MGM casinos now charging for parking.. - Page 15 - Las Vegas Lifestyle Forum - Las Vegas Entertainment and Living Information

I never made any kind of analysis. I don't follow the stock prices of major casino corporations. Just thought if a company's stock took a big hit after making an unpopular decision, they would be likely to at least consider changing that decision; seems like a reasonable thing to do.

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01-28-2016 , 05:30 PM

#352

callipygian

slowrolled by tpiranha!

Join Date: Mar 2009 Posts: 19,880

Quote:

Originally Posted by chillrob

Just thought if a company's stock took a big hit after making an unpopular decision, they would be likely to at least consider changing that decision; seems like a reasonable thing to do.

Depends on whether the stock price drop was a result of the unpopular decision.

Pull up Google Finance and compare MGM with the broader market. A good chunk of the stock price drop is general fears about the Chinese economy slowing down.

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01-28-2016 , 05:39 PM

#353

NhlNut

KANGZ

Join Date: Aug 2005 Posts: 18,195

Often, the best company stock to own is not the company you want to do business with, it's the company you have to do business with.

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01-29-2016 , 02:12 AM

#354

eobmtns

veteran

Join Date: Jan 2005 Posts: 2,474

So if MGM's stock price goes up their executives are magically going to become less greedy and gouge patrons less??

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01-29-2016 , 03:05 PM

#355

callipygian

slowrolled by tpiranha!

Join Date: Mar 2009 Posts: 19,880

Quote:

Originally Posted by eobmtns

So if MGM's stock price goes up their executives are magically going to become less greedy and gouge patrons less??

No, but they'll do it for sure if the stock drops, so you can either take "definitely screwed" or "maybe screwed."

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01-29-2016 , 05:35 PM

#356

eco74

Carpal \'Tunnel

Join Date: Sep 2006 Posts: 10,116

Quote:

Originally Posted by eobmtns

So if MGM's stock price goes up their executives are magically going to become less greedy and gouge patrons less??

Stock prices going down creates a desperation that leads to quick-fix ideas, like this one (although there certainly are other contributing factors to this dumb idea). Stock price being up leads to happier times and more coasting, and the idea that whatever it is you're doing is working so there's no urgent need for drastic changes. Yes, I work at a publicly-traded company.

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01-29-2016 , 06:44 PM

#357

George Rice

old hand

Join Date: Oct 2002 Posts: 1,873

Quote:

Originally Posted by parisron

I used to look at license tags as I walked thru the parking garage after I parked and was amazed how at least 50% of the Tags where California and easily over 60% of the Tags were California or Arizona.

I've rented cars in Vegas that had California plates. That will throw off any assumptions based on observing plates alone.

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01-29-2016 , 07:35 PM

#358

George Rice

old hand

Join Date: Oct 2002 Posts: 1,873

Quote:

Originally Posted by MSchu18

wondering the same thing... we need a sub thread where we can discuss ALTERNATE parking scenarios.

The Crystals shopping center in CitiCenter is supposed to be exempt from the parking fees. So for the Aria and Bellagio poker rooms, it will be a bit of a walk, but something. I imagine they'll catch on and charge there too, with validation for shoppers (who will be discouraged from shopping there after only one time forgetting to get validation).

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01-29-2016 , 07:40 PM

#359

George Rice

old hand

Join Date: Oct 2002 Posts: 1,873

Whatever MGM decides to charge for parking won't be the end of it. Once the politicians realize they are losing some of that tax money because some tourists decide not to rent a car, they will add taxes to the parking fee. Heck, they may create that tax even without any loss in car rentals. Expect at least a few dollars to be added to any parking fee.

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01-29-2016 , 09:42 PM

#360

Steve00007

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If they get away with this, then I wonder how long it will take before they raise the $10 parking fees (and $17 for valet). Why not make it $20 if you can get away with $10? And if $20 works, then why not $40? I think going to $20 would be less controversial anyway, especially if the rest of the Strip is already charging their own parking fees.

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01-30-2016 , 12:40 AM

#361

pig4bill

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Quote:

Originally Posted by George Rice

Not really a stretch, since they tax resort fees now.

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01-30-2016 , 10:19 AM

#362

Cooling Heels

adept

Join Date: Dec 2002 Posts: 740

Quote:

Originally Posted by pig4bill

Not really a stretch, since they tax resort fees now.

State sales tax on parking seems unavoidable; I don't see how the sale could be exempt from sales tax.

The city may see this as an opportunity for a flat municipal tax, say $2 per transaction.

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01-30-2016 , 12:52 PM

#363

eco74

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Quote:

Originally Posted by George Rice

They have said that Crystals and Mandalay Place won't have fees but I would bet dollars to donuts they'll be validation-with-purchase.

