caesars garage now has more spaces available because paid parking has forced
employees to actually park in their designated garage and not in self parking.

That's hard to believe. Locals can still park free.

Won't locals be able to park free all the time?

Doesn't seem shocking that people don't want to park on the roof when it's 110+ degrees.

Heard self park rates are being raised tomorrow for all properties.

Already? lol
That was quick

It won't be long until the self parking fees are $20.

Wow just read that in 2016 LV casinos posted their first profit since 2008. How are they not making so much when everything in Vegas is designed to extract as much money from people as possible? Now parking is included.

uhhh why not link the article? what you're saying is outlandish. statewide, the casinos win between 500 million and a billion per month.

Debts and such. The industry is more marginal than you think. I got these numbers from an article I googled trying to find what you read:

2016
Gross revenue: 25.2B
Net: +979M

2015
Gross revenue: 24.6B
Net: -662M

edit: Here is what I read - https://apnews.com/afb696a68ee841008...016-first-2008

That's just 1 piece of the puzzle though. There are other sources of revenues too - hotel, restaurants, now parking. But there are tons of expenditures too - debt, operating costs, other overhead, etc. Based on these articles, they've been in the red from 09-15.

i know there's overhead and debt and all of that. which is why i wanted to see the article! :P

"casino" and "resort" can't be used interchangeably anymore!

Casinos made so much money that private equity firms figured they could borrow mountains of money at high interest rates to buy them. They were right. Sorta. The underlying properties are making money hand over fist. It's the corporate owners that are sucking out all the money to pay back the ridiculous loans.

As they nickle and dime their customers, their customers will give fewer nickles and dimes in the form of tips. The employees who are good and get fewer tips will leave, and the customers will have to deal with worse employees(and supervisors will have to deal with them too) and Vegas will become an overall ****tier experience. Business will drop and to make up for the decreased revenue they will cut services and increase fees further. It's like a downward spiral.

As with most aggregate stats, the subdivisions tell a more complete picture. These are statewide numbers, meaning a dollar earned on the Las Vegas Strip can offset a dollar lost by Crazy Bill's Yee Haw Casino in Bumfart, NV and saying the aggregate is breakeven is misleading.

The Strip casinos are making much more money than breakeven, but it also means that the non-Strip casinos are losing much more money than breakeven.

If anything, it shows that from a financial perspective, massive conglomerates' strategy of "nickel and diming" tourists and treating gamblers as second class citizens works better than the low cost low frills / aim for the OMC market strategy.

You really think the Vegas off-strip casinos are losing money? They are owned by different companies than own most of the strip casinos so they aren't really offsetting anything. I figured they were raking it in.

Really?

http://www.morningstar.com/news/benz...the-strip.html

Maybe they are. But SOMEONE is losing a ton of money if MGM is making a few billion and the total is less than one.

Last time I was in vegas I remember seeing empty casinos but the pools and bars were packed with people. TBH about some of the gripes on here, the rooms are still relatively cheap. Think I paid 150 for my room in june then got an upgrade for free. This cheap ass room made it so I can walk to the nice casino without staying there.

I think all the casinos are making lots of money, and the "losses" in recent years have been mostly accounting tricks,

and your reason for thinking that is... ?

The major casinos don't seem to be hurting to me; they keep on finding ways to make more money. The fact that a company overpaid for its facilities years ago and is still depreciating it doesn't mean they aren't making lots of money. Seems to be common in big business for companies to rake in lots of money to pay their executives, yet still somehow claim a loss, or even bankruptcy.

I don't claim to understand the details...if I did, I would be someone more important, like President.

I'm admittedly oversimplifying:

CET is essentially bankrupt because they went private at the absolute worst possible time and have never been able to recover from taking on $20b in debt, and also haven't had a presence in Macau. I'm sure their cash flow is just fine though.

MGM nearly bankrupted themselves building City Center and opening it during the heart of the recession. I'm sure their cash flow is just fine too.

Wynn and Sands largely propped themselves up during the recession with their Macau properties. I'm sure cash flow in Vegas is fine now.

Station Casinos did go bankrupt because they were betting on the locals by building Red Rock and Aliante, all while the local economy collapsed.

So in general terms, we're talking about a handful of mega-corporations that have carried a ton of debt between them but now have healthy gross revenue, at least post-recession. But they have A LOT of debt and infrastructure to make their nut on every quarter.

Notsureifjoking.jpg

Trump is probably a good example against you. For privately held companies, they have incentive and lack oversight to make these accounting tricks work.

Public companies lack incentive (bonuses are tied to stock price which is tied to publicly stated earnings) and have oversight (GAAP accounting). The pressure is usually to overstate earnings, not understate them.

Caesars played with this distinction a while back. A hedge fund group took it off the market so that it could make long term changes without the shareholders looking over their shoulders, and put it back on the market when they were done.

The main reason I brought up MGM is that I used to be a shareholder, their quarterly reports still show up on my Google Alerts and various financial websites. If you have reason to suspect they are not being compliant with relevant laws, you should either buy or short shares for a freeroll - if you make money, you rub it in your titties and walk away; if you lose money, you claim they misled the public and sue them.