The Riv again....

[watchez]

Thanks for this. It's all public information whatever these properties do, because they are publicly traded corporations. All Vegas casino stocks have been sinking for the last two years. I used to own shares in Caesars World and MGM Mirage but no more.

Since you like links so much - here are some more.

http://www.lasvegassun.com/news/2010/mar/08/fortune-magazine-wynn-resorts-gaming-industrys-mos/

On March 15, 2009 - Wynn stock was @ $15.40. Today (16 months later) it is @ $81+. Just think if you would have bought 1,000 or 10,000 shares.

Wynn just spent $67 million (about 15 million over budget) on the new Beach Club and Surrender night club. Doesn't sound like he is scared.

 

[beetle]

Actually, it's in Charles Town, West Virginia (in the panhandle). It's only about 75 minutes from the beltway, so this will be a great opportunity for DC area players. I have not heard of a Poker Casino in Maryland yet. When the first one is legalized/built in MD, it will probably be in Annapolis.
--Steve

JAM - they also opened a casino in Charleston WV (i think that is the city) - about 1 1/2 from Baltimore I believe. Close to Philly as well. The poker room has 39 tables and plans for expansion. I have two friends that have already moved there to go to work.

 

[jay helfert]

Since you like links so much - here are some more.

http://www.lasvegassun.com/news/2010/mar/08/fortune-magazine-wynn-resorts-gaming-industrys-mos/

On March 15, 2009 - Wynn stock was @ $15.40. Today (16 months later) it is @ $81+. Just think if you would have bought 1,000 or 10,000 shares.

Wynn just spent $67 million (about 15 million over budget) on the new Beach Club and Surrender night club. Doesn't sound like he is scared.

I guess he still has the golden touch. I wouldn't touch that stock today at that price. I'd like to bet it goes down in the next year. Maybe time to do a short sale. :wink:

 

[CocoboloCowboy]

In Arizona we go Indian Casinos, most are doing well enought to give trible members a lot of FREE MONEY Annually.

 

[TATE]

I guess he still has the golden touch. I wouldn't touch that stock today at that price. I'd like to bet it goes down in the next year. Maybe time to do a short sale. :wink:

Watchez - March 2009 was a low point for most stock - Bank of America was $3 and now it's around $15. But I see your point that Wynn is doing fine.

Las Vegas is affected by the global economy - it is an international travel destination. The world-wide recession has really hit the hotel companies hard, especially international destinations like Las Vegas. Still, somehow many have managed to stay profitable, but not crazy good as it was in 2007.

Stock prices are not determined by how things are right now, but how they are expected to be - and that is priced in. Las Vegas is considered to be overbuilt, but when this recession finally ends - it will rebound hard.

Places like the Riviera live in the shadows and can only attract people with heavily discounted deals. This was a structured bankruptcy designed to reduce debt the hotel has to service. I think it's just a lifeline. Ultimately, the hotel will likely be sold and upgraded - the usual fate for most of these older properties - sold for for less than the existing debt which comes at the expense of the investors.


Chris

 

[Eddie May]

Just try to find a place that will give league players the deals the Riv has given BCAPL, APA, VNEA, etc. over the years. If the Riv does go down, I expect Nationals in Vegas is over. (Hello, Tunica)

Since when does the Riveria give the APA deals haha? Do you know that they charge more for a League Director to rent rooms for his teams, then they do a average joe walking in off the street? Some ****ing deal.

 

[measureman]

I stayed at the Riv a couple years ago because it was cheap. Decent room and service but the Casino was empty and depressing. We just slept there and went farther down the strip to party and gamble.

 

[BRKNRUN]

Since when does the Riveria give the APA deals haha? Do you know that they charge more for a League Director to rent rooms for his teams, then they do a average joe walking in off the street? Some ****ing deal.

I heard a rumor during BCA last that the APA and VNEA were moving to Harras next year...and that BCA was soon to follow when the contract was up.

......of course this is just a rumer I heard...I have no hard facts

 

[Eddie May]

I heard a rumor during BCA last that the APA and VNEA were moving to Harras next year...and that BCA was soon to follow when the contract was up.

......of course this is just a rumer I heard...I have no hard facts

They all should move... The riv screws all of them

 

[watchez]

Watchez - March 2009 was a low point for most stock - Bank of America was $3 and now it's around $15. But I see your point that Wynn is doing fine.

Last Memorial Day, the Wynn got so crowded - all security came out onto the casino floor and if you didn't have a room key, you had to go.

Wynn paid $50k a piece for two huge Oak trees to be transported across the country and planted outside of his new Beach Club. They put the trees in and then put the sidewalk cement around the trees. Wynn came outside and said he didn't like them and to take them out. They told him they would have to bust up all the concrete so he said then cut them down - and they did.

