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Monday, March 15, 2010 | 2 a.m.
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Harrah’s Entertainment is spending about $100 million to buy the Planet Hollywood resort from a nearly bankrupt neighbor and reinvest more money into the property.
It spent $60 million to build five posh swimming pools that open Friday at Caesars Palace. Three other pools there were upgraded last year.
Yet Harrah’s is holding off on spending $85 million to finish a half-built luxury hotel tower at Caesars that will remain empty until business improves in Las Vegas.
Up the Strip, Wynn Resorts is spending $67 million on a nightclub and “beach club” and will renovate a nearby restaurant to serve these venues.
But the solid consensus is that no new casinos or hotels will be built on the Strip any time soon, and the timetable for finishing partially built ones is up in the air.
Developers have shelved plans for billions of dollars’ worth of resorts on the Strip, including Boyd Gaming’s Echelon, El Ad’s megaresort version of New York’s Plaza Hotel, an Elvis-themed resort at the site of the Hawaiian Marketplace and a megaresort at the site formerly occupied by the Wet ‘n’ Wild water park.
So what makes a pool or restaurant worth opening in the midst of a recession but a new Strip resort or hotel expansion a terrible idea? It’s not that casinos, in and of themselves, are the problem. After all, Steve Wynn wants to invest $250 million in a Philadelphia casino under development. And his competitor Las Vegas Sands — which already has a Pennsylvania casino — is lobbying to build a Las Vegas-style resort in Florida. So what makes Las Vegas casino owners swear off new resorts in their hometowns for developments in other parts of the world?
The answer is the Strip’s return on investment, which is, at its most basic, what a project earns divided by its cost. This equation, which drives business decisions in any industry, best explains why developers won’t be building hotels or casino resorts in Las Vegas for years to come.
Revenue generated by major Strip operators fell up to 21 percent last year and earnings fell by up to 37 percent. Returns for new projects — especially Encore, which opened in the midst of the recession and which has a year of operations under its belt — is close to zero.
That’s a dramatic change. In the early 1990s, new projects in Las Vegas generated returns in the 20 percent range, peaking at 29 percent in 1993, according to an analysis by casino consulting firm Union Gaming Group. Returns were sliding in the teens by the year 2000, plummeting to an all-time low of 5 percent in fiscal year 2009.
New properties increased competition in Las Vegas but also helped the market by attracting first-time visitors. That trick has become harder to pull off with the limited number of visitors able to afford the Strip’s increasing number of higher-end hotels. It’s even more difficult to do in a recession.
But that’s only part of the equation.
The cost to build new resorts exploded during the construction boom and is still relatively high considering the lack of demand.
Even before the recession, increased competition had diminished returns for Strip resorts from the early 1990s, which represent the first major building cycle in the modern resort era.
And yet, casino operators continued to build new properties.
After all, returns in the midteens — compared with single digit returns in other, more saturated industries like retail — looked pretty good. Operators also hoped to attract new customers to Las Vegas with additional high-end resorts rather than by simply stealing existing business from mid- or low-rent competitors. And they succeeded — to a point.
According to Union Gaming Group, returns hovered around 13 to 14 percent from fiscal year 2004 through fiscal year 2007 — when visitor volume and overall business soared to historic highs.
For a time, operators were happy to get 15 percent returns. Those returns quickly became obsolete at the first hint of a downturn, as analysts, before the recession, had expressed early concerns about whether there were enough well-heeled visitors to fill thousands of luxury hotel rooms set to open on the Strip. Now, operators are lucky to get single-digit returns on new projects.
Returns for the $8.5 billion CityCenter complex — if the project meets post-recession earnings expectations — are expected to be in the single digits, analysts say.
So while casino operators haven’t given up on spending money in the recession, they are allocating fewer dollars.
Recent expenditures by the likes of Wynn and Harrah’s make sense, despite the downturn, because they have the potential to boost lackluster returns for their owners, argues Bill Lerner, a principal with Union Gaming Group.