But it's beside the point anyway. If you want to make a statement about this, don't play at their properties at all.

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02-01-2016 , 05:10 PM

#364

eco74

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Completely unsurprising:

In related news, VT has learned that MGM Resorts International has begun eliminating valet jobs and will outsource parking operations to SPPlus. Apparently, the reason why Circus Circus is immune to the parking change is their employees there are part of the Teamsters union.

http://www.vegastripping.com/news/bl...-pay-stations/

Once again, FU MGM

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02-01-2016 , 10:15 PM

#365

pig4bill

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How much can you save outsourcing people that make minimum wage?

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02-02-2016 , 08:54 AM

#366

zzxy9

enthusiast

Join Date: May 2009 Posts: 94

Well if they're outsourcing to another company there is no turning back.
My MLife card is in the trash.

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02-02-2016 , 12:33 PM

#367

FWWM

FOOT FF Fristion '15

Join Date: Oct 2013 Posts: 12,555

But they're looking forward to bring their parking expertise to Vegas. Finally showing us noobs how it's done

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02-02-2016 , 01:05 PM

#368

Smokey11053

adept

Join Date: May 2012 Posts: 1,020

Quote:

Originally Posted by pig4bill

How much can you save outsourcing people that make minimum wage?

Less than C-level executive stock performance bonuses?

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02-02-2016 , 03:07 PM

#369

cantrunworse

journeyman

Join Date: Apr 2013 Posts: 384

Quote:

Originally Posted by pig4bill

How much can you save outsourcing people that make minimum wage?

Employee Benefits costs?

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02-02-2016 , 04:19 PM

#370

punkass

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This is the worst Econ 101 forum ever

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02-02-2016 , 08:01 PM

#371

LASJayhawk

veteran

Join Date: Jan 2014 Posts: 2,900

Story on channel 8 now too.

http://www.lasvegasnow.com/news/mgm-...ntract-workers

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02-02-2016 , 10:47 PM

#372

Steve00007

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Join Date: Jul 2005 Posts: 9,164

Ugh.

Quote:

MGM Resorts CEO Jim Murren, asked about the raging controversy over MGM Resort International's decision to charge for parking, had a few predictions of his own.

The parking of the future, he said, will be outside of the downtown areas "and wouldn't that be better for the pedestrian experience?"

"The cities of the world are going to change with the technology that's coming forth," Murren told reporters

Quote:

"I just think we have to think about the future here," he said. "Isn't it better to have safe, secure parking facilities? Isn't it better to know who is parking in your garages and who they are and what they are doing?"

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He said the company doesn't "build anything that's free. How do you make a business model that's free?"

"People pay in cities. They pay here to go to a basketball game, they pay downtown, they pay at the convention center," he said.

"It's just a logical progression," he said. "We're getting worked up about parking when our company is investing more money in the community than anybody else."

http://www.reviewjournal.com/opinion...ings-las-vegas

Good to know that safety is so important. He wants to know who we are and what we are doing when we park in a garage. They should add an entrance fee for people who enter the casino. They should ask everyone that enters who they are and what they are doing there. Maybe also have security randomly stop the average gambler in the casino and ask them who they are and what they are doing and throw them out if they don't cooperate.

Also good to know that "investing in the community" makes it okay to screw your customers.

Last edited by Steve00007; 02-02-2016 at 10:56 PM.

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02-03-2016 , 07:46 AM

#373

dozer

veteran

Join Date: Mar 2005 Posts: 2,549

Someone somewhere is going to think of a fix around this. Example: Tropicana will charge nothing for their parking (maybe with validation) and advertise to people who are thinking of going to any of the south MGM properties. Hooters could do something similar. Or one of the run-down malls on the strip could build a parking garage and undercut the MGM properties' price. The domino effect should be interesting.

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02-03-2016 , 06:14 PM

#374

eco74

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Join Date: Sep 2006 Posts: 10,116

Quote:

Originally Posted by Steve00007

Ugh.

Good to know that safety is so important. He wants to know who we are and what we are doing when we park in a garage. They should add an entrance fee for people who enter the casino. They should ask everyone that enters who they are and what they are doing there. Maybe also have security randomly stop the average gambler in the casino and ask them who they are and what they are doing and throw them out if they don't cooperate.

Also good to know that "investing in the community" makes it okay to screw your customers.

Visionary urban planner Jim Murren, he who built City Center as some model for the future and very nearly bankrupted his company doing so, is just a colossal ****bag. I'm starting to hate him more than Adelson. Yeah *******, it's all about "safety." Next thing out of his mouth will be that if they don't charge for parking, terrorists can get in there and who wants terrorists around?