LV Strip (Nevada gaming area)
Encyclopedia
The LV Strip is one of the designated Nevada Gaming Control Boards reporting areas. It consists of the Las Vegas Strip
casino
s and many of the surrounding casinos. The Strip earns roughly 50% of the gaming revenue from all sources for the state of Nevada.
For the previous 12 months ending 31 August 2009, the Las Vegas Strip earns 83.6% of the pit revenue in Clark County, and 50.6% of the gaming revenue from other sources (slot machines, sports bet, parimutuel, etc.).
Penny slot machines is the only categories of gaming devices where revenue is increasing. After decades of being the top earning game in the pit, blackjack
has been surpassed by baccarat
for the previous 12 months ending 31 August 2009. In August 2009, the game of baccarat was responsible for over 50% of the pit gaming revenue for the Strip which surpassed the game's contribution in the month of February during Chinese New Year.
Since the year 1999, non-gaming revenue at the Strip casinos exceeds gaming revenue. In more traditional gaming areas like Downtown Las Vegas or Laughlin
gaming is still the primary revenue source.
The year ending August 2009 is the first year that Baccarat has had higher revenue than Twenty One (or Blackjack). Although Baccarat is played in other areas of Nevada besides the Strip, 99.2% of the Baccarat revenue in the state is from the Strip.
. This section of the Strip currently includes five budget resorts, like the Sahara Hotel, Circus Circus Las Vegas
, Slots-A-Fun Casino
, the Riviera Hotel and Casino and the Greek Isles Hotel and Casino. Collectively they have less than 200 table games, 4200 slots, 31 poker tables and less than 8000 hotel rooms. Also numerous time shares have been built in this region.
The North Strip was planned to be rebuilt as an upscale gambling district comparable to center Strip. Billions of dollars were invested in land speculation. The former Stardust Resort & Casino
and New Frontier Hotel and Casino
were imploded in anticipation of new development.
Many new resorts Las Vegas Plaza
, Crown Las Vegas
, Echelon Place
, an unnamed joint MGM & Kerzner project, and the Fontainebleau Resort Las Vegas
planned for development, but all these projects are in various stages of bankruptcy or incomplete status. In addition a major redevelopment and expansion of the Sahara Hotel and Casino and the Stratosphere Las Vegas
were put on hold.
The Triple Five Group
was in the process of trying to assemble 27.3 acres (110,479.3 m²) of North Strip land just south of the Riviera Casino. By April 2008, they had acquired 13.7 acres (55,442 m²) at a cost of $380 million. They applied to the FAA for height clearance for eight 572' towers.
Another project announced was the construction of a Marriott Marquis on land currently occupied by a Residence Inn and a Courtyard Inn belonging to Marriott corporation.
The Fontainebleau Resort Las Vegas
was the most visible failure as it topped out the tallest building in Las Vegas before going bankrupt. Initial offers for selling the uncompleted tower are far less than the raw land value from two years ago. The Echelon also got as far as erecting steel girders up as high as the eighth floor for several buildings. The owners, Boyd Gaming, are holding onto the property with the intention of completing the project at a future date.
the lead character, Danny Ocean, is describing the new ultra luxurious fictional casino opening on the Strip. He states that the big casinos on the Strip take in $3m a day just from the [casino] floor, and this new resort is aiming for $5m. In reality the two largest corporate operations in Las Vegas, MGM Mirage
and Harrah's Entertainment
for the first quarter of 2009 brought in $5.9m and $4.1m per day in gaming revenue alone respectively from their combined Las Vegas Strip resorts. MGM Mirage currently owns 9 Strip resorts, and Harrah's owns 8 Strip resorts (although one is a minor property originally intended to be a tear-down). No single casino operation has ever brought in close to $3m a day from the casino floor alone, and the NVGC uses the qualification of greater than $200K per day ($72m /year) as a grouping for reporting purposes.
TOTAL REVENUE (GAMING + etc.)
The NGC does not publish data for individual casinos. But based on the size, age, and relative luxury of the casinos an analyst can guess the top six.
Harrah's Entertainment Corporation only reports aggregate numbers for regions, but their flagship property, Caesar's Palace, is clearly the biggest moneymaker in their portfolio. Harrah's earns 54% of their revenue from the casinos, unlike MGM-Mirage which earns 38% of their revenue (before promotional allowances) from the casino floor.
Both companies are experiencing 20% drops for Calendar Year 2009 vs 2008. MGM-MIRAGE sold their Strip casino Treasure Island in 2009. The revenue from TI for a portion of 2009 is not included in the total. Revenue reported by MGM-Mirage for the year ending 31 December 2004 for top Las Vegas casinos owned at this time. Mandalay Bay, Luxor, Excalibur, Circus Circus, and Monte Carlo were acquired at a later date.
