Vegas News April 13, 2023

Earning Season Is Almost Here

Earnings season is almost here. This reporting period is when casino corporations report first-quarter earnings. The companies will also share some plans moving forward. Though, wouldn’t you rather dream of a new Tiki Bar in Las Vegas?

As usual, Boyd Gaming will kick off the earnings season. Unfortunately, the company may not have much news for Las Vegas when it reports on April 26. The company usually spends most of the calls boasting about how they’re increasing revenue from certain customers.

MGM Resorts and Caesars should have some news when they report earnings on May 1 and 2, respectively. In fact, we already have a preview of some things we might here during the calls.

Las Vegas Grand Prix – SHOW ME THE MONEY!

Caesars is already dropping info about how much money it will gain due to the Las Vegas Grand Prix. During the last earnings call, the company expects about a 5% bump in revenue from the F1 race. That could be about $25 million more, according to an analyst referenced in this blog post.  

MGM Resorts will certainly mention the Bellagio room renovations we recently shared. Since the company no longer owns Bellagio’s real estate, they probably won’t be asked if it will be sold. Read about that here. 

Both articles reference a non-Caesars asset sale in the future. One reference is to a “megaresort,” and the other mentions a possible real estate deal. I won’t speculate, but it could be a while before there’s a deal announced. 

My limited knowledge of the financial markets leads me to believe that securing funding for a major purchase like a casino or land in Las Vegas still isn’t easy. I expect to hear a lot of “no comment” or “not at this time” when discussing possible acquisitions.

Let’s get to the rest of the news in and around Las Vegas.

Las Vegas Quick Hits

Tiki Bar

Golden Monkey Tiki Bar is replacing Genting Palace at Resorts World. No surprise, I haven’t heard a word good or bad about this restaurant. Read more here.   

The folks at TravelZork are “slightly” obsessive about Tiki Bars and The Stardust Resort.

Tiki bars got their start in Las Vegas in 1960, when Aku Aku opened at the Stardust Resort and Casino. In 1962, Don the Beachcomber, who is largely credited with laying the foundation for the tiki bar craze, opened an eponymous tiki bar at the Sahara Las Vegas — that bar definitely felt more I Dream of Jeanie than tiki. But by the ‘80s, both tiki bars had closed. In 2001, the Venetian Resort tried to revive tiki with the Taboo Cove, but the bar closed just four years later.

Eater Las Vegas – Las Vegas Gets a Fifth Tiki Bar, This Time on the Las Vegas Strip

• Speaking of Resorts World, after about 10 visits, I finally checked out the food court restroom. It’s a vibe, man.

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A post shared by Marc Meltz (@meltzvegas)

• Rumor has it that some nightlife entertainers at Resorts World might be moving to Fontainebleau. Read more here. 
• I drove through the F1 paving project on Sands last week. It was 10 am and there was no traffic at all. The roadwork moves to the Vegas Strip until April 19. Be prepared for a bit of congestion. Read more here.  
• EDC just announced the lineup for the festival at the Las Vegas Motor Speedway on May 19-21. I love the vibe of the tourists but I’ll probably be watching the show from my couch. I’m always looking for new music and will be jamming through the performer playlist on Spotify. Listen here and read more here. 
• Cathédrale at Aria is opening on May 1. This is a vibey, party restaurant from New York City. Read more here.  
• Interesting article on Gen Z and millennial travelers looking for deals when they travel. Aren’t we all? Read it here.  
• Darren Aronofsky is creating a big production show for the MSG Sphere. Read more here.  
• The owners of the delayed and over-budget arena above might want to put some thought into spending money on an expensive show.  Wynn Las Vegas is pausing its new $150 million show “Awakening” as it deals with incredibly low ticket sales. Read more here.
• The mainstream news was that Absinthe celebrated 12 years as the only show worth my time in Las Vegas. The actual news is that there’s now a speakeasy and burger/tots joint located outside of Caesars Palace Las Vegas. Read more here.  
• Remember when Uconn ditched Luxor for Resorts World and crushed the opposing teams in Las Vegas? Well, the team won the college basketball national championship. Coincidence? Doubtful but maybe. Read more here.   
• Station Casinos recently launched STN Charms. These are collectibles connected with a player’s rewards card that could someday have value in an NFT marketplace. Read more here.
• The news about the NBA and players signing a new collective bargaining agreement isn’t specifically about Las Vegas. However, there will be a mid-season tournament someday and Las Vegas could host the final four teams in the event. Read more here.  
• More people are jumping on the Nevada lottery bandwagon. You may be surprised that this is one of the few states without the non-gambling gambling option available in most of the country. Read more here.   
• Instead of a lottery, Nevada has the Megabucks slot machine system. Coincidentally, someone in Reno just hit the jackpot to win $14 million. This is the largest jackpot for the game. Read more here.
• Las Vegas casino operators asked the court to dismiss a collusion lawsuit. Hotel room prices being the same or similar was probably just a coincidence. Corporations would never collude. Read more here.  
• Manchester United will play a soccer match against Borussia Dortmund at Allegiant Stadium in July. Read more here.   
• The newspaper says Boring has more plans for the Vegas Loop. Westgate will supposedly be the next casino with a station. That will make two of 69 planned Vegas Loop stations for Las Vegas. There’s still no timeline. At this pace, the project will be completed around 2080. Read more here.  

40th Year! Minor-League Baseball Team

• This year marks the 40th year that Las Vegas has been home to a minor-league baseball team. You may be familiar with the Las Vegas Aviators who play across the street from Red Rock Casino. Read more about Las Vegas baseball here.   
• Does a Harlem Nights Casino sound like fun? One could, but probably won’t be built near anything of interest. Read more here. 
• Vegas Golden Knights playoff tickets are on sale now. Read more here.