WYNN.O). "But so far, the talk has been about its problems, instead of about what an incredible, unusual place it will be." [...]
Rival Las Vegas Sands Corp (LVS.N) is also rooting for MGM. "It think it will succeed," said Sands CEO Sheldon Adelson. "If it doesn't, they will lower the room rates and that will affect everyone."
Wynn said he is unable to predict 2010 hotel rates "with any degree of confidence," given the wide number of market variables related to CityCenter and the general economy.
I guess this is one of those rare times when I'll agree with both Steve Wynn AND Sheldon Adelson! I may be perceived as some "crazy extreme left socialist", but in reality I'm also rooting for MGM Mirage and City Center right now. I really do hope they ultimately succeed.
And so far, there's good reason to hope. The worst of "The Great Recession" is over, and once unemployment turns around more people will have more money to spend on such discretionary items as trips to Vegas.
Still, everything isn't coming up roses just yet. Again, unemployment is still high and even a lot of people with jobs are focusing on saving money right now just to stay on top of the bills. Unfortunately for the big casinos (but good for savvy travelers!), room rates are likely to remain in the bargain basement just to lure all those tourists here to see the shiny new Vegas attraction next to what was our shiny new attraction 11 years ago.
So don't fret too much, Las Vegas will very much survive the rest of this recession and ultimately recover. Just don't expect a return to 2000 or 2005 hey days so quickly. There may be some bumps along the way, but City Center will bring in the tourists and Sin City will go on.
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