In fiscal year 1990 (1 July 1989- 30 June 1990), the Commission reported a total of 13 casinos on the Strip that earned more than $72 million per year in gaming revenue. The first modern mega-resort, The Mirage, opened about halfway through this fiscal year and the Rio All Suite Hotel and Casino opened 8 weeks later. Presumably some of the casinos in this category have since been imploded in favor of newer resorts. At that time the average gaming revenue was $129.2 million per year and non-gaming revenue was $97.8 million (for an average of $227 million total revenue). Non-Gaming revenue has since surpassed gaming revenue for the Las Vegas Strip.
In 2008 Cash sales of Food and Beverage come fairly close to covering the raw cost of sales, and the departmental expenses. In 1990 both food and beverage were sold at a loss. Complimentary food and beverage is shown as well (everything relative to the raw cost of sales).
In 1990 Room Sales only slightly exceeded departmental expenses and complimentary rooms. In 2008 room sales far exceed expenses and comps. Amounts are shown in millions of dollars. The statistics are contrasted with those of Downtown Las Vegas where cash sales are still not much higher than the departmental expenses plus the cost of the comped rooms.
Since so much was constructed in 2008 and 2009 there is very little planned for the near future.
Because the timeline is unknown the report omits the Fontainebleau Resort Las Vegas
which is already topped out, but is currently in bankruptcy. Also the Echelon Place
which is built as far as steel framing, but is on indefinite hold.
Las Vegas Strip
The Las Vegas Strip is an approximately stretch of Las Vegas Boulevard in Clark County, Nevada; adjacent to, but outside the city limits of Las Vegas proper. The Strip lies within the unincorporated townships of Paradise and Winchester...
casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
s and many of the surrounding casinos. The Strip earns roughly 50% of the gaming revenue from all sources for the state of Nevada.
For the previous 12 months ending 31 August 2009, the Las Vegas Strip earns 83.6% of the pit revenue in Clark County, and 50.6% of the gaming revenue from other sources (slot machines, sports bet, parimutuel, etc.).
Penny slot machines is the only categories of gaming devices where revenue is increasing. After decades of being the top earning game in the pit, blackjack
Blackjack
Blackjack, also known as Twenty-one or Vingt-et-un , is the most widely played casino banking game in the world...
has been surpassed by baccarat
Baccarat
Baccarat is a card game, played at casinos and by gamblers. It is believed to have been introduced into France from Italy during the reign of King Charles VIII , and it is similar to Faro and Basset...
for the previous 12 months ending 31 August 2009. In August 2009, the game of baccarat was responsible for over 50% of the pit gaming revenue for the Strip which surpassed the game's contribution in the month of February during Chinese New Year.
Since the year 1999, non-gaming revenue at the Strip casinos exceeds gaming revenue. In more traditional gaming areas like Downtown Las Vegas or Laughlin
Laughlin (Nevada gaming area)
The American Gaming Association lists Laughlin as #17 out of the top 20 US Casino Markets by annual revenue, right behind Downtown. The Nevada Gaming Commission revenue as listed in the annual gaming abstract for fiscal year 2008 . Equivalent figures for Downtown are shown for comparison. Licenses...
gaming is still the primary revenue source.
Gaming revenue of Strip casinos
Financial information is provided to show where the source of gaming revenue comes from (slots revenue, vs. pit revenue, etc.). Current data it is contrasted for the year ending Oct 2007 when revenue peaked. The other-pit category is all the other table games like Bingo, Keno, Let it Ride, Mini-Baccarat, Pai-Gow, Pai-Gow Poker,3-Card Poker, Caribbean Stud, Sports Book, Racing Book, and so forth.| Source | 30 Nov 2009 | 31 Oct 2007 |
|---|---|---|
| TWENTY-ONE | $741,594 | $1,078,626 |
| BACCARAT | $891,597 | $970,726 |
| CRAPS | $251,635 | $318,855 |
| ROULETTE | $260,515 | $303,385 |
| OTHER-PIT | $475,885 | $663,137 |
| POKER | $85,596 | $97,114 |
| SLOTS | $2,815,438 | $3,513,608 |
| TOTAL | $5,522,260 | $6,945,451 |
The year ending August 2009 is the first year that Baccarat has had higher revenue than Twenty One (or Blackjack). Although Baccarat is played in other areas of Nevada besides the Strip, 99.2% of the Baccarat revenue in the state is from the Strip.