Acquiring Planet Hollywood will allow Harrah’s a chance to capture a bigger share of Las Vegas visitors’ budgets, including regulars at Harrah’s casinos outside of Nevada who rack up points using the company’s gambler loyalty program and who don’t always spend money at Harrah’s-owned casinos on the Strip, he said. The resort is the first new Harrah’s-owned property in Las Vegas since Harrah’s bought Caesars Palace and other Caesars-owned casinos in 2005.
“They know people come to Vegas anyway and don’t necessarily stay with them because they want variety. This (resort) gives them another option in Vegas,” Lerner says.
The new venues at Encore will help the resort generate incremental returns by capitalizing on the high-profit nightclub scene, he says. That could help the property keep the business it already has, potentially steal business from competitors and perhaps even help the market by attracting new Las Vegas visitors who partake in the party scene at other posh hotels, Lerner explains.
Some pundits say it could take five years before earnings catch up with the billions that operators have invested in new resorts and other offerings in recent years. Others say it could take at least a decade before demand is absorbed, opening the door for new properties.
In the meantime, a lack of demand for new resorts plus high construction and financing costs equals a negligible return on investment, Lerner says.
“The numbers just don’t work,” he says.
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The plain truth to all of this is that we have built enough for the demand that is out there. We have over 150,000 first class rooms, which tops any place, anywhere. Even if there wasn't this recession going on, a smart company would determine there is no reason to build anything else in Vegas, and look elsewhere. As far as getting all excited about building more and more pools, that is an amenity...keeps people out of the casinos, and why all the hoopla...it does not and will not work...occupancy and spend per room keeps declining. We continue to make the mistake of delivering a product that is way above the visitors' needs or expectations...that is why our room rates keep declining...our market does not want an expensive product. It is more expensive to stay in a room in Shakopee, Minnesota or Hartford, Connecticut than it is in Vegas. Put a halt to all of the expensive extravagance in building product.
Very informative piece that gives a quick status check on things. Nice work. So the Strip hotels are going into single digit PROFIT if I read that right instead of double digit. So they're not as lucrative as they once were and will take time to come back. OK. Corprations lay out 20 year game plans all the time.
I think Harrah's is trying to get the pool biz away from MGM. I think they know the publicity MGM gets out of their pools in both marketing and college campuses is pretty astounding. I think they may have discovered that alcohol purchases by young people is a steadier income than the tables - as well as courting the youth into future comps, points, rooms, etc.
Regarding putting casinos someplace else makes sense since 50% of Vegas visitors, according to the LVCVA 2008 Visitor study, is from California. That's a lot of eggs in one basket.
"If you build it, they will come" I guess those words don`t apply to Las Vegas.... : (
ARROGANT CASINO STUPIDRATORS
I wonder how many $500 Goose bottles will need to be sold to recoup $67 Million club? Are there really THAT many people spending that much $ in LV clubs?
Re comment on Clubs: The top clubs in vegas last year took in 50-79Million. The Clubs are are a huge profit machine
Vegas 1966,I know. I am just surprised that there are that many people spending that much $ in them.
They would probably get a much better return on their investment if they built smaller casinos instead of the 3 billion dollar leviathans that have been all the rage and are currently sitting partially completed throughout Las Vegas. It sure takes a lot of spins on a nickel slot to make 3 billion dollars.
I think that the people blowing big money in the nightclubs would just as easily blow that money on the casino floor. It isn't about the club to them, it's about feeling like a bigshot. Meanwhile, catering exclusively to that customer base effectively excludes the vast majority of the populace.
The more casinos they will built elsewhere, the fewer visitors will travel out here.
Do you need all this sophisticated analysis that Las Vegas is over built. We don't need a new casino for 20 years.Why did we tear down the Stardust? It just needed some upgrades and it would have been fine. We have too many Luxury casinos now.
the stardust being gone only to have that empty mess in its place is disgusting.
also, the clubs are a HUGE marketing opportunity for sponsors of the "parties" they have.
if you can get 400 - 500 people aged 21 - 29 to see "brand xyz" clothing at the same time...that's very hard to do anymore. those club operators make a TON of cash just on marketing opportunities alone, not just liqour sales.
