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I suggested some time ago that I expect Circus Circus to be razed for a new modern Casino.

Discussion in 'Misc. Vegas Chat' started by fischer, Aug 10, 2019.

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  1. DaiLun

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

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    Thanks for finally fixing that . . . . .
     
    GGWU booster event for September . . . .
    Last GGWU booster event . . . . . Yay!!
  2. pressitagain

    pressitagain High-Roller

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    Actually, the crash happened around 2008. QE happened around 2010. QE2 around 2012. Credit started flowing around 2014. It’s gushing right now.

    Vegas has always been about the BIG BET.....BIGGER IDEAS!!!!

    Will MGM risk it? Not a chance. Their option is to sell.

    Will someone else? SUCKER or two every decade.

    Will they announce a renovation? This would be the most logical of the 3 choices. Customer acquisition costs will be through the roof.... if there is a downturn. Why wait for that to happen???

    As far as the people who say ParkMGM is a failure....look at all the foot traffic that it creates from 3 sources. Concerts, NHL games and Eataly. All 3 have made the renovations into a success ....not a failure. They are safe for the next 10 years.
     
  3. VegasBJ

    VegasBJ VIP Whale

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    walked through the ParkMGM this weekend on my way to dinner at Bavette's. It was packed in there on a Friday night. Don't think that it is a failure.

    Why is it a failure? That Park Theater has top acts all the time, and T-Mobile is right across the street. I think that ParkMGM is doing way better than the Monte Carlo ever was.
     
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  4. The Rumor

    The Rumor VIP Whale

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    MGM pretty clearly thinks the most logical course to spend 5-10 M a year keeping it up to a base level that packs it with families.
     
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  5. The Rumor

    The Rumor VIP Whale

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    They are papering the headliner concerts at Park MGM on a regular basis outside of Gaga and Bruno.

    Not to derail the thread, but the numbers don't lie...Park MGM is making less than half the money that any of Luxor, NYNY, or Excal make per their last public Q. Bavette's is great, but the thing is not making money that justifies what they spent on it - be it on the floor, in the Theatre, or in the hotel.
     
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  6. pressitagain

    pressitagain High-Roller

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    Just back away from the computer.....never look at this thread again.....
     
  7. 44inarow

    44inarow VIP Whale

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    Hunter S. Thompson in "Fear and Loathing in Las Vegas". To be fair, he didn't actually say Nazis would like it, just that it's what everyone would be doing if they had won.

    “The Circus-Circus is what the whole hep world would be doing Saturday night if the Nazis had won the war. This is the sixth Reich. The ground floor is full of gambling tables, like all the other casinos... but the place is about four stories high, in the style of a circus tent, and all manner of strange County-Fair/Polish Carnival madness is going on up in this space.”
     
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  8. Paul K

    Paul K VIP

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    Park MGM doesn't know what it wants to be. It isn't a good casino. It isn't a high end hotel despite having NoMad. It isn't a low end hotel despite having kiosk check in, no VIP Lounge, and tiny at best suites. Aside from the few rooms they cheaped out on, most don't even have tubs. Eataly is lesser than the one in LA, their restaurant and bar line up is pathetic, though Bavette's sounds/looks good. The pool would be considered good if you want to a hotel in Kansas City.

    The only thing the place has going for it is that it is next to the Arena. However, considering Aria is connected to Park, just spend an extra 5 minutes walk and stay there.
     
  9. ken2v

    ken2v This Space For Rent

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    These never-ending debates prove one thing: Vegas thrives across its many iterations no matter how déclassé some rank fill-in-the-blank. Hell, Bellagio has detractors.
     
  10. 44inarow

    44inarow VIP Whale

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    Not to get too far off topic, but I'm convinced that T-Mobile Arena and the Park Theatre are the main things keeping Park MGM going. It's telling that almost none of the restaurants are open during the day, and I almost never hear anyone talk about any of the venues other than Bavette's and OTR. In addition, Jemaa could have been a good concept but suffers in part from the fact that it fronts the Waldorf, and I'm told that both residents and guests complain often and vociferously; nightclub noise is to be expected at the Cosmo or the Wynn, but people who bought million-dollar condos (the cheapest listed right now is $1mm, the penthouses are about $5.5mm) were not expecting to be bombarded with it.
     
  11. pressitagain

    pressitagain High-Roller

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    It’s comical when people give reasons why it’s working and yet they don’t understand THAT... it’s working....

    Let me put it to anyone that thinks the ParkMGM renovations are a failure. If you’ve spent even one second (never mind a dollar) since they renovated, It’s working!!!

    End of that subject....
     
  12. hammie

    hammie VIP Whale

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    Adjusted EBITDA
    Three months ended June 30, 2019 Six months ended June 30, 2019
    Park MGM $15,874 $ 29,850
    Circus Circus Las Vegas $17,695 $30,233

    I pulled this off MGM's recent 10-Q Quarterly report. Can't get the columns to line up, but Circus Circus and Park MGM are about even when it comes to Earnings Before Interest Taxes Depreciation and Amortization.
     
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  13. Electroguy563

    Electroguy563 Over-Fried Gambler

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    Before we lock the thread I ‘d like to say that it wouldn’t hurt if CC cleaned the casino areas up a little, lol!!
     
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  14. vegasdev

    vegasdev VIP Whale

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    no need to raze it. but please at least do some cosmetics. slap some make-up on the old broad. even if it is Maybelline.
    they have neglected this place the way Loveman neglected all CET properties for a long time.
    deferred maintenance cant go on forever.
     
  15. Mitkraft

    Mitkraft VIP Whale

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    Blasphemy! That’s gentrification! Where will all the poor people stay and gamble?
     
  16. Breeze147

    Breeze147 Button Man

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    Orleans.
     
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  17. Nevyn

    Nevyn VIP Whale

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    Not sure the point of this argument.

    You are citing an article from 2 years ago.

    The reason Circus circus has been viewed as unlikely to be redone is basically because its paid for. Not a high earner but profitable with low maintenance and no debt.

    But on top of that it has been profitable in a challenged and underperforming part of the strip at a time when MLIFE and their chief competitor have been drowning in debt. It would have made little sense to do a tear down and rebuild in an area that just was not that busy and was not close to their other properties.

    If and when Resorts World and the convention center expansion are redone and Sahara has its footing, and preferably the Drew has signs of life, then there could be appeal there to build something new and glitzy.

    But even then there is open question whether MGM would take it on or sell to a developer, because again, they have a chain of properties where they want tourist dollars and attention concentrated, and it is mid to south strip. A north strip renaissance actually hurts the company overall.
     
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