Meltdown
October 23rd, 2015 at 11:21:37 AM permalink | |
Ayecarumba Member since: Oct 24, 2012 Threads: 89 Posts: 1744 |
I saw "MICE" on another website as a link to the conference/convention space. I assume the "C" is "Conference" or "Convention, but what do the other letters stand for? |
October 23rd, 2015 at 11:27:17 AM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
I don't think it is the $1.7 billion Mass. property that he wants to back out of, it is the $4.1 billion Macau property. Studio City ($2 billion project) was awarded 200 tables with another 50 to come in January. Perhaps that it is an omen for what Wynn will get . |
December 1st, 2015 at 4:23:26 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | Macau just declared it's 18th month of drop in gaming revenue. So at 1.5 years, they are now getting massive drops on massive drops. Nov 2014 was down -19.6% from Nov 2013. Nov 2015 was down -32.3% from Nov 2014. Nov 2015 was down -45.6% from Nov 2013. Accumulated Gross Revenue for all of 2014 was down -2.6% from all of 2013. Accumulated Gross Revenue for all of 2015 is down -35.3% from all of 2014. Another way to look at it is revenue is now down to where it was over 5 years ago. It makes the meltdown in Atlantic City look a chilly breeze. =============================== In Atlantic city the Boardwalk casinos continue to drop and seem to have taken zero business from the closed casinos (On Boardwalk) +17.6% Resorts (north boardwalk) / smallest and oldest casino +4.7% Tropicana (south boardwalk) -5.5% Bally's (center boardwalk) -5.0% Caesars (center boardwalk) -17.7% Trump Taj Mahal (north boardwalk) The three casinos not on the boardwalk are up 10% from last year (Not on Boardwalk) +29.0% Golden Nugget (former Trump Marina) +8.2% Borgata +4.3% Harrah's |
December 1st, 2015 at 4:28:47 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 |
It is Cats and Mice CAT (casino tourism) MICE (Meetings, Incentives, Conventions, Exhibitions) |
December 1st, 2015 at 5:28:02 PM permalink | |
Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
If you own any business, a 35% drop in revenue from a year ago is huge bad news, going out of business bad news. My wife had a B&M business that rented space to antique dealers. She had the same income every year, added to what she herself sold in the store. The last year she was there, the landlord wanted a 20% raise in his rent. That meant my wife would have had to raise all the dealers rent 20%. She would lose half of them, so she closed the doors. That was 15 years ago and that 8000 sq ft store space has been empty ever since. The owner lost almost a million in rent because of greed. If you take a risk, you may lose. If you never take a risk, you will always lose. |
January 1st, 2016 at 11:12:07 PM permalink | |
Pacomartin Member since: Oct 24, 2012 Threads: 1068 Posts: 12569 | Macau is almost as unstoppable in it's descent as it was on it's rise. Dec 2013 | 33.460 billion patacas Dec 2015 | 18.340 billion patacas Amid the continued, precipitous decline in gaming revenue in Macau: LVS’ Asian division Sands China warned that its in-development $2.7b Parisian property on Macau’s Cotai strip might not meet its April 2016 opening target. Wynn Resorts Ltd. announced on Thursday that the opening of its new $4.1 billion hotel will be delayed another three months, AFP News reports. Originally scheduled to open in late March 2016. The new opening date is now June 25, 2016. CASINO LOUIS XIII MACAU CONFIRMS JULY 1, 2016 OPENING After moving ahead of schedule with construction, the management team of Louis XIII Holdings Ltd has announced their new casino property will be opening in the south Cotai area of Macau in 2016. Setting a date of July 1st, the new boutique casino property will now have a set date thanks to construction moving slightly ahead of the planned schedule. Hong Kong–Zhuhai–Macau Bridge (50 km and US$10.6 billion) |
January 2nd, 2016 at 12:16:51 AM permalink | |
Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
It's really incredible. A whole bunch of new Revel's are about to open in a market that's sure to see their quick demise. The investors must be sick, they have billions invested. I don't feel sorry for the greedy bastards, they really thought they had a tiger by the tail and their eyeballs were spinning $ signs. What goes up fast, like Macau's success, can also come down equally fast. Oh well.. If you take a risk, you may lose. If you never take a risk, you will always lose. |
January 2nd, 2016 at 8:17:00 AM permalink | |
Wizard Administrator Member since: Oct 23, 2012 Threads: 239 Posts: 6095 |
I guess that would include me. After I sold my sites I purchased $10,000 in Wynn stock at $144/share. It is $69.19 now -- more than a 50% drop. Knowledge is Good -- Emil Faber |
January 2nd, 2016 at 9:59:20 AM permalink | |
AZDuffman Member since: Oct 24, 2012 Threads: 135 Posts: 18213 |
Markets get irrational all the time. Casinos, underwater fiber cable, automobiles, airlines, and others. On fire one minute then in decline the next. As to Wynn I assume Vegas is back in the black as IIRC it seemed Macau was all that kept the company alive after the Panic of 2008. The President is a fink. |
January 2nd, 2016 at 11:55:15 AM permalink | |
Evenbob Member since: Oct 24, 2012 Threads: 146 Posts: 25011 |
It's no accident none of the new casinos are opening on time. Paying thousands of employees when no money coming in the front door will sink you like a rock. I bet they think about Revel a hundred times a day. It went from 'build it and they will come' to they might come, to they ain't coming, are they. If you take a risk, you may lose. If you never take a risk, you will always lose. |