I think this read is right on....Wynn and others have money to invest but want some kind of return...they have to spend it somehow or pay taxes on it... but they dont want to lose money on their investment...as far as nightclubs go they are a good investment ...people do go out at night and drink and party ... its what I do when I am in Las Vegas....I think that some of those old casinos and hotels should be shut down completely ...however I stayed at Trump and my kid brother and mother stayed at Circus Circus and I cant remember when I have seen a dirtier or scarier hotel in my life like Circus Circus...but the hotel was so crowded with people you could not walk anywhere without bumping into another person...so I guess it was because it cost about $20.00 a night to stay their and people dont care if they get up in the morning scratching from bed bugs.....what I am trying to say is Las Vegas doesnt need another expensive Hotel and Casino...Las Vegas is at a saturation point right now...remodeling some of the older hotels would be a better bet...or get rid of those old hotels they really stink...they need a first class football and basketball team...they need to move away from Hotel and Casino ...look at other things to draw people in...
Casino Monte Lago closed last night. Very sad. I wonder if it will ever reopen. Just a precursor of the future here in Vegas. Even the smoke pits on Boulder Hwy are in trouble. Downtown is failing.
Oh well, look at the bright side. Our astoundingly over paid firemen and police will still be fat and happy. Life is good in the public sector...
GAMBLING, BOOZE, CIGARETTES, DIVORCE, AND WHORES.
A LIL' ENTERTAINMENT AND TRANSPORTATION.
A SLIGHT TOUCH OF MANUFACTURING (WAS POLITICAL TRICKERY).
NO WATER.
'HERE LIES LAS VEGAS.....'
Always sad when a property closes...anyone know the job loss stats on the Monte Lago? It didn't take a Rhodes Scholar to see the luxury market is saturated. Even when the economy rebounds, I'm still not sure the luxury hotels can fill their rooms on a consistent basis.
Very true 'yesitsme', invest it in a property or pay taxes...pretty simple, especially if its done correctly.
I certainly hope that the lesser hotels, especially those downtown, do not close up. There really are two very separate types of Las Vegas vacations. The Strip gargantuans cater to the wealthy or at least the rich wanna-be crowd, with their posh pools/nightclubs, and expensive restaurants and shops.
Downtown caters to my crowd, frugal, law-abiding, out for a change of pace at a reasonable cost. I would be afraid to show my disgusting, middle-aged plus body at one of those poser pools.
I really hope that both the Strip and Downtown hang in there and once again prosper once the recession is over.
I always get a kick when some schmuck posting here thinks he knows more about runnung a business than Steve Wynn.
Funny,no mention of the Blue Whale (Fountainbleau)
A total loss of 530 jobs at Monte Lago and the Ritz Carleton. Did you know that this is the first Ritz to ever go out of business?
Bad times for all. I wonder who is next?
Are they still calling this a recession?
Dont blame bad ideas LLV on 'the recession'.
I recently spent over two weeks in Vegas. I paid a total of $120 for 2 nites in a room, the rest were comped. Now, I did blow about $3k on gamblin', dining, shows, and a rental car. Had a GREAT time :-)
Bushdepression You could have taken that $3k and look for a job.you are probably on our 99wk extended unemployment. Get a life! two weeks in Las Vegas?
Chaz, I day-trade for a livin' so I can "work" wherever I want as long as there's wi-fi access. I'll be "workin" in Hawaii later this year! LOL
Hey, dont slam the people who are coming here. Two weeks in Vegas with lots of casino activity; isn't that what we want in this town? That is the lead industry here..and we have to assume that they are unemployed and gaming with unemployment funds?
I thought I left this cyinisim back in Atlantic City.
Obviously this topic is another idiot magnet.
The BIG mistake was Boyd tearing down the Stardust, and Ruffin tearing down the Frontier. These two properties were PAID FOR and turning a profit. It was simply a matter of greed, and the fact that at the time the real estate underneath them was worth more money than the properties themselves. Greed, disgusting greed and the vanishing of two historic iconic Las Vegas properties..Shame on them..
enviro you're absolutely right. I was in town over the weekend and for some reason ended up doing the walk from Stratosphere back to TI where I was staying. Between the Sahara and Riviera you've got the unfinished blue bohemouth Fountainblue and then from Slots O Fun back to TI you've bubkus. It is so depressing making that walk past that enormous plot of land that used to be Stardust and Frontier. It was eerie actually looking at the partially built shell of Echelon.