List of Strip casino hotels for fiscal year 2009
The Gaming Abstract contains the following notice: No other informational breakdown is available than that presented in this report. Names of casinos in the various groupings, other than those shown for publicly owned casinos, are not available to users of this report. Aria Casino had not yet opened in FY09.| INDEPENDENT | MGM Mirage MGM Mirage Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about... | Harrah's Entertainment Harrah's Entertainment Caesars Entertainment Corporation is a private gaming corporation that owns and operates over 50 casinos, hotels, and seven golf courses under several brands. The company, based in Paradise, Nevada, is the largest gaming company in the world, with yearly revenues $8.9 billion... |
|---|---|---|
| Wynn Resorts Wynn Resorts Wynn Resorts Limited is a publicly traded corporation based in Paradise, Nevada that is a developer and operator of high end hotels and casinos. It was formed on October 25, 2002 by former Mirage Resorts Chairman and CEO Stephen A... |
Bellagio (hotel and casino) Bellagio (hotel and casino) Bellagio is a hotel and casino located on the Las Vegas Strip in the Paradise area of unincorporated Clark County, Nevada, USA and a member of The Leading Hotels of the World. It is owned by MGM Resorts International and was built on the site of the demolished Dunes hotel and casino.Inspired by the... |
Caesars Palace Caesars Palace Caesars Palace is a luxury hotel and casino located on the Las Vegas Strip in Paradise, Nevada, an unincorporated township in Clark County, Nevada, United States in the Las Vegas metropolitan area. Caesars Palace is owned and operated by Caesars Entertainment Corp.... |
| The Venetian The Venetian The Venetian Resort Hotel Casino is a luxury hotel and casino resort situated between Harrah's and The Palazzo on the east side of the Las Vegas Strip in Paradise, NV, United States, on the site of the old Sands Hotel. The hotel tower contains 40 stories and rises . The Venetian is owned and... |
MGM Grand Las Vegas MGM Grand Las Vegas The MGM Grand Las Vegas is a hotel casino located on the Las Vegas Strip in Paradise, Nevada. The MGM Grand is the third largest hotel in the world and largest hotel resort complex in the United States in front of The Venetian. The MGM Grand was the largest hotel in the world when it opened in... |
Harrah's Las Vegas Harrah's Las Vegas Harrah's Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada. The property is owned and operated by Caesars Entertainment Corp.. Harrah's has over 1,200 slot machines.... |
| Palace Station Palace Station Palace Station is a hotel and casino in Las Vegas, Nevada. It is a locals casino that is owned and operated by Station Casinos and has 1,028 rooms... |
Mandalay Bay Resort and Casino Mandalay Bay Resort and Casino Mandalay Bay Resort and Casino is a 44-story luxury hotel casino on the Las Vegas Strip in Paradise, Nevada. It is owned by MGM Resorts International. Five floors of the main hotel building are occupied by the five-star and AAA Five-Diamond Four Seasons Hotel Las Vegas... |
Flamingo Las Vegas Flamingo Las Vegas The Flamingo Las Vegas is a hotel casino located on the Las Vegas Strip in Paradise, Nevada and is owned and operated by Caesars Entertainment Corp.. The property offers a casino along with 3,626 hotel rooms... |
| Palms Casino Resort | Luxor Las Vegas | Rio All Suite Hotel and Casino Rio All Suite Hotel and Casino The Rio All Suite Hotel and Casino is located off the Las Vegas Strip in the unincorporated area of Paradise, Nevada, USA. It is better known as The Rio and is owned and operated by Caesars Entertainment Inc. The Rio was the first all suite resort in the Las Vegas area... |
| Las Vegas Hilton Las Vegas Hilton The Las Vegas Hilton is a hotel, casino, and convention center in Las Vegas, Nevada. It is a joint venture between Colony Capital, which owns 60 percent, and New York City-based REIT Whitehall Street Real Estate Funds, which owns the remaining 40 percent... |
Excalibur Hotel and Casino Excalibur Hotel and Casino The Excalibur Hotel and Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, in the United States. It is owned and operated by MGM Resorts International.... |
Imperial Palace Hotel and Casino Imperial Palace Hotel and Casino Imperial Palace is a 2,640 room hotel and a casino located on the Las Vegas Strip in Paradise, Nevada. The hotel and casino were owned by Imperial Palace LLC until purchased by the current owner, Caesars Imperial Palace Corporation a subsidiary of Caesars Entertainment Corp..-History:From 1959 to... |
| New York New York Hotel and Casino | Treasure Island Hotel and Casino Treasure Island Hotel and Casino Treasure Island Hotel & Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA with 2,664 rooms and 220 suites, and is connected by tram to The Mirage as well as pedestrian bridge to the Fashion Show Mall shopping center... |
Bally's Las Vegas Bally's Las Vegas Bally's Las Vegas, formerly the MGM Grand Hotel and Casino, is a hotel and casino located on the Las Vegas Strip. The Las Vegas resort is located within the unincorporated locale of Paradise, Nevada and is owned and operated by Caesars Entertainment Corp.. The hotel features 2,814 extra-sized... |
| Gold Coast Hotel and Casino Gold Coast Hotel and Casino The Gold Coast Hotel & Casino is a hotel and casino located in Las Vegas, Nevada. This locals' casino is owned and operated by Boyd Gaming Corporation. The Gold Coast is located one mile west of the Las Vegas Strip on West Flamingo Road. It is located across the street from the Palms Casino... |
Monte Carlo Resort and Casino Monte Carlo Resort and Casino The Monte Carlo Resort and Casino is a megaresort hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA. The hotel is 32 stories, featuring a casino floor with over 2,200 slot and video poker machines and 95 table games. It is operated by MGM Resorts International... |
Paris Paris Las Vegas Paris Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA, that is owned and operated by Caesars Entertainment Corp.... |
| The Mirage The Mirage The Mirage is a 3,044 room hotel and casino resort located on the Las Vegas Strip in Paradise, Nevada, United States.The Mirage is connected by a free tram to Treasure Island. The marquee in front of the Mirage is the largest free standing marquee in the world.-History:The Mirage was built by... |
Planet Hollywood Resort and Casino Planet Hollywood Resort and Casino Planet Hollywood Las Vegas, previously known as The Aladdin, is a casino resort on the Las Vegas Strip, in the unincorporated locale of Paradise, Nevada, United States. Westgate Resorts operates the condo portion of the property, known as PH Towers by Westgate.Planet Hollywood is owned by Caesars... |
- Palazzo operated under the same license as the Venetian for this year.
