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Rod Smith Gaming Guru - Page 8Are Cheap Stays Going Away?22 February 2006
Looking for a cheap stay in Las Vegas? Your chance of finding one may be shrinking.
The declining supply of bargain-priced hotel rooms on the Strip is a quietly simmering problem, Deutsche Bank analyst Andrew Zarnett said.
More than 5,000 lower-cost Strip hotel rooms have recently been taken off -- or ... (read more)
Stardust's Unionized Staff Backs Deal20 February 2006
Union workers at the Stardust approved an agreement Thursday night that Culinary Local 226's top official, Secretary-Treasurer D. Taylor, described as the new gaming industry standard for treating displaced workers.
The agreement has four key provisions dealing with the union's main concerns for ... (read more)
Wynn: Encore On Schedule17 February 2006
LAS VEGAS -- Despite project cancellations and concerns about overbuilding on the Strip, Wynn Resorts Ltd. is proceeding quickly with development of the 2,000-room Encore, the second phase of Wynn Las Vegas.
Developer Steve Wynn said Thursday the project is on pace to break ground in June, and Perini Building Co. ... (read more)
Nevada Economy: Gaming Win Hits $11.6 Billion13 February 2006
Gaming win in Nevada, ignited by the opening of Wynn Las Vegas and thriving locals casinos, set a record in 2005 by raking in $11.6 billion -- up 10.3 percent from $10.6 billion the previous year, officials said Friday.
"Las Vegas has never been hotter, which shows in the gaming numbers through the end of ... (read more)
Inside Gaming: Locals Casinos in Safe Game of Catch-Up13 February 2006
The devil is in the details. While it may look like the development of locals casinos is out of control, analysts say there are fewer gaming positions per Las Vegas resident today (25) than there were 10 years ago (32). That suggests operators such as Station Casinos and Boyd Gaming Corp. really are playing a very safe game of catch-up. ... (read more)
MGM Project Gets Costlier10 February 2006
LAS VEGAS -- MGM Mirage raised the price tag on its Project CityCenter by $2 billion Thursday as part of its plans to upgrade and expand what was already the largest privately financed development project in the U.S. hospitality industry's history.
The Strip development is now projected to cost $7 ... (read more)
Overbuilding in Las Vegas?: Added Rooms Could Affect Rates8 February 2006
New construction will likely depress average daily room rates as well as revenue generated by rooms at all Strip properties, a report from a New York City investment banking company warns.
Of particular concern is the effect of 40,000 added rooms -- a 25 percent increase over five years -- on rates Strip ... (read more)
Boyd Aims to Keep Stardust Employees3 February 2006
LAS VEGAS -- Boyd Gaming Corp. has developed a plan to retain all 1,899 of its Stardust workers even after it demolishes the resort to make way for its $4 billion Echelon Place project.
The company also wants to minimize disruptions and keep its loyal customers by relocating them to alternative ... (read more)
Gaming Stocks Carry Momentum of 2005 into New Year1 February 2006
Wall Street gave gaming stocks rave reviews in January, with the Dow Jones U.S. gambling index climbing to 530.6, up 9 percent from the end of the year.
The Standard & Poor's 500 Index closed the month at 1208.08, up 3 percent from the end of the year.
Since the beginning of November, investors have ... (read more)
Gaming Industry: Big Six to Post New High23 January 2006
The "Big Six" gaming operators ended 2005 with record-breaking profits nearly double the previous year's, thanks to surging demand for Las Vegas vacations and the two biggest mergers in industry history, analysts said this week.
With gaming companies set to begin reporting fourth-quarter and yearly ... (read more)
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