Time for the shacks like Tropicana, IP, Riviera Circus, etc. to get leveled. All the remaining joints step down one notch on the ladder.
I stayed at a suite in beautiful Encore; had a bird's eye view of the lifeless phalanx of Fountainbleau's glass facade topped by motionless construction cranes, and the rusting steel and dusty concrete skeleton of stunted Echelon. Acoluzzi, I agree, it was a sad sight but I got over it quickly in the casino.
I'm lucky enough to say I don't care about the economy and I cannot wait to get back to my beloved LV. We are going to stay for a week, three nights each at two fabulous hotels where we'll shop, swim, eat, drink and gamble, gamble, gamble for six fabulous days!
Elmer,they just sunk a ton of loot into the Trop,it aint going anywhere. They should have NEVER torn down the Stardust.Pure ego and greed.
In reference to the "Blue Whale" (Fountainblue), there are few people who know more about casino investments that Carl Icahn and it appears that he's "mothballed" that property, waiting for conditions to improve. At some point, he'll either finish it and operate it himself or flip it to another operator.
If you're looking for some sort of signal as to when LV is once again a good investment, you could do worse than following what Icahn does with the "Blue Elephant"!
67 million for pools?
I imagine they'll need to have Hard Rock type pool parties every night to recoup that cost.
When we go to LV (3-5 times a year, 3 nights) we go Sunday, return Tues. or Wed. Stay at IP, Palace Station (until resort fees ran us off), Luxor, etc. We stay on the cheap, or pay a little more for the upgrade to TI or such.
The high priced resorts are simply a waste of money. Nice to walk through, eat at or catch a show, but who needs to pay $300+ for a room?
Even the gambling seems to give better return at the low-mid priced places.
Environ, Did Ruffin tear down the Frontier as you stated, or did he sell it to those who leveled it? I think he sold it.
Very, very interesting article and comments. It appears that most people reading this article are true Vegas lovers (like myself) but are not too happy with the 'super-upscale' transformation of the Strip. I think the bulk of Vegas visitors are 'middlescale' folk who enjoy a good time (gaming, shopping, dining, entertainment) for a reasonable cost. Leaving your vacation money in Vegas is no problem when you've had a ball enjoying yourself. But enjoyment becomes more and more difficult when most venues are sooooooooo upscale.
I like spending 7 to 10 days on my Vegas visits but this would be impossible without room comps (which means I switch hotels) and a few meal comps. The Stardust was my favorite (inexpensive to stay and play) and Circus Circus was once desirable (along with WestWard Ho) but even though those places are gone (not CC, of course), I still LOVE Vegas. I just wish one or two of the casino 'lords' would build a middlescale place (or refurbish an existing place)for us middle class folk to enjoy.
logic_should_rule wrote:
I always get a kick when some schmuck posting here thinks he knows more about runnung a business than Steve Wynn.
Well to be honest if he would take on a business protege instead of sticking his elbow through a priceless painting and saying "oops" we may have the next up and coming Steve Wynn who can amass the same fortune he does. I get so sick of billionaires thinking that it's only money they need to hold onto and to hell with anyone else, try taking on someone who needs and wants a mentor. While they are at it they should also pay some extra taxes to the city who made them rich instead of bitching and whining through their lobbyists to the State Senate when it comes up at meetings.
It's not about what people want, it's all about the bottom line and that's it.
I keep seeing the old casinos in books and thinking it would just be great to be in the Vegas of 60's.
Guess all we have is books now, shame.
Ruffin sold The Frontier property to the El-Ad group in May 2007 for a whopping unprecidented $33 million per acre which totalled $1.2 billion and the El-Ad group had the place imploded to make way for their own megaresort to be built which they put on hold early on as they couldn't attract investors to help fund it......
If I were the owner of The Frontier and had that kind of offer, I too would've yelled "SOLD".