| $36–$72 | $12–$36 | $1–$12 |
|---|---|---|
| Tropicana Tropicana Resort & Casino Tropicana Las Vegas is located on the Las Vegas Strip, in the township of Paradise, Nevada. It is owned by Tropicana Las Vegas Hotel and Resort Inc. and operated by Alex Yemenidjian's Armenco Holdings. It offers 1,658 rooms and is attached to a casino... |
Hooters Hooters Casino Hotel Hooters Casino Hotel is a hotel casino located off the Las Vegas Strip in Paradise, Nevada, United States. The hotel is owned and operated by 155 East Tropicana, LLC . It is located off the Strip next to the Tropicana and across the street from the MGM Grand Las Vegas... |
Ellis Island Ellis Island Casino & Brewery The Ellis Island Casino & Brewery is located in Las Vegas, Nevada, behind Paris and Bally's on Koval Lane. The casino offers 350 gaming devices, as well as a restaurant and a micro-brewery.- Microbrewery :Beers:*American style Lager*Hefeweizen*Light... |
| Riviera Riviera (hotel and casino) The Riviera is a hotel and casino located on the Las Vegas Strip in Winchester, Nevada. The hotel has over 2,100 rooms, many located in a 23-story tower. The casino has of gaming space.-History:... |
Airport Slot Concession | Wild Wild West |
| Sahara | Casino Royale | Casuarina |
| Hard Rock | Slots-A-Fun Slots-A-Fun Casino The Slots-A-Fun Casino is a small casino located on the Las Vegas Strip, owned by MGM Resorts International. It is adjacent to Circus Circus.... |
|
| Tuscany Tuscany Suites and Casino Tuscany Suites and Casino is an all-suite hotel situated on in Paradise, Nevada.- History :Tuscany Suites and Casino is the first gaming development by CMH Real Estate Development who operated three Las Vegas-area apartment complexes... |
||
| Bill's Gamblin' Hall | ||
| Terrible's Terrible's Hotel and Casino Terrible’s Hotel and Casino is a locals casino east of the Las Vegas Strip, in Paradise, Nevada. It has 370 rooms and a casino.Terrible's is regularly the host hotel for the Terrible 250, Terrible 300, and Terrible's Cup Baja races sponsored by Terrible Herbst.-History:The Continental Hotel and... |
||
| Circus Circus Las Vegas Circus Circus Las Vegas Circus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway... |
- The Nevada Gaming Commission's definition of the LV Strip reporting area includes casinos surrounding the Strip.
| Category | Per Room | Revenue | Rooms | Rented | Occup |
|---|---|---|---|---|---|
| Strip > $72m | $156.41 | $3,797,326,096 | 25,529,460 | 24,277,794 | 95.1% |
| Strip < $72m | $89.78 | $272,680,274 | 3,493,628 | 3,037,058 | 86.9% |
| Rest of County | $61.47 | $618,206,516 | 12,672,369 | 10,056,881 | 79.4% |
- The gaming abstract as published only says there are 38 casinos that are in the Gaming Commission's definition of the Strip, the individual names of those casinos are not published since it is not permitted under state law.
- At least 9 of the 23 casinos currently on the over $72 million list existed before 1989. Some of the older casinos, like the Tropicana in previous years may have earned more than $72 million a year in gaming revenue, but have since dropped below that amount. The gaming commission does not adjust the $72 million dollar from year to year.
- Outside of the Strip there are 22 licenses in the rest of the state of Nevada that earn more than $72 million per year apiece in gaming revenue. The casinos locations are: 1 in Lake TahoeLake TahoeLake Tahoe is a large freshwater lake in the Sierra Nevada of the United States. At a surface elevation of , it is located along the border between California and Nevada, west of Carson City. Lake Tahoe is the largest alpine lake in North America. Its depth is , making it the USA's second-deepest...
, 5 in RenoRenoReno is the fourth most populous city in Nevada, US.Reno may also refer to:-Places:Italy*The Reno River, in Northern ItalyCanada*Reno No...
, 3 in LaughlinLaughlin (Nevada gaming area)The American Gaming Association lists Laughlin as #17 out of the top 20 US Casino Markets by annual revenue, right behind Downtown. The Nevada Gaming Commission revenue as listed in the annual gaming abstract for fiscal year 2008 . Equivalent figures for Downtown are shown for comparison. Licenses...
and 13 in other parts of the Las Vegas urban area such as downtown Las Vegas, Summerlin, North Las Vegas, Henderson and Paradise.
