Saw a mixed bag last week, Paris was packed with conventioneers but the Bellagio conservatory was surprisingly empty during the middle of the day which was weird. I do think that prices continue to climb, from the higher Uber rates to the extra charge for marinara for my Calamari (Giordanos).
I think it is interesting that Vegas is still very, very, busy. I still like to go, albeit not as much as before. And I go now to eat all the weird but interesting and delicious foods that they have over there. There are so many hole in the wall eateries with awesome cuisines. When I go I don't sweat the deals or money that much. If I want it and can afford it, I will pay for it. Although I must admit I wish the minimums at the craps tables Downtown were $10 but I've found I can manage $15 tables. I'm not rich, but I'm not poor. I'm kinda like I have money but I'm not rich type of person.
If Wynn starts offering specials for $99/night for weekend stays, you know the US economy went to hell in a handbasket. Otherwise, vegas is still the place to be for a good party.
Yep. It's absolute mayhem. 1 million visitors every week, and then we all just shut down for 10 weeks to catch our breath, have a nice rest, perhaps a glass of brandy, and then back to it.
I remember watching a Steve Wynn interview from when Encore opened. He mentioned how being at the top of the market gave him immense pricing power. If he dropped his prices, everyone else would. Even Circus Circus. Being able to lead the market is incredibly powerful.
It is tough to read the tea leaves on how Vegas is doing based on any small result. Even in the recent boomtime a midweek outside high season without an event going on will be pretty cheap and sparse. Their capacity is built on high demand events. Likewise on the other end at a peak time it will appear booming. They used to say gambling was recession proof. 2007 put the lie to that. Since then Vegas has diversified far more past gambling and some of the other spend may be less recession proof, especially with local alternatives for the gambling. But the flip side of that coin is Vegas filling out its calendar to have fewer slow days. We aren't just talking about Michael to get Johnny Fontaine and his buddies to appear a few times a year. Now there are football games and hockey games and F1, and big concert residencies, to go along with the return of in person conferences. Someday maybe the NBA. Part of the appeal to Vegas of MLB is being able to draw midweek tourism in the dog days of summer when a lot of the other events are not going on (with the main issue being it is the A's). And now that sports have gone from fear of gambling stigma to grabbing every last partnership dollar with online books, Vegas is a constant contender for drafts, championship games, and other such events. To me, that is the big factor in how they could handle future downswings. There would still be some impact, of course, but the fewer dead days on the calendar the more they will stay in good financial shape even in a downswing. (And the fewer deals will be on offer). I think perhaps the best way of evaluating the overall business level in Vegas is browsing the rate calendars of low end strip properties, especially MGM and CET, and counting how many low season days where the public rate is half or less the resort fee.
I’m always amazed at the number of very young people playing $25 and $50 minimum craps. I figure they’re California internet billionaires. Or inherited the family dough. Or have really good gigs. That kind of money is always going to be in Vegas.
The only time I've seen Vegas go to its knees was after the Great Recession, 2008-11. The old Harrah's (now CET) was always giving me free rooms–I probably stayed at the Rio and Bally's over a hundred nights in those days. Plenty of free food and shows–got to sit about 10 rows away from Elton John at the Colosseum—also saw Seinfeld a few times. Since about 2012, Vegas has gotten ultra-expensive (other than about a year of Covid) and virtually every time I go, usually weekends, it's packed, especially the more expensive places such as Wynn, Bellagio and Caesar's. I know they've been predicting an economic downturn for a few years now, but LV always seems to be booming with new construction, roads, etc.
Funny I keep hearing about numerous layoffs from various people (even locally) but nothing on the news about it. We purposely select a time frame when the crowds are supposed to be sparse so can't really tell, but have see video and read about the Superbowl and March Madness being as crazy as ever.
If the crowds get to slow it will impact things that will change what Vegas currently is. At first it sounds good... less means more open machines, cheaper table minimums, easier to get restaurant reservations or show tickets etc. but it wont take long until it tips past a point where it actually means the opposite. As it slows, they will have less slot attendants on the floor, they close down tables rather then drop minimums, restaurant hours shrink, services get re-evaluated (think how daily housekeeping has changed) There is a fine line where things are great with extra perks, offers, and such.. but that wont last long and things get worse quickly. We saw this right after covid until things picked up again. Given the 2 scenarios.. I will take a very busy Vegas then a slow one.
Was in Vegas during "low demand time" in October 2023, as well as in "Superhigh demand time" in February on Superbowl weekend. Las Vegas is thriving like no other vacation destination. It is booked and packed all the time IMO. Also there is no economical down turn that I would see, it is up up up. And no, not even that "AI-bubble" will take it down at the moment. Companies are doing VERY good. We as "workers"? Not so much. But that will even increase the demand for the lower end Vegas rooms like Flamingo, Circus etc. as you actually can afford a vacation there, contrary to "Let's fly to NYC and take a hotel room". Is it fair? no, absolutely not. Does it hurt Vegas? no, absolutely not Maybe I'm just a bit to idealistic, but I think each and any person should have the possibility to take a vacation. Sure, we Eurodonks get super, SUPER good offers when there is an economical downturn especially in the US (think 2008). Do I want that? not at all...exactly the opposite, thriving economy and good paying jobs for everyone!
Not me.. I went multiple times during Covid and I felt like I had the whole city to myself! I'm not a fan of huge crowds and I try to avoid them whenever I can.
I remember walking through a nearly empty MGM Grand in February after 9/11. All conventions were cancelled and most casino employees were working two or three shifts per week to avoid mass layoffs. After the 2008 recession every Strip property advertised beer and drink specials. There’s no comparison to the Covid shutdown and the subsequent ‘revenge travel’ that Vegas is currently wallowing in. Through most of these cycles my offers have gone up and down, but one thing remains true: if you came to Vegas to buy twenty dollar drinks and not gamble then you’re sitting in my seat.
I used to be that guy, until I figured out you get comped at the bar as long as you're playing video poker. Well, most bars. The lobby bar at MGM Grand didn't comp my drinks when I was there earlier this month.