Gee, sell The Frontier and in the near future end up with owning Treasure Island basically all fully paid for while STILL pocketing an extra $500 million....hard to pass up.
Yes I was very sad to see The Frontier go, as I have great memories there, plus I always parked a vehicle there which was so convienient as a central point upon the old days on the Strip.
The Frontier was the place for me one slow dull 300am night when I started shooting craps at the only open $5 table, the table got crowded and loud quick as eventually I made over 60 consecutive rolls, pass after pass, while the table boss kept raggin on me when the table ran dry of $5 chips and told me he was gonna get reamed if he had to go to the cage to get more nickels issued...
So all the dealers after every roll were yelling to patrons to cash out their nickels, while four floormen kept staring me down and kept combing their fingers thru their slick hair while making pass after pass.
After I finally sevened out, there was a long single file line at the cage as everyone patiently waited for the cage to get reorganized for that unexpected payout for everyone....and one patron yells at the entire line and told everyone to let the shooter cash out his chips first.
While I was walking towards the cage, everyone in line parted like the Red Sea while giving me full honors, and the cashier even told me I made the entire staff's night worth while too.
I will never forget that night, and it was much better than movies.
After seeing the magnitude type of a place like the Stardust to go like it did, I figured the Echelon Project was fully committed to exist since Boyd always expanded and been a mainstay of Las Vegas, rather than a real estate developer based out of New York City and Isreal that got stuck with an overpriced piece of property while tearing down The Frontier and deciding on one of three different megaresort designs they plan to develop as it was a wait and see attitude on what they were going to do.
How long can the luxury resorts afford to do the upkeep if this recession continues long-term? What will happen to Venetian, Encore, Wynn, Bellagio, etc. when the cash flow continues to tighten? Will they close towers? That only saves so much money. Just basic maintenence on these places must cost a fortune.
Las Vegas is trying to ride on the mass attention it got from the All-Star game and all the various shows that incorporate it's image. The giant killer to all of the other projects is City Center. That property has swooped up the available "money spenders" thats needed to compete with the megaresort. And in times like this most casino owners are not getting the money like old Las Vegas was getting because of the focus of people that all places are marketing to.
Old people have the money and they have particular ways. My company that I work for get "Snowbirds" who are people who come from cold climates and spend the winter here. They spend thousands for three month stays. Even have some that stay for 5 months. Megaresorts can't handle that and they miss out on that substancial revenue that we recieve.
Megaresorts can't handle huge turn overs so they have everything in them, so improvements to aspect of amenities that keep guest on the property is the best way. New cluns and pools, alot are putting in full scale stores or incorporating Walgreens or CVS to keep the money in their confines. This is why places like the Goldspike is doing better than PH Towers due to the fact that all the amenities are there that guest want. Las Vegas need to realize that all that glitters is not gold.
this line:
"Some pundits say it could take five years before earnings catch up with the billions that operators have invested in new resorts and other offerings in recent years. Others say it could take at least a decade before demand is absorbed, opening the door for new properties."
should send a chill over anyone that is thinking of buying a foreclosure and thinking they'll just rent it out for a few years until the equity goes up.
probably not going to happen for at least 10 - 15 years. there would need to be a MAJOR construction boom ( like we saw in 2000 - 2005 ) all over again to employ the people in las vegas NOW, and an even LARGER boom to bring enough NEW people to las vegas to fill all the empty homes.
Well, and it's sad to say, but in the end, the City's primary reason for being is pretty dispensable. It was one thing when LV was IT for gaming. But as we all know that's just not the case anymore. I'm not saying anyone does it better or can equal the LV experience any more memorable. I LOVE the place and I'm not a gambler. I love its energy, architecture, color, etc. Indeed, I'm looking at ways to start up a couple of businesses there on my own.
People wonder what would happen if the economy gets tighter? Well - like any other biz venture the whole thing can fall apart and if it does it does and those that live in LV and NV will suffer. Just like other states and towns over the decades that have lost their industries to the economy or lack of resources or demand. A tiny taste of this was seen when people freaked over Pres. Obama's LV comments and how it had on affect on the LVCVA income.
