MGM 2020 Brings Automation
At the beginning of the year, we told you about MGM 2020. Their plan to save around $200 million-$300 million dollars was a big part of MGM Resorts’ first earnings call of the year. The first phase of the cost savings plan is underway. It seems as though there’s an executive leaving the company every day (more on a specific member shortly).
The second phase of MGM 2020 will involve technology upgrades. In early February MGM Resort released a new mobile app. Later this year they’ll be introducing more technology aimed at reducing expenses. According to the Las Vegas Review-Journal, MGM Resorts is considering an option where guests at restaurants can pay for meals at the table. This efficiency should save the company money while allowing you to exit your meal quicker and enjoy Las Vegas a few minutes faster.
They are expected to introduce more automation to their properties. Discussion about this seemed to freak people out. They are planning on adding new automated drink systems. The Stiffs & Georges blog shared this video of the kind of machine MGM Resorts might use.
The drink machines will be used to make cocktails for guests on the casino floor. This efficiency could reduce some back of house staff but you’ll still deal with humans when you visit their bars. The new system should create a more efficient way for drinks to be delivered to gamblers. Your drinks will still be weak since MGM Resorts uses 17% less booze in your drinks (see #2 on this list). Drink beer or wine for drinks that still have the appropriate amount of booze.
Rio Sales Rumors Never Die
The longest-running rumor in Las Vegas is that the Rio is about to be sold. This week the New York Post threw their hat into the ring regarding this never-ending rumor. The gossip page of the newspaper says the owner of Soho House International will purchase the Rio from Caesars Entertainment. Their source says Scott Sibella, an MGM 2020 casualty, will be in charge of the casino.
Between different restaurants and hospitality, Soho House has a lot to offer for a casino. Check out sohohouse.com for information on the company if you’re not familiar. It will be interesting to see if Sibella brings the gaming experience from MGM Resorts to this new property.
Perhaps the most interesting part of this rumor is that there could be another major renovation happening to a casino just off the Vegas Strip. Station Casinos just finished their Palace Station upgrade and will finish Palms Casino Resort before the year is over. Next year, the Hard Rock will become Virgin Hotels Las Vegas. Rumors are rumors. We’ll see if this one has any legs.
NashVegas Closer To Reality
For some reason, people like to call Nashville by the name NashVegas. I’ve never been to Nashville and don’t quite understand. The one thing that I do know is that Nashville doesn’t have casinos. Nashville Yards won’t have casinos but it will have a little Vegas flavor. The entertainment district in this urban development in downtown Nashville will be operated by MGM Resorts and Anschutz Entertainment Group (AEG). This is the team that owns T-Mobile Arena in Las Vegas.
According to the Nashville Post, MGM and AEG are planning to include the following in Nashville Yards: • 4,000 capacity music venue • a smaller “entertainment club” • nine-screen movie theater • 90,000 square feet of office space • 315-room hotel with 25,000 square feet of meeting space. The hotel planned for the development is a Hyatt. Not coincidentally, they are the national hotel partner with Mlife Rewards. Nashville Yards is scheduled to open in 2020…just like every new casino-resort under construction in Las Vegas.
There’s a lot more Vegas news this week but not everything needs analysis or more details. Here are your quick hits of news for the week.
- MGM Resorts shell game in Las Vegas continues. They sold Park MGM and NoMad Las Vegas to themselves. If you find real estate news interesting, you can read about the deal (and Northfield Park) here.
- Barrons speculates on more potential real estate deals for MGM Resorts. Read w/o paywall here.
- Wynn Resorts has slowed expansion plans in Las Vegas but they’re not slowing down their expansion. They’ve proposed the world’s largest Integrated Resort for Japan. The initial investment is expected to be around $8 billion to $9 billion. Read more here.
- Plaza is hosting a Demolition Derby! I didn’t think this was still around. If you’re into 70s and 80s nostalgia you can read about it here.
- Las Vegas doesn’t have the money to extend the monorail. They also don’t know how to build a light rail system to help people get around town. It looks like they’re going to outsource the task of getting people around to Elon Musk. Read about it at Verge. They have potential maps of the proposed people mover.
- Carl Icahn now owns more than 15% of Caesars Entertainment. Read more here.
- Jimmy Kimmel is coming to Las Vegas! We told you about that already. He’ll be broadcasting the show from the Zappos Theater inside Planet Hollywood from April 1-5. If you’ll be in town, you can request tickets here.
- Speaking of tickets, the Las Vegas Aviators (Oakland A’s minor league team) put individual game tickets on sale this week. There are lots of games offering promotions. You’ll find me at a game without a promotion since there should be fewer people. Seats start at $15. You can find the schedule here.
- Gordon Ramsay plans to record the next two seasons of Hell’s Kitchen in Las Vegas. Read more here.
- Airbnb purchased Hotel Tonight. This could be a big deal when shopping for alternative accommodations in Las Vegas. Read more here.
- The Caesars Entertainment blog has details on the pools at their Las Vegas properties. Useful information here is opening dates and drink specials. Read about their pools here.
- Majordomo is opening in the Carne Vino space at The Palazzo. I can’t wait to check it out. Read about David Chang and the restaurant here.
- Planet 13 is adding a pizza joint (pun intended) and coffee joint (still very punny). Read more about the additions to the marijuana dispensary here.
- Speaking of marijuana, Two Roots Brewing is now a sponsor of the Las Vegas Lights soccer team. Two Roots beer is a fusion of cannabis and beer. Learn more about it here.
- In the mood to see 50 vintage Vegas pictures? Go here.
- The Stiffs & Georges blog brought a 2018 note from Unite Here about Circa to my attention this week. The best takeaway is that “average daily room rate (at Circa) will have to be $658.16” for this to be a successful venture. Read Stiffs & Georges here and the union note here.
- William Hill will take over operations of the M Resort sports book in May. CG Technology has operated this sportsbook for 10 years. Their lease is expiring and Penn National Gaming, the owner of M Resort, has a nationwide deal with William Hill. Read more here.
- World Team Tennis is coming to The Orleans. Read more here.
- Who said DJ’s are passe? Marshmello will get $60 million for his new residency at KAOS inside Palms. Read more here.
- Tickets for the first two nights of the Drake residency at XS inside Wynn Las Vegas are on sale now. Read more here.
- Speaking of Wynn Las Vegas, they have a new website and have stepped up their comedy game. Seth Myers, Jim Gaffigan, Sebastian Maniscalco, Chris Tucker, and two of my favorites – Jo Koy and Ali Wong – will be performing this spring and summer. See all entertainment coming to Wynn here.
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