We’re a week removed from the Kentucky Derby and Cinco De Mayo weekend in Las Vegas. I didn’t think I’d feel this way but Derby Day felt incomplete without a big fight. I haven’t been a boxing fan for a few years but the excitement a big fight brings to Las Vegas is unmatched. Boxing also brings in the biggest customers according to MGM Resorts.
MGM Resorts Analyst & Investor Day
MGM Resorts International held their annual Analyst and Investor Day. This is different from earnings reports and calls where corporations look back and explain how and why they made money. The quarterly reports include some forward-looking statements but the information is mostly an overview. Investor days are detailed and offer a bigger picture of the future of the company.
I’m not an investor so I look at this information from the point of view of a customer and marketing person. The MGM Resorts investor presentation is large (it’s an easy read), detailed and impressive. Let’s take a look at some highlights.
Future Las Vegas Opportunities For MGM Resorts
Expect to see changes at Mandalay Bay, Luxor, Excalibur, MGM Grand, and Bellagio. The Las Vegas Review-Journal says The Mirage will also receive an upgrade. There have been rumors for a couple of years about developing the south strip properties (Mandalay Bay, Luxor, Excalibur). We should hear more details about the three properties shortly. They’re going to have to begin work soon if they want whatever happens to be open in time for the Las Vegas Raiders inaugural season in 2020.
Notes From MGM Resorts Investors Presentation
I pulled some interesting notes from the presentation. There’s a lot more interesting information to me but I’m not sure anyone else cares about how many mobile users McDonald’s has. Most of the information below is about MGM Resorts and their properties. However, the first note is about the Vegas Strip in general.
- Hotel occupancy on the Vegas Strip was 93% in 2017. That’s the highest level in 10 years.
- MGM says the renovation of Monte Carlo will cost about $550 million. They estimate the replacement cost to tear down and build a new casino would have been about $3.5 billion.
- Mlife members spend 40% more on lodging than non-members and 45% of net revenue comes from more than 30 million Mlife members.
- 3.6 million Cirque du Soleil tickets last year. That’s more than any other show group for MGM Resorts.
- Visitors coming to Las Vegas for boxing spend more with MGM Resorts properties than people visiting for any other event. In fact, visitors attending any sporting events spent more money and stay longer than other visitors.
- MGM Resorts expects 45+ annual events at Raiders Stadium including 10 NFL games, 6 college games and other special events. Expect to see some events like motocross and rugby move from Boyd Stadium.
- Jim Murren expects Las Vegas to have an NBA team in five years. This isn’t a new idea. Murren has been talking about an NBA team relocating to Las Vegas since 2016. You can read the old news here. You can read the new old news here.
Related: Living the Mlife: An Introduction
More From MGM Resorts
Queen + Adam Lambert announced Las Vegas residency for September at The Park Theater at Park MGM. The band will perform 10 shows during the month: 1, 2, 5, 7, 8, 14, 15, 19, 21 and 22.
The rumors about a Stevie Wonder residency continue to grow. A couple weeks ago I was told this is a done deal. Johnny Kats furthers that and unofficially says that it’s likely headed to Park Theater at Park MGM in August. You can read more here. Coincidentally, today is Stevie’s birthday!
Topping off the week for MGM Resorts was a name change for Monte Carlo. Even though construction will continue through the year, the property is officially Park MGM. As we’ve said before – “Park MGM is coming along nicely.”
Here’s a quick overview of the new sportsbook that’s technically a sports bar and book. #NewVegas
Need a Room? Memorial Day Weekend
May 24th to May 28th 2018
The special TravelZork ZorkFest Treasure Island booking link is open to ALL TravelZork readers.
Bally’s Completes Resort Tower Renovation
The Resort Tower at Bally’s Las Vegas used to be known as the North Tower. This is the hotel tower that’s farthest away from the Vegas Strip. Caesars spent $125 million renovating 2,052 guest rooms and suites in the former North Tower. The company expects to complete renovations for nearly 2,000 more rooms during the year. When all renovations are complete this year, Caesars will have renovated 15,500 hotel rooms since 2014. That’s about 2/3rds of their inventory.
