My latest for Forbes puts the recent Wall Street jitters into historical context: Las Vegas casino operators seemed to be cruising earlier this year, but the summer has turned into a bit of a bummer for them. Whether this is a temporary decline or the start of a bigger reshaping remains to be seen, but […]
Casinos Are Getting Nervous As Las Vegas Revenues Drop And Their Stocks Slump Read More »
forbesNot to fear. Yes, I talked about the past seven years of casinos in Vegas Seven this week. Yes, I began with a scenario from the book of Exodus. But no, I have not abandoned talking about gambling for a career in Biblical exegesis. This was just my way of trying to think more deeply
Seven Year Switch: How Las Vegas Hospitality Has Changed – Vegas Seven Read More »
Vegas SevenIt’s not every day that venting about the frustrating aspects of your job leads you to a column. But if you read my piece in the Las Vegas Business Press, you’ll see how I use some misconceptions about Las Vegas as an opportunity to set the record somewhat straight: Recently, for example, I received an
The complex Vegas story in LVBP Read More »
life in vegas, news about gamblingI’ve got another LVBP column up, in which I discuss whether looking at Nevada’s gaming numbers by quarters can yield any insights: The financial quarter is a handy time measure for evaluating the Nevada gaming industry’s recessionary progress. Three months is long enough to absorb monthly volatilities, but not as long as a year. Looking
Look at quarterlies in LVBP Read More »
news about gambling, writingThis week’s Green Felt Journal is out–I talk a bit about marketing luxury properties during a recession. From Vegas Seven, as usual: The laws of supply and demand aren’t sentimental, particularly when it comes to hotel rooms. No matter what kind of rate a suite might have gotten in the past, when there are more
Recession luxe in Vegas Seven Read More »
news about gambling, writingIt’s a happy day in UNLV gaming-land. An article I wrote a while back about how Las Vegas bounced back from the 1980s recession is out in Gaming Law Review and Economics: MOST WHO HAVE CONSIDERED Las Vegas history have concluded that not much happened in Las Vegas gaming between the openings of the original
The Burger King Revolution Read More »
news about gamblingCasting around the Internet for stories to comment on, I saw a promising headline: Newsweek would tell me exactly why Garden State casinos were having such a hard time. Here’s the first paragraph, but you should click through and read the whole thing, just for fun: The Great Recession has brought more bad luck. According
Nothing doing in New Jersey Read More »
atlantic city, news about gamblingThis week’s Green Felt Journal is about the El Cortez: In many ways, the El Cortez is the anti-CityCenter. Built in 1941, it’s the oldest continuously operating hotel-casino in Las Vegas. Its most prominent feature—the “new” neon sign—was installed in 1946. It has only 364 guest rooms, and, for better or worse, it’s in the
Old-school at the eC Read More »
news about gambling, writingThe centerpiece casino of the Lake Las Vegas development announced today that it will be closing. Following the news that the Ritz Carlton is soon to close, this raises even more questions about the future of the development–and ties into a Nevada gaming trend that pre-dates the recession. From the LV Sun: Casino MonteLago at
Lake without a casino Read More »
life in vegas, news about gamblingThe 2009 Nevada gaming numbers are in, and they are not exactly encouraging. From the LVRJ: Gaming revenues in Nevada fell 10.4 percent in 2009, the largest single year decline in state history. Casinos statewide collected almost $10.392 billion from gamblers during the year, the lowest one-year total since 2003 according to figures released this
…at least as far as the LVCVA is concerned. The December and year-end visitor numbers, minus the gaming figures for now, was just released. Here are some highlights from the executive summary: December: Visitor volume up 1.5%, room inventory up 6% compared to December 2008. 2009 (total): Visitor volume down 3%, room inventory up 6%
Things are looking up in Nevada for the first time in a long time. The state’s casinos won more money from gamblers this November than they did last November. Yet there may be another story that isn’t as positive lurking beneath the numbers. From the LVRJ: For the first time in 23 months, Nevada gaming
A November to remember Read More »
news about gamblingThe Atlantic City gaming numbers are in, and 2009 was definitely not pretty. From the AC Press: Casino revenue plunged for the third straight year in 2009, falling below $4 billion for the first time since 1997 as the soft economy and competition from neighboring slot parlors continue to erode the Atlantic City market. Year-end
If you haven’t read it yet, here’s a link to my latest from the LVBP: But craps players and conventioneers both, even if they know of the efforts made by designers to craft a green building, are more likely to care about other things: How easy is it to get around this building? Does it
Destiny on the Strip Read More »
news about gamblingHere’s some breaking news: things don’t look so hot for 2010, at least if you’re in the casino business. From the LVRJ: The impact the recession had on the casino industry in 2009 has not been completely accounted for, but by all measures the year will go down as the worst on record. Through October,
The Nevada gaming revenue figures for October have been released, and they don’t look promising. From the LVRJ: Nevada gaming revenues hit a new low in October. Statewide gaming revenues were $800.3 million, the lowest monthly figure in almost six years. The decline was 11.6 percent compared with $904.9 million reported a year ago. October
Thoughts on October Revenues Read More »
news about gamblingIn the midst of all the talk about Vdara, I thought I’d mention my latest article in the LVBP: While doing some research, I recently happened across an article in the July 1997 issue of Casino Executive magazine in which then-Harrah's Entertainment CEO Phil Satre sounds downright oracular. “If you're the last person to build
Billion-dollar musing in the LVBP Read More »
news about gamblingIs the law of supply and demand catching up with casino hotels in Las Vegas? Binion’s hotel downtown is closing, which may be a sign of things to come if casinos aren’t able to raise their room rates and/or maintain high occupancy. From the LV Sun: Binion’s Gambling Hall & Hotel in downtown Las Vegas
An alternative to low room rates? Read More »
news about gamblingThe big talk at G2E has been the recession. Last year, it was how to fight it. This year, it’s how to survive it. Anyone else get the sense that we’re living in an age of rapidly diminishing expectations? Here’s a bit from the story from the LV Sun: The recession is forcing Las Vegas
Recession evolution Read More »
news about gamblingAs you may know, I’ve been immersed in a mammoth study of Nevada casino slots’ hold percentages. It’s driven by the question: “Does raising hold percentage actually decrease play?” That would seem to be the intuitive answer. If people get less value for their dollar (assuming that value=time on device), then they will be less
Higher hold=less play? Read More »
news about gambling