North Strip
The North Strip is the unofficial name of the first mile of Las Vegas Blvd. just outside of the Last Vegas City Limits, corresponding to Winchester, NevadaWinchester, Nevada
Winchester is a census-designated place in Clark County, Nevada, United States that contains part of the Las Vegas Strip. It is one of a number of CDPs in the unincorporated urbanized area directly south of Las Vegas. The population was 26,958 at the 2000 census. It is governed by the Clark County...
. This section of the Strip currently includes five budget resorts, like the Sahara Hotel, Circus Circus Las Vegas
Circus Circus Las Vegas
Circus Circus Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada. It is owned and operated by MGM Resorts International. Circus Circus features circus acts and carnival type games daily on the Midway...
, Slots-A-Fun Casino
Slots-A-Fun Casino
The Slots-A-Fun Casino is a small casino located on the Las Vegas Strip, owned by MGM Resorts International. It is adjacent to Circus Circus....
, the Riviera Hotel and Casino and the Greek Isles Hotel and Casino. Collectively they have less than 200 table games, 4200 slots, 31 poker tables and less than 8000 hotel rooms. Also numerous time shares have been built in this region.
The North Strip was planned to be rebuilt as an upscale gambling district comparable to center Strip. Billions of dollars were invested in land speculation. The former Stardust Resort & Casino
Stardust Resort & Casino
The Stardust Resort & Casino was a casino resort located on along the Las Vegas Strip in Winchester, Nevada.The Stardust opened in 1958, although most of the modern casino complex was built in 1991. At its March 13, 2007 demolition it was the youngest undamaged high-rise building to ever be...
and New Frontier Hotel and Casino
New Frontier Hotel and Casino
The New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
were imploded in anticipation of new development.
Many new resorts Las Vegas Plaza
Las Vegas Plaza
The Las Vegas Plaza is the working name for a future $5 billion to $8 billion multi-use ultra-luxury hotel, private residences, retail and gaming complex to be developed on the Las Vegas Strip by ElAd Properties. Construction was scheduled to begin in early 2008 for completion in 2011, but no sign...
, Crown Las Vegas
Crown Las Vegas
Crown Las Vegas, formerly known as the Las Vegas Tower, was a proposed supertall skyscraper that would have been built on the Las Vegas Strip in Winchester, Nevada, an unincorporated suburban community of Las Vegas...
, Echelon Place
Echelon Place
Echelon Place is a partially built hotel, casino, shopping, and convention complex on the Las Vegas Strip, owned by Boyd Gaming Corporation. Construction of the project has been suspended since August 1, 2008....
, an unnamed joint MGM & Kerzner project, and the Fontainebleau Resort Las Vegas
Fontainebleau Resort Las Vegas
Fontainebleau Las Vegas is a US$2.9 billion, 3,889-room, 68-story hotel/condo-hotel/casino development under construction near the north end of the Las Vegas Strip on the site previously occupied by the El Rancho and Algiers hotels in Las Vegas, Nevada...
planned for development, but all these projects are in various stages of bankruptcy or incomplete status. In addition a major redevelopment and expansion of the Sahara Hotel and Casino and the Stratosphere Las Vegas
Stratosphere Las Vegas
Stratosphere Las Vegas is a tower, hotel, and casino located on the Las Vegas Strip in Las Vegas, Nevada, United States. Its tower is also the tallest observation tower, and the 5th-tallest structure, in the United States, as well as being the tallest structure in Las Vegas.It is owned by Whitehall...
were put on hold.
The Triple Five Group
Triple Five Group
Triple Five Group is a shopping mall owner and operator, hotel operator and real estate company based in Edmonton, Alberta, Canada. They are well known for their ownership of the Mall of America and West Edmonton Mall...
was in the process of trying to assemble 27.3 acres (110,479.3 m²) of North Strip land just south of the Riviera Casino. By April 2008, they had acquired 13.7 acres (55,442 m²) at a cost of $380 million. They applied to the FAA for height clearance for eight 572' towers.
Another project announced was the construction of a Marriott Marquis on land currently occupied by a Residence Inn and a Courtyard Inn belonging to Marriott corporation.
The Fontainebleau Resort Las Vegas
Fontainebleau Resort Las Vegas
Fontainebleau Las Vegas is a US$2.9 billion, 3,889-room, 68-story hotel/condo-hotel/casino development under construction near the north end of the Las Vegas Strip on the site previously occupied by the El Rancho and Algiers hotels in Las Vegas, Nevada...
was the most visible failure as it topped out the tallest building in Las Vegas before going bankrupt. Initial offers for selling the uncompleted tower are far less than the raw land value from two years ago. The Echelon also got as far as erecting steel girders up as high as the eighth floor for several buildings. The owners, Boyd Gaming, are holding onto the property with the intention of completing the project at a future date.