RIO All-Suite Las Vegas Hotel and Casino is the only hotel that won’t be a part of this upgrade cycle. Shortly after they finish this round of hotel room upgrades they should be ready for another round. However, they’ll probably wait for a little while to do more upgrades and enjoy the revenue these new rooms bring. You can read more about the Bally’s renovation here.
Palms Completes Phase 1 Of Renovations
When Station Casinos purchased Palms, they announced they would be renovating the property. The long renovation is halfway home as they’ve completed the first phase. Here’s the quick version of what’s been done:
- New casino floor
- Art Installations
- New restaurants: Send Noodles, A.Y.C.E. Buffet, Lucky Penny Café, and Scotch 80 Prime opens this week.
- Updated entertainment venues: The Pearl and Brenden Theatre
- New bars and nightlife: Center bar on the casino floor is open, Apex Social Club and Camden Cocktail Lounge both open this week.
Updates at Palms Casino Resort will continue through 2019. There are more new restaurants and a nightclub planned for the next phase. Station Casinos will also refresh the Fantasy Tower rooms, suites, and villas. I look forward to checking out the casino for the first time in a long time.
This is what happens when I’m working in a casino and someone sits down next to me wearing too much perfume and I want to get the news posted before moving on. Seriously.
- $1 million of marijuana is sold per day in Nevada. The reason you smell marijuana everywhere in Las Vegas is that the cops don’t bust people smoking in public. SPARK UP, BRAH! Read more here.
- The Lucky Dragon is worth $143 million or $60 million. Read more here.
- Oh yeah, there might be a strike on the Vegas Strip on May 22. Read more here.
- The new pub at Suncoast will serve the 777 beer that you may know from Main Street Station. I’m not sure why a small casino needs two restaurants that feature beer and burgers. No complaints here. I like both. Read more here.
- ICYMI, the Golden Nugget has updated their football contest. Read the new rules here.
- Amy Schumer is doing a four-show residency at the Cosmopolitan. Read more here.
- Gamblit’s TriStation has been approved for placement throughout Nevada. While being tested I actually see people playing these games. I think the slot machine-like cabinet and single player games are more appealing than multiplayer social games to hit casinos previously. Read more here.
Podcasters After Dark – May 26th 10PM
Seats assigned by purchase date, ORDER EARLY for the best seats! 🎙Podcasters After Dark!🎙 Saturday, May 26th in 🎰VEGAS🎰 at Treasure Island Hotel & Casino. (Book your hotel room at TI before May 4th!) Sponsored by The Bettor Life Podcast by Timothy Lawson. The evening features podcasters from Vital Vegas, You Can Bet on That and Travel Fanboy with your host Mr. Rosenthal and a special intro by our good friends at Vegas Confessions Podcast. Plus Moe (DJ) Cosagio (Vegas Untz) DJ’ing for the night!
ZorkFest – Memorial Day Weekend
Featuring Anthony Curtis of Las Vegas Advisor talking about “The LVA Way.” Also, Gilbert Ott of God Save the Points, Richard Kerr of Award Travel 101 and much much more. You do not want to miss this! Be sure to check out the BIOs of all the great ZorkFest speakers and our detailed schedule page. Travel Smarter!
[Great Opportunity] May 27th – Award Travel 101 Bootcamp
Sunday, May 27th – 10am
Award Travel 101 Bootcamp — 3 hour intensive boot camp taught by Richard Kerr and Howie for anyone who wants to learn the basics of award travel and set themselves up for their first award trip. Our teaching will start with all attendees selecting a travel goal to attain with points and miles and working them from the ground up to achieve that goal. Throughout the course we give practical examples/applications of the methods using attendees goals.
• The FICO score and the right ways to obtain/utilize credit cards while protecting credit score
• Transferable versus fixed redemption currencies and how to use them
• Hotel and Airline Loyalty Program basics
$99 per attendee. Each attendee gets 1 year of AwardWallet Plus ($30 value).
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