Is Las Vegas heading for trouble? Why is it that with over 40 million visitors coming though the airport each year, record numbers, no one is making any money. Yesterday, we learned Caesars Entertainment lost 900 million dollars. The SLS has canned most of their executive staff and will close the Buffet on Sunday. I guess the 40 dollar price tag, with food coming out of the same kitchen as the Saharas 9 dollar price for the same thing, didnt go over well. The MGM folks are losing 150 million a quarter with City Center and get this, Wynn and Adelson would be losing too, if there was no Macau. The corporate takeover of Las Vegas is failing....I think the reason for all this is the entertainment polices of the properties and the lack of Vegas smart people in the Board Room. Over leveraged companies with huge debt service, is what we are facing. This is a bubble that is ready to burst...
Posted on: Wed, 12 Nov 2014 16:40:54 +0000
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