Vegas News November 15, 2022

Las Vegas Grand Prix (LVGP)

The initial excitement for the launch of the Las Vegas Grand Prix (LVGP) next year is coming to an end. The first batches of tickets for the event are sold out but some more will be released early next year. 

Plenty of people enjoyed the free launch event at Caesars Palace Las Vegas.

As we mentioned last week, Caesars opened its LVGP ticket and hotel room packages during the event. The only way to get LVGP tickets right now is on the secondary market like Stubhub or directly from casinos offering hotel room and ticket packages.

This week, most other Vegas Strip casino operators made their hotel and ticket packages available. 

MGM Resorts – Las Vegas Grand Prix (LVGP)

MGM Resorts room and ticket package announcement came with information on the “Bellagio Grandstand.” These seats are only available to guests who reserve an LVGP room and ticket package directly from MGM Resorts. Guests can also choose Paddock Grandstand seats if they prefer being off the Vegas Strip.

MGM Resorts tells me the company will temporarily and safely remove the trees in front of the Bellagio fountains. The Bellagio Grandstand will cover the sidewalk and part of Lake Bellagio. 

The fountains will be operating so F1 can get the money shot of cars zooming down the Vegas Strip with blasts of water in front of the casino. This should make for a nice backdrop for the F1 TV audience.

During Wynn’s third-quarter earnings call (below) the company mentioned it’s trying to use its property as a stage for events. That’s what MGM is doing here and I think it will look great on TV for the three-day event.

Resorts World Las Vegas – Las Vegas Grand Prix (LVGP)

By now you know that every hotel room and room and ticket package is expensive. I called Resorts World to get information on its most expensive LVGP package.

The $200,000 package at Resorts World sounds ridiculous and kind of awesome if you’re someone who enjoys F1, gambling, clubbing, and having your face broadcasted on the video wall outside of the Hilton tower at the property.

F1 aside, get used to more expensive weekend events in the future. The casinos are loving the room prices and media attention.

For the past few years, we’ve discussed casinos focusing on the most profitable customers. That’s often based on gambling but not always. Events like the LVGP will bring in very profitable customers that may or may not gamble. Casinos want more of these visitors as the markup on non-gaming amenities is often bigger than those who only gamble.

Last LVGP note – This is the best simulation I’ve seen of the Las Vegas Grand Prix circuit I’ve seen. Enjoy. https://twitter.com/f1lasvegas/status/1591150666680262658?s=43&t=4GSZvb8YclatwOZwuZWNOQ 

Grab the wheel for the first ever official on-board simulation lap of the Las Vegas Strip Circuit™! With speeds reaching over 215mph (345kmh), heavy breaking zones, overtaking opportunities and walls just inches from the edge of the circuit.#LasVegasGP #F1 pic.twitter.com/oQAqEPJypW

— F1 Las Vegas (@F1LasVegas) November 11, 2022

Las Vegas Quick Hits

I’ve been enjoying keeping track of LVGP events but it’s time to see what else is happening in and around Las Vegas.

• Palms dropped its Thanksgiving menus this week. Let this serve as a reminder to make reservations sooner than later if you plan on visiting Las Vegas during Thanksgiving weekend. Restaurants all over town will be packed. Locals hate cooking and tourists like to eat. Read the Palms info here.  
• Wynn Resorts reported earnings this week. Read the press release and financials here.  
• Like other casino corporations, Wynn had a great quarter in Las Vegas. That continued into October with record EBITDA.
• My first takeaway with Wynn earnings is always the room rates. They’re usually among the highest in Las Vegas. The third quarter was no different. The Average Daily room Rate for the third quarter was $426. Occupancy during the period was 88.8%.
• Wynn’s CEO had little to say about Tilman Fertitta buying 6.1% of the company’s stock. He only said it was a good investment. Read more here.  
• The most interesting part of the call to me was that the company is looking to use the entire property as a stage for events. Think about The Match or the recent car show. 
• I might be late to the show here but I just learned that Wynn has a stories blog. Check it out here. 
• Speaking of Tilman Fertitta, he continues to move forward with preparing the land he purchased on the Vegas Strip for construction. The Travelodge and nearby buildings are going…going…gone. Read more here.   

Lotus Of Siam – Red Rock Casino

• Lotus of Siam at Red Rock Casino is now open. I checked out a preview of the venue. It’s beautiful. You can see my pics here and read more here.
• The cost to build the MSG Sphere continues to rise. Makes me wonder how much tickets to see the U2 residency will cost next year. Read more about the constitution cost here.  
• There’s a new poker room at Bally’s/Horseshoe. Check it out here.  
• Nevada has a new Governor. Read his statement about winning here.  
• Netflix is recording a show at Tropicana. It sounds like a show that should be recorded at Tropicana. Read more here.  
• You can spend $40 per person to take a walking tour of doughnut shops in downtown Las Vegas. You can also just yelp the stores and do it yourself if you prefer. Read more here.
• Keith Urban’s 2023 residency is moving to Zappos Theater inside Planet Hollywood. Read more here.  
• Black Crowes are playing two shows at Palms on Super Bowl weekend. Read more here.