My source that says the The Mirage has been sold also says that they will have a new hotel partner once they’re no longer be a part of M Life, MGM Resorts’ players club.
It’s rumored that Marriott will be the hotel partner for The Mirage once the sale goes through.
It’s difficult to be an independent hotel-casino operator on the Vegas Strip so Starwood Capital Group is taking steps to bring in a partner to help fill the hotel. Marriott was just voted the #1 national hotel chain rewards program by US News and World Report.
Starwood is also rumored to bringing in Paragon Gaming to operate the casino. Paragon currently operates the Westgate casino and used to operate the Riviera casino.
There isn’t a date confirmed date for the demolition of the Riviera yet. The Las Vegas Convention and Visitors Authority still has to approve any Riviera demolition plan. That might take place at their next meeting later this month.
If the timeline holds true then 6 months from now would be the end of December. A New Year’s Eve implosion would fit that time frame. I think that would be a great way to send of this historic Las Vegas hotel.
SLS Las Vegas is off to a rocky start with employees being let go and restaurants being closed or rebranded. Their business model is similar to the Cosmopolitan where the casino generates 20-30% of the revenue and the rest comes from clubs, restaurants, bars, hotel rooms, etc.
If the financial woes continue at SLS Las Vegas throughout the year their owner, Stockbridge (90% owners of SLS), may look to cut their losses. If Blackstone can turn around the Cosmo’s financial woes to become profitable they may look to target SLS Las Vegas. The property is new and business model is similar to the Cosmo that it might be a perfect addition.
The two hotels are already linked through Blackstone. Blackstone owns Hilton and SLS Las Vegas is already a part of the Hilton Curio collection of hotels. Cosmopolitan is without an outside hotel partner for the time being but a Vegas Curio combo could help the collection.
Hotel room rates are rising rapidly and capacity is shrinking with the Riviera closing. Adding a second property to their Las Vegas portfolio makes sense to create more value for when Blackstone decides to sell. SLS Las Vegas might be the quickest property to turn around and sell again for a larger profit.
I see this potentially as a 1+1=3 scenario if A) Blackstone can create positive revenue at the Cosmo B) Stockbridge decides to sell SLS Las Vegas C) Blackstone can repeat a turnaround at Cosmo at SLS.
Thoughts: This totally makes sense. They’ve de-themed most of the hotel to the point of where it’s so bland the name doesn’t make sense. A new name announcement after construction is complete around the property and shortly before they open the new arena would work nicely. Maybe they’ll renovate the rooms in time for the new arena too.
Rumor: Riviera has been sold and new owners will close and demolish in favor of something unrelated to gaming.
Thoughts: This rumor about the Riviera sounds legit despite rumors about renovations. Despite these mainstream media outlets reporting about $20-$100 million dollar in renovations to the property in recent years the parent company is still having financial problems post bankruptcy. With Resorts World Las Vegas being delayed and SLS Las Vegas having its own problems revitalization of the north end of the Vegas Strip doesn’t look so hot right now.
Both of these are still rumors right now. Both bits of news make too much sense not to happen. We’ll see if they’re true shortly.
Update: 6/16 – Rumors are both finally confirmed. Monte Carlo will become MGM Park and Riviera will be imploded 6/14 and 8/14.
Speculating on the future of Vegas is fun. Instead of full-blown posts about specific subjects I think it’s more fun to be short and concise. Here’s my take on two potential moves that would shake things up on the Vegas Strip.
Speculation: I’m going to speculate that Dan Lee’s next job will be something big. If he has a non-compete clause with Palms or just needs time away from work he might look for a major role with Genting as they open Resorts World Las Vegas.
If that’s too far ahead perhaps a move to another independently operated casino in Vegas might make sense.The Cosmopolitan might make sense as they’ll likely add new leadership when Blackstone takes over operations.
If you’re not familiar with Dan Lee, Vegas Tripping had a really detailed post when he was named CEO of Palms last year.
Most gaming on the Vegas Strip is worse than those offered in downtown Vegas but that’s not entirely true when it comes to dice. Craps on the Vegas strip is almost the same at every casino but there are a few locations that stand out being better than the rest. Here’s the breakdown.
100x – The Cromwell
10x – SLS Las Vegas, Stratosphere
3-4-5x – Aria, Bally’s, Bellagio, Caesars Palace, Casino Royale, Cosmopolitan, Encore, Excalibur, Flamingo, Harrah’s, The Quad, Luxor, Mandalay Bay, MGM Grand, Mirage, Monte Carlo, New York New York, Palazzo, Paris, Planet Hollywood, Treasure Island, Tropicana, Venetian
2x – Circus Circus, Wynn/Encore
3-4-5 Craps is the norm on the strip and that’s fine. Regardless of the odds craps still has some of the lowest house edges in the casino. The difference between 3-4-5 and 100x odds is fairly small and not enough to make me go somewhere I don’t want. That said, if Cosmopolitan or somewhere nice had a 100x odds game they would likely find me at the table.
Note: If you know different odds at any of the casinos please leave a comment. This craps survey was updated 3/2018.
I’ve been taking a look at the best video poker from Atlantic City to Las Vegas recently. Today I decided to look to see which casinos offered the best video poker on the Las Vegas Strip. The Vegas strip does NOT include places just off the strip like Palms and Hard Rock Casino.
Most casinos offer good video poker games in their high limit rooms with games starting at $5 so I decided to look at the best video poker games under $5 since that’s what more people play.
The good video poker games listed here are between 10 cents and $2 with max bets from 50 cents to $10. The pay table percentages are all based on max bets. Once again casinos are listed from best video poker to worst.
The biggest surprises from this research is that there are positive returning machines on the Vegas strip (Circus Circus) and that the Stratosphere has absolutely no playable video poker games according to vpFREE. Monte Carlo has playable video poker but all are $5 machines.
All information from vpFREE2, the best place to research video poker. Each casino links to their respective page on vpFREE.
Dave McKee from who writes the awesome Stiffs & Georges blog threw out an interesting question on twitter this morning about a Las Vegas strip casino going belly up (or restructuring debt) by filing Chapter 11.
Unidentified Strip resort being put into Chapter 11, scuttlebutt has it. Any guesses? I’m told it’s NOT the Cosmo, right @johnunwinning?
He didn’t say “Company” so you rule out MGM Resorts, Venetian/Palazzo, Wynn or Caesars properties immediately. Duetche Bank has been looking to sell the Cosmopolitan before the end of the year for a while now so you can understand why that’s not in the running. That doesn’t leave many properties to left on the strip for possible Chapter 11.
Who ya got from the remaining strip properties?
Unless Phil Ruffin is looking for a tax write off, I don’t see him divesting of Treasure Island so soon and I haven’t heard a peep about Casino Royale ever.
That leaves Tropicana and Riviera as possible casinos to file for Chapter 11. Both have had financial trouble, but after a relaunch of the Tropicana went nowhere and President Tom McCartney left there hasn’t been much positive good talk about the property. In fact, the only real news from Tropicana has been about it’s club not opening.
Meanwhile on the other end of the strip Riviera has been trying to create a niche for itself with constant marketing and promotion. I’m not sure this is working, but it’s difficult to imagine that it’s not helping. Of course, it may not be working which would give cause for Chapter 11.
I don’t think silence is can’t be a good thing here and I’d have to imagine that Tropicana is the strip property about to announce Chapter 11.