 

[jay helfert]

Last Memorial Day, the Wynn got so crowded - all security came out onto the casino floor and if you didn't have a room key, you had to go.

Wynn paid $50k a piece for two huge Oak trees to be transported across the country and planted outside of his new Beach Club. They put the trees in and then put the sidewalk cement around the trees. Wynn came outside and said he didn't like them and to take them out. They told him they would have to bust up all the concrete so he said then cut them down - and they did.

That's not too cool! Those trees were probably older than him! A heartless act.

 

[cardiac kid]

I heard a rumor during BCA last that the APA and VNEA were moving to Harras next year...and that BCA was soon to follow when the contract was up.

......of course this is just a rumer I heard...I have no hard facts

Ken,

The VNEA and TAP leagues have already announced they are moving to Bally's Hotel and Casino for the years 2011 and 2012. The ACS is moving to the new Tropicana next year. The APA and BCAPL have longer term contracts with the Riv. It would take the Riv closing not just going into bankrupcy to get the other National events moved.

Lyn

 

[TATE]

Last Memorial Day, the Wynn got so crowded - all security came out onto the casino floor and if you didn't have a room key, you had to go.

Wynn paid $50k a piece for two huge Oak trees to be transported across the country and planted outside of his new Beach Club. They put the trees in and then put the sidewalk cement around the trees. Wynn came outside and said he didn't like them and to take them out. They told him they would have to bust up all the concrete so he said then cut them down - and they did.

The hotel business has been doing pretty well overall for the last 20 years, but it's had many boom/bust cycles. There has been a lot of money made operating hotels, probably a lot of money lost actually owning them. The companies like Hyatt, Hilton, Starwood, Marriott mostly operate and manage hotels and brand them for owners for management fees. The owners are large funds from many international sources and investment groups.

The Ritz Carlton company is quite a prestigious brand. I was at the grand opening of the Ritz Carlton Mauna Lani on the Big Island (now the Fairmont Orchid) in the early 1990's. The opening was delayed because the owner walked in during construction and had all the flooring in the lobby torn out and replaced because he didn't like it. The project went 13,000,000 over budget and the hotel had 40% occupancy, yet they clung to high rates.

That was just a drop in the bucket - many far flung losing properties were built by Ritz. Ultimately, the company was sold a few years later (Marriott go them) with over a billion dollars in debt - yet it was one of the best brands out there and really great hotels - just a lot of money losers. There were many lawsuits from investor groups. It's a crazy business and there are tons of wild stories.

Chris

 

[jay helfert]

The hotel business has been doing pretty well overall for the last 20 years, but it's had many boom/bust cycles. There has been a lot of money made operating hotels, probably a lot of money lost actually owning them. The companies like Hyatt, Hilton, Starwood, Marriott mostly operate and manage hotels and brand them for owners for management fees. The owners are large funds from many international sources and investment groups.

The Ritz Carlton company is quite a prestigious brand. I was at the grand opening of the Ritz Carlton Mauna Lani on the Big Island (now the Fairmont Orchid) in the early 1990's. The opening was delayed because the owner walked in during construction and had all the flooring in the lobby torn out and replaced because he didn't like it. The project went 13,000,000 over budget and the hotel had 40% occupancy, yet they clung to high rates.

That was just a drop in the bucket - many far flung losing properties were built by Ritz. Ultimately, the company was sold a few years later (Marriott go them) with over a billion dollars in debt - yet it was one of the best brands out there and really great hotels - just a lot of money losers. There were many lawsuits from investor groups. It's a crazy business and there are tons of wild stories.

Chris

ALL of Trumps many ventures eventually go belly up, including his casinos. He makes millions and his investors lose their shirts. Nice business if you can get it. :wink:

 

[PUTT4DACA$$H]

Riviera-- affordable for workin' people

I think that pool will suffer if the Riviera goes down. Let me rephrase that, I think pool players that are used to going to tournaments at the Riviera will suffer- they will end up paying more for the tournament to be held somewhere else. The Riv signs 2 or 3 year deals with the leagues to be the host location for the tournaments. Yes the going rate for rooms is currently cheaper than what the APA agreed to a couple of years ago, but that wont last very long. I asked about the APA tournament specifically getting moved and the woman that sets it up told me that the RIV was one of the only places that was affordable enough for the vast majority of pool players (workin' folks) to come and stay for a week. I know there are better and classier places, but pool players already are staying 3 or 4 to a room for $59. What happens when the players cant afford to come to the tournament because the rooms are $99 - $125 a night and the tables are $2 a game.?????? Hard for the average Joe to take a week off of work, come play pool, and leave with a positive feeling about the whole thing. When my team won the Vegas trip last year we got $458 dollars per person and the airfare was $325, I'm just saying that I hope the Riviera holds on for a few more years because I think if the tournaments move, they will wish they could go back!!!!!JMO