Casino revenue in fiction
In the movie Ocean's ThirteenOcean's Thirteen
Ocean's Thirteen is a 2007 crime comedy film directed by Steven Soderbergh and starring an ensemble cast. It is the third and final film in the Soderbergh series following the 2004 sequel Ocean's Twelve and the 2001 film Ocean's Eleven, which itself was a remake of the 1960 Rat Pack film Ocean's 11...
the lead character, Danny Ocean, is describing the new ultra luxurious fictional casino opening on the Strip. He states that the big casinos on the Strip take in $3m a day just from the [casino] floor, and this new resort is aiming for $5m. In reality the two largest corporate operations in Las Vegas, MGM Mirage
MGM Mirage
Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about...
and Harrah's Entertainment
Harrah's Entertainment
Caesars Entertainment Corporation is a private gaming corporation that owns and operates over 50 casinos, hotels, and seven golf courses under several brands. The company, based in Paradise, Nevada, is the largest gaming company in the world, with yearly revenues $8.9 billion...
for the first quarter of 2009 brought in $5.9m and $4.1m per day in gaming revenue alone respectively from their combined Las Vegas Strip resorts. MGM Mirage currently owns 9 Strip resorts, and Harrah's owns 8 Strip resorts (although one is a minor property originally intended to be a tear-down). No single casino operation has ever brought in close to $3m a day from the casino floor alone, and the NVGC uses the qualification of greater than $200K per day ($72m /year) as a grouping for reporting purposes.
Distribution of total revenue of Strip casinos high to low
The Nevada Gaming Commission (NGC) publishes annual information about total revenue including gaming, hotel rooms, food & beverage, and attractions. If the casinos are numbered with #1 being the highest grossing casino then the following show the total revenue, for the period 1 July 2008 through 30 June 2009.TOTAL REVENUE (GAMING + etc.)
- $759,063,730 is revenue for casino #6
- $571,415,161 is average of casino #10 and #11
- $390,381,914 is revenue for casino #12
- $266,022,372 is revenue for casino #18
- $246,291,317 is average of casinos #20 and #21
The NGC does not publish data for individual casinos. But based on the size, age, and relative luxury of the casinos an analyst can guess the top six.
- Venetian & Palazzo operated under one license
- Wynn Casino (Encore had not opened yet)
- Caesars Palace
- Bellagio
- MGM Grand Hotel
- Mandalay Bay & THE Hotel operated under one license
Harrah's Entertainment Corporation only reports aggregate numbers for regions, but their flagship property, Caesar's Palace, is clearly the biggest moneymaker in their portfolio. Harrah's earns 54% of their revenue from the casinos, unlike MGM-Mirage which earns 38% of their revenue (before promotional allowances) from the casino floor.
| Company | 2009 | 2008 | 2007 | 2006 |
| Harrah's | $2,698.00 | $3,254.30 | $3,626.70 | $3,267.20 |
| MGM | $4,656.87 | $5,889.08 | $6,473.79 | $6,227.77 |
Both companies are experiencing 20% drops for Calendar Year 2009 vs 2008. MGM-MIRAGE sold their Strip casino Treasure Island in 2009. The revenue from TI for a portion of 2009 is not included in the total. Revenue reported by MGM-Mirage for the year ending 31 December 2004 for top Las Vegas casinos owned at this time. Mandalay Bay, Luxor, Excalibur, Circus Circus, and Monte Carlo were acquired at a later date.
| MGM Casino | # | Revenue from 2009 | Revenue from 2004 |
|---|---|---|---|
| Bellagio | 1 | $1,064,729 | $1,068,517 |
| MGM Grand LV | 2 | $976,261 | $860,778 |
| Mandalay Bay | 3 | $725,129 | |
| The Mirage | 4 | $624,132 | $566,276 |
| Luxor | 5 | $344,722 | |
| Excalibur | 6 | $265,076 | |
| New York-New York | 7 | $250,055 | $337,198 |
| Monte Carlo | 8 | $206,377 | |
| Circus Circus | 9 | $200,385 | |
| Total | - | $4,656,866 |
Change in revenue
The revenue for the Strip is contrasted with that of the state of Nevada. Gaming Revenue went flat for 3.5 years from July 2000 through January 2004, partly because of the downturn after 9/11. For the four years from January 2004 to January 2008 gaming revenue increased by a third. During this time, the only new casino to open on the Strip was Wynn Resort, and a new hotel tower opened on Mandalay Bay. Several dozen new casinos were planned. Finally, when the Palazzo casino opened in January 2008, gaming revenue was starting to fall. The Palazzo was followed by Palms Place, Trump Tower, Wynn Encore, The Cannery, The M Resort, and the yet to open MGM City Center and Fountainbleau. Also numerous new condominiums, and hotel towers were added to existing casinos.| Data through 30 July 2009 | |
|---|---|
In fiscal year 1990 (1 July 1989- 30 June 1990), the Commission reported a total of 13 casinos on the Strip that earned more than $72 million per year in gaming revenue. The first modern mega-resort, The Mirage, opened about halfway through this fiscal year and the Rio All Suite Hotel and Casino opened 8 weeks later. Presumably some of the casinos in this category have since been imploded in favor of newer resorts. At that time the average gaming revenue was $129.2 million per year and non-gaming revenue was $97.8 million (for an average of $227 million total revenue). Non-Gaming revenue has since surpassed gaming revenue for the Las Vegas Strip.
