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Current economic state of Vegas?

Discussion in 'Casino Industry & Development' started by rrdoublet, Nov 19, 2012.

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  1. rrdoublet

    rrdoublet Tourist

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    Any insight to how the overall state of vegas is? I've been checking here every few months and it seems that it's just as stale as it was in 08 when everything froze.

    I would love to see echelon (or anything) start construction again.
     
  2. smartone

    smartone VIP Whale

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    "Stale"? Vegas... I'm there once or twice a month and would never use that adjective to describe it. If you mean new property construction, it's gonna be awhile before that happens again, but there's some constructions-cranes here and there on the strip again. The activity at the IP/Harrah's is going great guns and will be a nice addition when complete. It'll give that area a nice, "walkable" place to club-hop and party. Lot's of other joints are spendin' some dough on refurbishing portions of their properties, but the days wrapping your product inside billion dollar boxes is over (at least for the foreseeable future).

    The town is on pace to equal or break the visitor record set back in 2008 I think... but the average spend per visitor is waaaayyyy down. People are spendin' real money now, not equity and they're being frugal... so are the casino operators.
     
    Last edited: Nov 19, 2012
  3. leo21

    leo21 VIP Whale

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    If you are looking for major new projects as a marker, it will always look stale. For the time being, it doesn't appear that the strip can take on too many more rooms. But the fact that the Linq is happening and other remodels are on the horizon is a good sign. With Zappos going downtown, there looks to be an exciting new chapter there as well. I haven't been closely watching the numbers but things are solid if not modestly growing however the rocket growth of the past is over. That is the overall picture. The fiscal health of some of the casino chains is shaky and I wouldn't rule out a bankruptcy or two no matter what is happening in the overall economy.
     
  4. rrdoublet

    rrdoublet Tourist

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    Thanks for the replies guys.

    And to clarify, yes I meant stale as in terms of big projects. I would never say classify Vegas as a whole as being stale! :beer:

    I just feel like It needs a few more years of stable growth. I would love to see echelon and other big projects rise up and start a new era for the north end of the strip.
     
  5. smartone

    smartone VIP Whale

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    Agreed... north past Wynn/Encore becomes a sad state of affairs real quick.
     
  6. oc_guy

    oc_guy Low-Roller

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    If you wanted you could pull up the annual reports for each company and compare the Capital Expenditures for each year. (how much money they're spending on repairs, remodels, new projects, etc) look at acquisitions as well. Also dig around their more recent 10-Qs or press releases and see if any give guidance for next year. MGM, WYNN, CZR, LVS, BYD, PENN are all public. PENN especially has been on a tear since late in '08, they're worth 4x as much.

    p.s. station casinos are private, but they do have an investor relations page.
     
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