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Old 08-11-2010, 10:29 AM
 
Location: Kingman AZ
15,370 posts, read 39,144,650 times
Reputation: 9215

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There is a political forum....go there...
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Old 08-11-2010, 10:48 AM
 
2,457 posts, read 4,728,577 times
Reputation: 1406
Quote:
Originally Posted by las vegas drunk View Post
So I started this thread 8 months ago proclaiming city center sucks and would be a failure. It looks like like I was right. I am glad as I sincerely hate that place.

"MGM Resorts reported $1.54 billion in revenue during the second quarter, up 3 percent from a year earlier. But its loss grew to $883.5 with a second major charge reflecting the plunging value of CityCenter"

"MGM Resorts wrote down the value of its half of CityCenter, which cost a total of $8.5 billion to build, after a quarterly analysis showed it was now worth $2.65 billion, Chief Financial Officer Dan D'Arrigo said."

and the best one of all...

"CityCenter hasn't shown an operating profit since opening December."

The Associated Press: Casino operator MGM Resorts loses $883.5M in 2Q

LVD all the Gaming Companies with properties in LV are operating at a loss at this time. Boyd Gaming is the only exception because of the cash influx from the unfinshed Echelon project. They where able to reduce thier debt stucture by putting Echelon on hold.
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Old 08-11-2010, 10:57 AM
 
10,494 posts, read 27,271,400 times
Reputation: 6718
Quote:
Originally Posted by mojavedxer View Post
LVD all the Gaming Companies with properties in LV are operating at a loss at this time. Boyd Gaming is the only exception because of the cash influx from the unfinshed Echelon project. They where able to reduce thier debt stucture by putting Echelon on hold.
Since you work at a casino, I am willing to listen. Does this mean City Center is not a failure?
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Old 08-11-2010, 11:02 AM
 
Location: Kingman AZ
15,370 posts, read 39,144,650 times
Reputation: 9215
Remember also that the tremendous loss they are showing on paper is as a result of lumping ALL of the construction costs into ONE quarter...

The are the glowing success that they wojuld have been in a better ecoonomy but they are surviving.

The reduction in personnel is as a result of normal hiring practices and not because they are failing.

It is NORMAL in a new hotel opening, to over hire by as much as 100% because you have 89 days in which to make layoffs with no penalties [union or non union]. at the 90th day you now have to adhere to the union contracts and such as to progressive warning notices etc...

first 90 days is when you eliminate the people that are not a good fit in your department for whatever reason.

HOPEFULLY by that time you are able to have the BEST people selected for continuation.
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Old 08-11-2010, 11:15 AM
 
Location: Las Vegas, NV
5,779 posts, read 14,594,594 times
Reputation: 4024
Has anybody seen or heard that Harry Reid commercial about how he "saved" City Center by getting the banks to give MGM their loans to build it. The commercial claims Harry Reid saved 22,000 jobs. I think its BS

I personally think "MGM Resorts International" cannibalized themselves by building City Center, or at least by not putting it on hold longer
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Old 08-11-2010, 11:18 AM
 
2,457 posts, read 4,728,577 times
Reputation: 1406
Quote:
Originally Posted by las vegas drunk View Post
Since you work at a casino, I am willing to listen. Does this mean City Center is not a failure?

Considering that the opening numbers where soft. They have nowhere to go but up. Table hold % currently is up. Slots % are still stale. Occupency has been fairly good in the last two months. Wynn, Caesars, Venetian high up play is decreasing while Aria is increasing. Along with the construction costs. The high fixed operating costs it takes to run a ***** resort. Aria is hardly a failure. It still may be the demise of MGM/Mirage if they dont get thier debt stucture under control.
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Old 08-11-2010, 11:24 AM
 
10,494 posts, read 27,271,400 times
Reputation: 6718
Quote:
Originally Posted by mojavedxer View Post
Considering that the opening numbers where soft. They have nowhere to go but up. Table hold % currently is up. Slots % are still stale. Occupency has been fairly good in the last two months. Wynn, Caesars, Venetian high up play is decreasing while Aria is increasing. Along with the construction costs. The high fixed operating costs it takes to run a ***** resort. Aria is hardly a failure. It still may be the demise of MGM/Mirage if they dont get thier debt stucture under control.
Thanks, time will tell on this one.
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Old 08-11-2010, 11:56 AM
 
848 posts, read 1,725,661 times
Reputation: 221
Quote:
Originally Posted by DavieJ89 View Post
Has anybody seen or heard that Harry Reid commercial about how he "saved" City Center by getting the banks to give MGM their loans to build it. The commercial claims Harry Reid saved 22,000 jobs. I think its BS

I personally think "MGM Resorts International" cannibalized themselves by building City Center, or at least by not putting it on hold longer
Tell that to the employees at City Center which by the way will not be voting for Angle and as far as City Center, I like Aria and its many public art scattered all over the property. Nice touch!!

As far as the duopoly in Vegas, yes they pretty much have too many properties between the two. The opening of Cosmopolitan will be a nice addition to its neighbour, City Center but since it is bank owned it makes you wonder how long before any of the duopolopy makes an offer on it.
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Old 08-11-2010, 12:13 PM
 
10,494 posts, read 27,271,400 times
Reputation: 6718
Thumbs down No politics, let's keep this thread open!!!!

Quote:
Originally Posted by jhiker1o View Post
Tell that to the employees at City Center which by the way will not be voting for Angle.
My God, can't you read???? I know you have already been banned before under the same screen name and I hope it happens again as this is ridiculous anymore.
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Old 08-11-2010, 12:50 PM
 
Location: ( ͡° ͜ʖ ͡°) (╯°□°)╯︵ ┻━┻ ̡
7,112 posts, read 13,169,802 times
Reputation: 3900
When my friends and family came to visit Vegas, they were extremely anxious to visit CC. After about 30 minutes inside and a couple of pictures, they were ready to go to NY NY, MGM, Venetian, MB, Luxor, TI...etc. They forget all about CC.

...And I keep getting asked "whats the theme of CC?".......


I just say its suppose to be a self sustained city, I guess.
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