In 2008 Cash sales of Food and Beverage come fairly close to covering the raw cost of sales, and the departmental expenses. In 1990 both food and beverage were sold at a loss. Complimentary food and beverage is shown as well (everything relative to the raw cost of sales).
In 1990 Room Sales only slightly exceeded departmental expenses and complimentary rooms. In 2008 room sales far exceed expenses and comps. Amounts are shown in millions of dollars. The statistics are contrasted with those of Downtown Las Vegas where cash sales are still not much higher than the departmental expenses plus the cost of the comped rooms.
Hotel / casino development construction bulletin
The Las Vegas Convention Center website posts a monthly update to the planned construction for the Las Vegas metropolitan area for the future. In the four years between 2003 and 2007 there was a cumulative addition of 1,444 rooms to Las Vegas. The major openings were Wynn Las Vegas and THE Hotel at Mandalay Bay, which were offset by the implosion of several resorts like New Frontier, The Stardust, Bourbon Street, and Castaways. During the same four years visitor volume increased by 3.66 million or 10.3% and gaming revenue in Clark county increased by $3 billion or 38.8%. On many weekends there was insufficient room supply to meet demand. However, once the new rooms opened the recession hit.| Name of Property | Location | Completion | Cost (Millions) |
Convention (Sq Ft) |
Timeshares | Rooms |
|---|---|---|---|---|---|---|
| TOTAL 2008: | $6,642 | 209,644 | 1,268 | 8,661 | ||
| TOTAL 2009: | $11,606 | 557,622 | 1,121 | 8,627 | ||
| TOTAL 2010: | $3,925 | 226,000 | 400 | 3,993 | ||
| TOTAL 2011: | 107 | |||||
| TOTAL 2012: | 97 |
| Name of Property | Location | Completion | Cost (Millions) |
Convention (Sq Ft) |
Timeshares | Rooms |
|---|---|---|---|---|---|---|
| The Palazzo Resort Hotel Casino |
3339 Las Vegas Blvd S | 17-Jan-08 | $1,900 | 3,066 | ||
| MGM Grand Hotel & Casino expansion |
3799 Las Vegas Blvd South | 25-Jan-08 | 92,000 | |||
| Marriott's Grand Chateau phase 2 |
75 E Harmon Ave | 29-Feb-08 | 200 | |||
| Nevada Palace closure | 5255 Boulder Highway | 29-Feb-08 | ||||
| Odgen House closed for redeveloping |
651 Ogden Ave | 29-Feb-08 | ||||
| Trump International Hotel and Tower Las Vegas |
2000 Fashion Show Dr | 31-Mar-08 | $600 | 2,460 | 1,282 | |
| Palms Place | 4321 West Flamingo | 31-Mar-08 | $650 | 2,500 | 400 | |
| MonteLago Village Resort expansion |
30 Strada Di Villaggio | 10-Apr-08 | 3,829 | |||
| Homewood Suites by Hilton | 230 Hidden Well Rd | 8-May-08 | 1,500 | 147 | ||
| World Mark III, The Club | 5275 W. Tropicana Ave. | 15-May-08 | 208 | |||
| Microtel Inn & Suites phase 2 |
55 E. Robindale Rd. | 13-Jun-08 | 1,000 | 35 | ||
| South Point Hotel expansion |
9777 S. Las Vegas Blvd | 28-Jul-08 | $95 | 10,000 | 807 | |
| Tahiti Village Vacation Club phase 2 |
7200 Las Vegas Blvd South | 15-Aug-08 | $135 | 510 | -- | |
| Staybridge Suites | 5735 Dean Martin Drive | 27-Aug-08 | 118 | |||
| Eastside Cannery (Site of Nevada Palace) |
5255 Boulder Hwy | 28-Aug-08 | $250 | 20,000 | 307 | |
| Bluegreen Club #36 | 372 E. Tropicana | 28-Aug-08 | 350 | 120 | ||
| Aliante Station Casino and Hotel | 215 & Aliante Pkwy | 11-Nov-08 | $662 | 14,000 | 202 | |
| Hampton Inn Las Vegas North | Speedway 2852 E. Craig Rd. | 15-Dec-08 | 650 | 96 | ||
| element Las Vegas Summerlin | 10555 Discovery Drive | 18-Dec-08 | $25 | 441 | 123 | |
| Hampton Inn & Suites Las Vegas Airport |
6575 S. Eastern Ave. | 18-Dec-08 | $25 | 1,264 | 129 | |
| Encore Las Vegas | 3131 Las Vegas Blvd S | 22-Dec-08 | $2,300 | 60,000 | 2,034 | |
