Word: casino
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While visiting the desert metropolis of Las Vegas for a weekend, I was appalled by the amount of money being blown by casino owners like Steve Wynn who aim to duplicate the world's most famous locales [SHOW BUSINESS, Oct. 26]. I've been going to Vegas for more than 30 years, and I think guys like Wynn have gone too far. It is ludicrous to create billion-dollar facsimiles of famous places. I predict this attempt to attract baby boomers like me will fail miserably. MARK THOMAS Oakland, Calif...
...casinos won't help those numbers. "The Bellagio will do great, but we have had to downgrade all casino stocks in the past quarter," says analyst Jason Ader of Bear Stearns. "We doubt the new construction will earn the returns of the last wave--18% to 22%. We're forecasting...
...Wall Street, investors have a word for such a collection: overhead. Even before the market tanked, analysts were marking down casino stocks on the fundamentals--too much capacity--and they are worried that this latest building boom will crap out. The Vegas Valley, for instance, is heading into a glut of 127,000 hotel rooms--up a scary 20% from the current level. That's one reason gaming stocks such as Mirage's have lost one-third to one-half of their value in the past year. The weakening global economy is also taking its toll. The high rollers from...
...company is now building the $1 billion Mandalay Bay development, to open in March 1999. The casino hotel, with a separate Four Seasons hotel on top and a monorail connecting it to the company's other properties, Excalibur and Luxor, will be set in a 12-acre park with a wavemaking machine in the lagoon. Says Schaeffer: "Nobody anywhere in the world is building resorts like Las Vegas...
...ingredient to the basic Las Vegas hotel rooms: comfort. The bathrooms in the all-suite Venetian are the size of standard hotel rooms. He spent $9 million just to create step-down living rooms in each suite, to impart the feeling of luxury. "Las Vegas' yesterday thinking was casino-centric. The idea was to deprive guests of creature comforts to keep them in casinos," he says--no minibars, no snacks in the room, no safe-deposit boxes, no fax machines and certainly no computer hookups. Says he: "If you were hungry, they imagined you'd wake...