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Tuesday, Aug. 18, 2009 | 2 a.m.
Snapshot:
Gaming win at Clark County casinos
Discussion: comments so far…
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Now this is a good presentation instead of the big fear mongering headlines suggesting that month to month win in 2009 is going down by 13% PER month.
The real deal is that the win is down to 2004-2005 levels and holding. If it was good enough for vegas during that period, it should be ok now if they hold expenses to the level of that period.
The casinos just got used to boom times, as it if was never going to retrench.
Foolishness.
The crux is, term25600, the casinos have been building and building, increasing its number of slots, table games, hotel rooms, restaurants, etc etc, and this all had to pay by making new debt. Wouldn't there be this outrageous debt load, most casino operators would be writing good figures. If a company like Harrah's or LVS owes 15 or 25 billion dollars to the bond holders and banks, then only 1 to 2 billion dollars per year have to be won to pay the accrued interest of these debt loads. That's the problem right now. Station Casinos with its ridiculous offer to the bondholders (exchanging the old debts into new debt for 10-20 cents on the dollar) could help the big managers to remain in control and perhaps turn the company into a halfway profitable enterprise again. However, the initial bondholders would lose all their money. As long as there's not enough money to be won based on the new super size of these mega resorts, somebody will lose the money it all cost for building.
From Switzerland
Term, you are right, except that now they are overbuilt. It will take a while for it to come back to equilibrium.
I wonder where the nit wit neiman is with his rant on Reid and Pelosi blaming them for this and every problem he can think of?
The expense side of the equation is not represented including salaries and wages - most of which were negotiated through collective bargaining when growth was anticipated.
The graph doesn't show the expansion that has occurred and the money spent on that expansion. The pie is 2004 level. The expenses are not and the pie is split in smaller and smaller pieces.
It cannot be Pelosi and Reid's fault. After all, they saved the national economy and ended the recession last month. Pelosi and Reid have done all they can to help our energy needs and keep the price of fuel down. Pelosi and Reid will now fix everything wrong in the country by providing FREE health care to all and taxing someone else to pay for it. All is good in Nevada, pass the Kool Aid.
Ok, so now all sides have weighed in. Got to go and get that cha ching going! Maybe Pelosi and Reed should help us out at penny slots!
Reid and Pelosi might have nothing to do with the current situation in Vegas but they are a danger to the long term well being of this country.
KATIE - BECOME EDUCATED BEFORE MAKING COMMENTS. YOU ARE A SHEEP, BAHAHBAHHA
Overbuilt or not, there is a pretty clear, and scary, downward trend line from October 2007 to present. Where's the bottom? 6mos? 12mos? 18mos?
Good statistics, self explanatory
The graph needs to go back at least 10 years because those are the profits Clark County should expect to see in the coming years.
The problem is that Clark County's budget is expecting tax revenues similar to what were had in 2007. Instead they'll be getting 1999 level tax revenues.
Please finish the graph and take the data back 10 years.