| TOTAL 2008: | $6,642 | 209,644 | 1,268 | 8,661 | ||
| Comfort Inn & Suites | 475 Marks St. | 1-Jan-09 | 127 | |||
| M Resort, Spa, and Casino | 12300 Las Vegas Blvd South | 1-Mar-09 | $1,000 | 60,000 | 390 | |
| Cabana Suites (formerly Odgen House) |
651 Ogden Ave | 4-May-09 | $6 | 64 | ||
| The Grandview at Las Vegas tower 4 |
9940 Las Vegas Blvd S | 17-May-09 | 400 | |||
| Marriott TownePlace Suites | 1471 Paseo Verde | 17-Jun-09 | 112 | |||
| Caesars Palace expansion | 3570 Las Vegas Blvd S | 13-Jul-09 | 110,000 | |||
| Hard Rock Hotel expansion and redevelopment |
4455 Paradise Road | 31-Jul-09 | $750 | 60,000 | 490 | |
| Marriott Spring Hill Suites Henderson/Green Valley |
1481 Paseo Verde | 1-Sep-09 | 120 | |||
| Marvin Garden closure | 5125 S. Swenson Rd. | 30-Sep-09 | ||||
| Airport Inn & Suites closure | 5100 Paradise Rd. | 30-Sep-09 | ||||
| Marriott Spring Hill Suites Las Vegas Convention Center |
2989 Paradise Rd | 14-Oct-09 | 4,522 | 299 | ||
| Golden Nugget expansion | 129 E. Fremont St | 20-Nov-09 | $150 | 500 | ||
| CityCenter (MGM Mirage) | 67 acres (271,139.6 m²) on west side of LVB | $8,500 | ||||
| Vdara Hotel & Spa | 2600 W. Harmon Ave | 1-Dec-09 | 10,000 | 1,495 | ||
| Mandarin Oriental | 3752 Las Vegas Blvd | 4-Dec-09 | 12,000 | 392 | ||
| ARIA Resort & Casino | 3730 Las Vegas Blvd | 16-Dec-09 | 300,000 | 4,004 | ||
| Planet Hollywood Towers by Westgate |
3667 Las Vegas Blvd South | 28-Dec-09 | $1,200 | 721 | 480 | |
| Holiday Inn Las Vegas | 4055 Palos Verdes St. | 28-Dec-09 | 1,100 | 129 | ||
| Hard Rock Hotel expansion and redevelopment |
4455 Paradise Road | 28-Dec-09 | 375 | |||
| TOTAL 2009: | $11,606 | 557,622 | 1,121 | 8,627 |
Since so much was constructed in 2008 and 2009 there is very little planned for the near future.
| Name of Property | Location | Completion | Cost (Millions) |
Convention (Sq Ft) |
Timeshares | Rooms |
|---|---|---|---|---|---|---|
| Planet Hollywood Towers by Westgate | 3667 Las Vegas Blvd South | Q1 2010 | 35,000 | 0 | ||
| La Quinta Inn & Suites | Las Vegas Airport South 6560 Surrey | May-10 | 4,000 | 140 | ||
| Marriott SpringHill Suites | Craig& Frehner | Jun-10 | 96 | |||
| Wingate by Wyndham | 315 W. Warm Springs | Mid 2010 | 209 | |||
| The Grandview at Las Vegas tower 6 | 9940 Las Vegas Blvd S | Jul-10 | 400 | |||
| Hampton Inn & Suites | SE corner of Sunset Rd. & Grier Dr. | Fall 2010 | $25 | 2,500 | 150 | |
| The Cosmopolitan Resort & Casino | 3708 Las Vegas Blvd S | Late 2010 | $3,900 | 167,000 | 2,998 | |
| The Harmon Hotel & Spa (CityCenter) | Within CityCenter development | Late 2010 | 17,500 | 400 | ||
| TOTAL 2010: | $3,925 | 226,000 | 400 | 3,993 | ||
| Marriott Courtyard | Tropicana & 215 | Sep-11 | 107 | |||
| TOTAL 2011: | 107 | |||||
| Marriott SpringHill Suites | Tropicana & 215 | Nov-12 | 97 | |||
| TOTAL 2012: | 97 |
Because the timeline is unknown the report omits the Fontainebleau Resort Las Vegas
Fontainebleau Resort Las Vegas
Fontainebleau Las Vegas is a US$2.9 billion, 3,889-room, 68-story hotel/condo-hotel/casino development under construction near the north end of the Las Vegas Strip on the site previously occupied by the El Rancho and Algiers hotels in Las Vegas, Nevada...
which is already topped out, but is currently in bankruptcy. Also the Echelon Place
Echelon Place
Echelon Place is a partially built hotel, casino, shopping, and convention complex on the Las Vegas Strip, owned by Boyd Gaming Corporation. Construction of the project has been suspended since August 1, 2008....
which is built as far as steel framing, but is on indefinite hold.