The place is based on a regulated vice. And so is Atlantic City, Branson, gaming boats, lotteries, horse and dog betting and Indian casinos. Not all indutsries are constructed to flourish in all economic conditions. That's why it is PARAMOUNT that the State of NV do more to focus on other reasons for people to come and stay and I know there's work on that.
Just as some of the posters wish to see LV be as it was in the 60's, there may be people 40 years from now who wish to see the way it IS right now.
The thing is - and the "Sun" and others have address this - is that the gaming biz has turned into a lot of "all your eggs in one basket" approach for only four to six major players owning the majority of the places 36 million people went to in 2009. As one poster said from another story, imagine if all the lights went dark on Harrah's properties. (No matter what you think of their resorts or management.) Or for that matter MGM's. Imagine the awful press on that one and how it would affect visitors' bookings from just the perception level of the place dying.
And of course all the casino giants know this about LV - hence their own casinos in other places of the country and Macau. I mean, it would be nice to see if MGM, Harrah's, Wynn, Sands, Boyd, etc., made a commitment in writing that no matter what happened to all their other properties and plans they would leave Las Vegas as the LAST thing they'd get rid of for the livlihood of the people who work there. Can such allegiances be found?
Once a year I visit your city for a seven night vacation. Of course, coming from Europe, I have hardly any knowledge about how it is living actually in your city. But I cannot wait to go again in May for having the time of my life. Dining, gambling, shopping, shows, sometimes with just 10 dollars left for a cup of coffee at the airport on my way back home. And then 51 weeks to save money for the next year. We tourists do love Vegas.
Must be nice to be aprilgirl12 and Irene50.
VEGAS NEEDS MORE SUCKERS LIKE YOU!!!
actually they just need more people with money. You're both an exception to the reality of the rest of the world. Irene50, you're probably from Greece I'm guessing?
Lolzzz....
We will never see it rain hundred dollar bills again unless inflation makes a hundreds worth $20 over the next 5 years. Inflation is bound to hit with the Fed's giving money away for free to the banks!
buy gold and something to protect it with.
All that money and they are laying off people and not paying their musicians. Damn shame if you ask me.
Shift gears. Gaming giants building in Macau and Singapore. Still throwing billions around the Strip. And they claim they can't afford to contribute more than 6.75% to Nevada's children, elderly, job development, education/universities. They pay three, four times that in other states. Boy does Wynn and the gang have our brains walled off from what makes a state a state.
The best thing that could happen to the strip is for Harrah's to go belly up and every one of their properties to be leveled.
this article states "The answer is the Strip's return on investment, which is, at its most basic, what a project earns divided by its cost."
i might be crazy, but isn't a return on investment what a project earns MINUS its cost? rather than divided by its cost??? If you earn $10.00 and a project cost you $9.00, your return would be $1.00....subtraction, not division. This guy writes for a living???
Wow! Most of these comments bought and paid for by the Chamber of Commerce? Or Las Vegas Visitors and Convention Association?
Anyone who can't wait to return to pay the enormous prices for the dining, shopping and entertainment is out of their mind, or not living in reality! You think paying $200 or $300 a night for a room is a deal? With the customer service that we've had on the strip lately, for those prices, no thanks! The shows are mediocre at best, with Phantom and Blue Man being the exception.
The only place in Vegas anymore that gives great service for the price is M......the rest of the strip will not have our business until they learn to treat the customers better.
I go to Vegas at least twice a year, and just like Irene 50, I work and save for my next trip. I used to go to Florida for my vacations, but I'm over Florida because the hotel rates there are just as bad or worse. You can fly to Vegas, stay and play (with players club comps), eat and drink, all for the same price of a decent hotel on the beach in Florida. There may be competition with other casinos all over America, but that is like saying: oh no, other states have nightclubs, who's going to come here? You cannot beat the Vegas experience. While I love the fact that you can carry your drink out onto the strip and into the next casino, I hate the smoke. But Florida is so tight, you cannot even drink on the beach. I do not work all year so I can be told where I can have my margarita when I'm on vacay. And Florida is so boring compared to Vegas! We saw KA at MGM on our last trip and it was fantastic!