Here’s a preview of Fontainebleau. The casino floor looks great, and I can’t wait to check it out. Jonathan Halkyard, MGM Resorts CFO, recently spoke at the Leveraged Finance Conference. He mostly discussed how the Las Vegas Grand Prix weekend went from one of the slowest of the year to the “highest-grossing weekend in hotel revenue in the history of the company.”
The Great Vegas Comeback (™) continued this weekend with action up and down the Vegas Strip. COVID Isn’t Over — COVID-19 rates, hospitalizations, etc. have spiked to the same level as February. I spent a couple of days at the Cosmopolitan this week and it was crazy busy. Even though the casino was busier it seemed like there was a similar proportion of guests wearing masks as the last time I stayed there in May. Once again, masked and unmasked all seemed comfortable and respectful with each other.
Let’s start the weekly Vegas News roundup with a short story about a big deal. This week Las Vegas Sands (LVS) sold all of its properties (aka “Venetian Sold”) in Sin City. The company is now just “Sands” since it has no more businesses in Las Vegas. The deal happened early in the week so I’m not going to get too deep.