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CR88-p01-News1:SJC-Casino Review 21/1/10 17:36 Page 1
www.CasinoReview-Online.com • February 2010 • 088
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NEWS3 NEWS22 PREVIEW70
Vegas
Fireworks signal the
end of a depressing
year in a packed
Las Vegas (Image
rebounds
courtesy of Las
Vegas News Bureau)
for first
time in
two years
The New Year did bring some new cheer to
Las Vegas with the news that Gross Gaming
Revenues (GGR) in November saw their first
monthly rise in almost two years. With a
stronger than expected December as well.
Phil Martin asks whether these are the
first signs of the green shoots that the
industry has been hoping for.
bouncebackability nificantly the first monthly aging nonetheless. After all, Bond rating agency Fitch next few years.’ tions have traditionally been
UNITED STATES rise in almost two years. we note that the November Ratings believes however Deutsche Bank bond successful in boosting
On the Las Vegas Strip, calendar was unfavourable there is worse to come for the analyst Andrew Zarnett is even tourism figures but analysts
As the clock ticked across to which accounts for more than with eight weekend days in US economy as a whole with less hopeful predicting that remain sceptical that the
2010, it was just like the good half the total, revenue 2009 compared with nine in unemployment peaking in the GGR on the Strip will drop by Strip’s latest offering from
old days in Las Vegas, which increased more than eight per 2008, though the comparison second quarter of 2010. a further 10 per cent during MGM Mirage will persuade
welcomed over 315,000 New cent to $473.8m. was a relatively easy negative “Profitability will remain 2010, along with a 20 per cent people to visit Vegas.
Year revellers with a spectac- GGR for the current fiscal 14.8 per cent.” under pressure as operators decline in cash flow. However, David Katz of
ular fireworks display and a year, which runs from July to Bill Lerner of Union Gaming will be aggressive on pricing The glut of hotel rooms is a Oppenheimer and Company,
car-free Las Vegas Strip. June, is still down by a depress- added: “On the heels of a and marketing through 2010, concern for Dennis Forst, a said: “CityCenter bears unique
The end of a tumultuous ing 7.9 per cent to $4.3bn, strong New Year’s in Las Vegas, as new capacity needs to be gaming stock analyst with amenity offerings that should
2009 and the start of an ever with the Strip falling more the Consumer Electronics filled, corporate travel budgets KeyBanc Capital Markets. He drive trial and long-term
hopeful 2010 was signalled by than five per cent to $2.3bn. Show in Vegas looks to have remain under pressure and commented: “The economy is growth. Visitation should rise
seven minutes and US$500,000 All this has left analysts drawn about six per cent more consumer spending patterns going to continue to be weak on the Strip in 2010, although
of fireworks shot skywards mixed on their predictions, attendees than in 2009. City- improve only modestly,” the next year and with all the new cannibalisation of wholly
from seven casinos on the Strip. which given the state of the Center and Bellagio foot traffic Fitch report stated. rooms there will continue to owned properties by CityCen-
The city’s 148,000 hotel rooms economy is perhaps the best have been quite strong based Fitch’s gaming outlook be pressure on room rates.” ter could offset a rebound in
were 96 percent full with an casinosexecutives could on our observations across a predicts that Las Vegas There are currently more somewhat of a zero-sum game.”
estimated 3,000 more people have hoped for. significant number of days casinos will suffer another than 145,000 hotel rooms Whilst a new year brings
in town compared to last year’s Joe Greff, an analyst at JP and day parts. Multiple restau- three to five per cent of dwin- with more to come following new optimism and determina-
New Year’s Eve. Morgan, said:“F or the first time rateurs that we have spoken dling Strip revenues in 2010, the completion of several tion to improve, most experts
Analysts were also buoyed since December 2007, with are experiencing even though footfall could projects. Total visitor volume are positive in believing
by the first sign of a bounce statewide and Strip gaming growth in key metrics such be up by five percent. The to Vegas in 2009 is likely to there’s a recovery in sight for
back in terms of GGR with revenues were positive. We as covers and average checks. analytical group’s senior come in at 36.4m people, Las Vegas but in light of the
gambling revenue in Nevada think November’s relative We are more confident that director Michael Paladino similar levels to those in 2004 worst recession in 80 years,
in November showing a strength has been well under- 2010 will represent the posi- said any Las Vegas recovery when there were far fewer many believe that it is still hov-
modest increase but more sig- stood by investors. It is encour- tive inflection in Las Vegas.” would be ‘slow’ and over ‘the rooms. New ‘must-see’ attrac- ering on the horizon.
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