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Any word on Le Village in Paris yet?

Discussion in 'Restaurants & Buffets' started by fischer, Oct 6, 2021.

  1. fischer

    fischer Low-Roller

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    I see they are "Temporarily closed".. It was always a nostalgic buffet for our yearly trip.
     
  2. Vegas28m

    Vegas28m Medium Roller, Chicago

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    Closed permanently
     
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  3. dmr

    dmr Registered Abuser

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    When I was recently there, all signage was removed and it looked like demolition had started in the area. Down for the count!

    Now at Planet Ho and Flamingo, no signage appeared to be removed and no demolition was obvious.

    Locally, at the Council Bluffs Horseshoe, all signage is still in place and serving stations appear to be intact.
     
  4. hammie

    hammie VIP Whale

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    The CEO of Caesars Entertainment doesn’t like feeding customers and really hates buffets, so you will need to get your crepes elsewhere.
     
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  5. Burnsie

    Burnsie High-Roller

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    "Can't you just stop at McDonalds on your way home?"
    Or something to that effect.
     
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  6. midliferetired

    midliferetired High-Roller

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    The truth is any buffet that has returned has been a shadow of itself. They have been declining for years. Try one of the reopened buffets and decide for yourself.
     
  7. hammie

    hammie VIP Whale

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    Here is the exact quote from back in late February in response to an question posed by an analyst.

    David Brian Katz, Jefferies LLC. “And with respect to just regional gaming, again, philosophically, we have so many discussions about sort of what the new regional gaming experience will be in a post-COVID world. And I think it's easy for all of us to slip into a discussion in absolute terms where margins are great in regional casinos, but there's nothing to eat. You need to lunch pail it. And perhaps, there's the other end of the spectrum where we do cover operators who happen to like their food offerings and lead with it. My sense is there's a reality that doesn't lie at either end of that spectrum. How are you thinking about that?”

    Tom Reeg, Caesars Entertainment, Inc. “So this is something we talk about quite a bit. Your customers in the regional market, as we started to point out 5-plus years ago, they show up for hours at a time. It may be the case that, that happens to coincide with when they want to eat, they may get hungry while they're there. You can't have nothing, but you don't need to lose money nearly -- certainly nearly as much money as this industry has lost feeding people. I'm old enough to remember when casinos were only in Nevada and New Jersey, and yet in those other 48 states, everybody figured out how to eat dinner. And once the casino has opened, it became how do we feed them dinner, and let's just give it away for free, because God forbid they go, stop at McDonald's on the way home. We -- I can't speak for what others will do. We're going to be smarter about where we're in and how we're in the food and beverage business and just make sure we're not bleeding 3 million in every buffet in the country. We're going to figure out how to do it in a way that meets customer demand and maximizes our profitability. On August 6th at the 2nd quarter 2021 earnings call, Reeg made the following statement: “we operate with less labor than we -- than the historical company operated with both at the property and the corporate level. But it's really the attention to detail, the focus on every P&L. I'll give you an example. This quarter, we were cash -- operating income positive in food and beverage for the first time in the history of Caesars. So just on a quarter-over-quarter basis, that's over a $60 million cash swing. So that's $0.25 billion a year. And that's how are you pricing your product? How are you yielding it? How are you managing your labor? How are you managing your marketing? And what are you giving away? It's all sorts of different areas that roll up into big numbers. We're a big company now. So 53 properties if everybody finds $5 million, it's a $0.25 billion."

    In the same vein, Reeg made the following statement on August 6th at the 2nd quarter 2021 earnings call:

    "we operate with less labor than we -- than the historical company operated with both at the property and the corporate level. But it's really the attention to detail, the focus on every P&L. I'll give you an example. This quarter, we were cash -- operating income positive in food and beverage for the first time in the history of Caesars. So just on a quarter-over-quarter basis, that's over a $60 million cash swing. So that's $0.25 billion a year. And that's how are you pricing your product? How are you yielding it? How are you managing your labor? How are you managing your marketing? And what are you giving away? It's all sorts of different areas that roll up into big numbers. We're a big company now. So 53 properties if everybody finds $5 million, it's a $0.25 billion."

    It seems as if he’s keeping Wall Street happy as the stock closed at $114 yesterday from a low of about $9 in March, 2020. As consumers, we all have options.
     
