Happy New Year! I hope the holiday season treated you well. Even though the temperatures dipped below freezing for the first time in a long time, Las Vegas is off to a blazing new year. Temperatures are back to normal and we’re about to see the biggest convention of the year in Las Vegas.
The Las Vegas Review-Journal (paywall) says there will be 180,000 people in Las Vegas for the Consumer Electronics Show (CES) this week. Expect to hear some tech announcements as it relates to future casino experiences during the week. We’re also about to experience quarterly earnings reports. Corporations will soon be reporting fourth-quarter (2018) and annual earnings over the next month or so. MGM Resorts and Caesars Entertainment are already making announcements that their shareholders should be happy about.
MGM PGP 2.0 | ‘MGM 2020’ PLAN
MGM Resorts International announced the MGM 2020 plan this week. The new plan should reduce expenses, improve efficiencies and create growth. They expect the plan “to deliver annualized Adjusted EBITDA uplift of $300 million in aggregate, consisting of $200 million by the end of 2020 and an additional $100 million by the end of 2021.” If this idea sounds familiar it’s because MGM 2020 is essentially the next step of their Profit Growth Plan (PGP) from 2015. While the PGP was solely focused on the customers experience, the new plan is a bit different. MGM Resorts will be reducing staff by about 3 percent during this time.
This is a plan specifically to increase profit and keep investors happy. MGM 2020 is a somewhat logical next step in maximizing revenue. It’s not like MGM Resorts can squeeze much more from customers in Las Vegas. There’s probably not many more amenities they can remove or downsize from their Las Vegas properties. Personally, I am curious to see how the digital transformation part of MGM 2020 will save the company money. I guess replacing human employees with robots is a start. I’m sure we’ll hear more about the plan when the company reports earnings in the next month or so.
Caesars + NFL | Caesars-Entertainment Is The Official Casino Partner Of The NFL
The National Football League announced that they have selected Caesars Entertainment as their first-ever Official Casino sponsor. While this deal technically has nothing to do with sports betting, it also has everything to do with sports betting. It’s impossible not to link the two together but the $30 million per year deal is technically about marketing. Mark Frissora, President and CEO of Caesars Entertainment (for now) says “Combining the league’s 180 million fans with our 55 million Total Rewards loyalty program members will expose millions of people to the exclusive and exciting year-round opportunities at our properties.”
Expect to see Caesars activations starting with the NFL Playoffs, Super Bowl and NFL Draft. Caesars has partnerships with a number of NFL teams as well as Las Vegas Stadium which is still under construction. Total Rewards members should see NFL related offers in the future. Unrelated to Las Vegas and the NFL, Caesars Entertainment now has a deal in place with three New York casinos should sports betting become legal in the state.
Doin’ It For The ‘Gram At Palms – Instagramable Vegas
So much marketing today seems to revolve around providing customers with a product or service that’s instagramable. The renovations and new art installations at Palms offer guests a variety of places to capture that perfect Instagram moment. This summer they are expanding the art collection outdoors. Palms Casino Resort has added a 60-foot headless demon to their art collection. The massive sculpture from Damien Hirst will debut at the casino this summer. “Demon With Bowl” will provide guests at the new swimming pool a unique place to grab a sweet pic for the ‘gram. We’re all livin’ for the ‘gram, right? Well, if you’re not someone born between 1981 and 1996 you probably are not someone livin’ for the ‘gram. ArtNet has more information on the sculpture if you’re curious.
Britney Spears Indefinitely Postpones Park MGM Residency
Britney Spears canceled/postponed her “Domination” residency at the Park Theater inside Park MGM. Britney says that she’ll be spending time with her family after a recent health scare with her father. Last week this Britney Spears fan wondered how the “Domination” residency would compare to the massive production of the new Lady Gaga “Enigma” residency. I guess we won’t find out. Britney has to do what’s best for her and the family. MGM Resorts will probably want to fill the void left by Britney. It wouldn’t be a surprise to hear about a new residency at Park MGM by the time MGM Resorts reports earnings.
Some friends were visiting this week and made a visit to SLS to pick up some free play and dining comps. It was my first time checking out the renovations to the property. The casino floor is currently divided into three sections. The hotel side looks like the original SLS design. The Vegas Strip entrance has the new SLS design. In the middle of the two areas, there’s a box in the middle of the casino floor. Presumably, there’s work being done behind the walls. The new design is bright and very different than the original SLS casino floor. Anyone that hated the old dark design should enjoy the brighter casino. My feelings about the new casino area are mixed right now. The vibe of the new decor is a new casino in anywhere, USA. The new space does not evoke any emotion – love or hate. I’m curious to see what the finished product looks like.
- Wayne Newton is moving across the street from Bally’s Las Vegas to Caesars Palace Las Vegas. “Up Close and Personal” will open at Cleopatra’s Barge later this month. Read more here.
- Scientific Games has extended their deal with Hasbro through 2025. This means there will be more Monopoly, Clue, and Yahtzee slot machines. Read more here.
- The winner of the Westgate football SuperContest took home a cool $1.4 million. Read more here.
- If you’re looking for a Super Bowl party check out this list at the Vegas Parlay.
- Looking for a unique dining experience? Check out Secret Burger. This concept looks great and it appears as though tickets are going fast. Read more here.
- Legends In Concert has moved to the Tropicana. Tickets are on sale now. Read more here.
- Naked Magicians is starting a residency at MGM Grand in February. Read more here.
- Ever wonder what the most popular legal marijuana products are in Las Vegas? Read about it here.
- Last but not least: Locals get 20% off at Eataly. Side note: See ya soon!
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