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  8. jpfromla

    jpfromla RFB

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    Le Closed

    Hammie,

    You hit it the nail on head.

    CETdoraldo, is about “The Over-priced Celebrity Restaurant Experience”, conventioneers, and silly people who think Caesars is a top tier brand today.

    How many 5x TC events have they had this year? They know their numbers of Diamonds/Seven Stars are down. But, wait for the Tony and Tom Magic Show. They will state next year they will have more Diamonds/SevenStars than ever before based on the conversion of other rewards programs members into Caesars Rewards.
     
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  9. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    I don't agree with that. I went to Wicked Spoon for breakfast a couple of months ago and had a good meal. I feel that the 1st tier buffets remain first tier. The second tier and third tier are victims of what you state.

    IMHO, the only first Tier buffets are Wynn, Bacchanal and Wicked Spoon
     
    Last edited: Oct 7, 2021
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  10. The Rumor

    The Rumor VIP Whale

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    It's easy to slag Eldorado for a bunch of this, but it's not like they are the only ones who have cut/limited buffet hours. Aria's and Mirage's are closed. Mandalay Bay, too. Some of the other MLife joints are running breakfast/brunch only.

    The future of Vegas almost certainly involves fewer low end, money losing buffets.
     
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  11. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Sorry to digress, but . . . .IMHO, in the "olden days", when all facets of casino operations (hotel, restaurant and casino) were all under one accounting umbrella, you could have a buffet as a "loss leader" if it meant getting "butts in the seats" (i.e. customers in the casino). However, when big business stepped in an split all of the sections into separate cost/profit centers, you couldn't have a buffet as a "loss leader", because there wasn't a casino to make up for it.

    Bacchanal is priced at $75.00 because that's what they need to price it at to have a profitable enterprise. Many would question Wicked Spoon at $38 and $45 (Breakfast and lunch, respectively during the week), but I get BOGO (or half price if I'm solo) and I though it was WELL worth the price.

    I, like many others, is still getting used to the post-COVID price increase for food. $10.00 for a McDonald's combo meal??? Outrageous . . .
     
    Last edited: Oct 7, 2021
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  12. dmr

    dmr Registered Abuser

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    I would say that for some of the buffets, this is true, but not for all.

    As a sanity check, I put the approximate price I paid for a recent buffet at Southpoint ($15.95, IIRC) into the US Inflation Calculator and back-dated it to 1984, as in the Good Old Days (tm) when the Mob Ran Vegas (tm) and the buffets were cheap. It came out to $6.06 in 1984 dollars, very close to the $5.95-ish prices I remember of the era.
     
  13. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    Not going to get into a p***ing contest about what is worth the price and what is not. If South Point buffet is OK for you, then it's OK for you.

    I would consider it "life sustaining", and worth every bit of $15.95.

    Have you eaten at the Bacchanal? I would bet that South Point only has about 20% of the items that Bacchanal has, which would make it priced accordingly.

    I don't go to Las Vegas to eat "life sustaining".
     
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  14. Mr Bulldops

    Mr Bulldops High-Roller

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    Oui Oui,only Le Village Idiot would say something this dumb on a public earnings call.
     
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  15. Burnsie

    Burnsie High-Roller

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    That's funny...because it's true!
     
    Harrah's ATLANTIC CITY
  16. jpfromla

    jpfromla RFB

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    The Village Idiot is running the company. And I’m running away.
     
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  17. The Rumor

    The Rumor VIP Whale

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    Not to mention SP is cheaper than Luxor, etc. where you're paying the strip tax
     
  18. KnowItAll

    KnowItAll VIP Whale

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    Heard that is replacing Rao's in CP
     
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  19. dmr

    dmr Registered Abuser

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    The point I was trying to make, which you seemed to misunderstand, is that not all casino operators are being Evil Corporate Greed droids and gouging on buffets for gratuitous profits. The example I gave was only to illustrate that there's at least one which has an inflation-corrected price more or less the same as in the Good Old Days (tm).
     
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  20. rhinoman7

    rhinoman7 A Diamond in the Ruff

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    We were there about a month ago, and I didn't see any signs of demolition at Le Village. At PH, you probably wouldn't see any signs of demolition, since it is in the basement. The Flamingo buffet is the one that really needs demolishing!