Is Las Vegas in a Golden Knights bubble?

Updated May 15, 2018 - 11:20 pm

Soaring ticket prices. Top-selling merchandise. Fans who have only known victory.

The Golden Knights are having an extraordinary first year in the NHL and are now just three wins away from the Stanley Cup Final. Fans have been spoiled with instant success, and the front office is cashing in.

But this being Las Vegas — a place built on excess and with a track record of getting slap-happy when all is good in the world — it’s worth asking: Is Las Vegas in a Golden Knights bubble?

Industry pros say the team’s on-ice success has helped fuel its booming off-ice business. Fans want to be part of a winner, and the Knights are making a historic inaugural-season run for the Cup, boosting demand for tickets and merchandise.

Things could deflate if the team gets bounced from the playoffs or has a weak start next season, but that’s “if” the Knights stumble so soon.

“I can’t imagine this bubble popping anytime soon because it’s a good team, and this is the first year they’ve played together,” said Matt Nyman, owner of the USA Hockey Store in Fashion Show mall. “They might be better next year.” (Las Vegas Review-Journal)

Brian Killingsworth, the Knights’ chief marketing officer, said he has “never seen a market react to a team like this, ever,” and the support has been “way above and beyond any of our expectations.”

He noted there is the “short-term novelty” of an expansion team in a market “that was hungry” for a major professional sports franchise. If the Knights had been a typical, struggling expansion team, business would have leveled off earlier, he said, but “we just kept getting better and better on the ice.”

Expansion teams — with their new logos, color schemes and fan base — often have strong merchandise sales. The Knights had robust sales early on, but as the team kept winning, its sales “quickly jumped” into the top five in the NHL in the second half of the season, helped by more buyers outside Las Vegas, said Jim Haskins, the NHL’s group vice president of consumer products licensing.

Hockey fans throughout North America, he said, are wearing Golden Knights gear.

Grab that gear

Of course, Las Vegas has had boom times before. Its housing bubble of the mid-2000s was perhaps the most bloated in the country, with soaring property values, nonstop construction, widespread flipping and easy money everywhere. The market’s crash all but toppled the local economy.

Even if the Knights have a plunge in business at some point, Las Vegas overall will be fine. But in some ways, the housing craze seems to have a whiff of similarity to the Knights’ opening year.

Signs of the fervor: The team had some Marc-Andre Fleury jerseys turned into three baseball hats and recently put them on display in the retail shop at the Knights’ practice rink, City National Arena. The hats cost $3,000 each and sold within hours.

The team, in a nod to Las Vegas’ area code, also sold 702 limited-edition posters for $70.20 each at City National. There were lines around the building for eight hours straight.

Online retailer Fanatics, which operates every NHL team’s shopping websites, has said the Knights led the league in merchandise sales through its network this season and had sold more merchandise this month than all other remaining playoff teams combined.

Knights’ playoff tickets also have been among the most expensive, if not the priciest, on the resale market in the NHL. On StubHub, a dominant resale site, the team had the league’s top-selling tickets during the regular season and still does in the playoffs.

Moreover, the Knights sold out their season tickets for the 2018-19 campaign by mid-March, before the playoffs started.

‘Greatest expansion team of all time’

New sports teams can be notoriously lousy, and hockey is no exception. The Knights, however, had the fifth-best record in the NHL this season and took the Pacific Division title.

They’ve won two rounds of the Stanley Cup playoffs so far and are tied 1-1 with the Winnipeg Jets for the Western Conference Final. Games 3 and 4 will be played Wednesday and Friday at T-Mobile Arena.

“Is this the greatest expansion team of all time, any sport? The answer is, absolutely,” Berry Tramel, a sports columnist for The Oklahoman, wrote this month.

Ultimately, every sports team has good and bad years, and fans love rooting for winners and easily bail on losers. StubHub communications manager Cameron Papp noted that demand for Knights tickets will depend on how well the team plays, and Nyman, of the USA Hockey Store, pointed out that teams can have hot streaks and that retailers simply try to capitalize on them.

“You have your ups and downs,” he said. “When you have your ups, you just take advantage of it as best you can.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

ad-high_impact_4
Golden Knights Videos
Nevada Task Force One Cheers Golden Knights
Nevada Task Force One Cheers Golden Knights
Golden Edge: Vegas Fans Show their Love at Fan Fest
Bryan Salmond is on the red carpet at the downtown Las Vegas Events Center as the 2018-2019 Golden Knights show up for Fan Fest.
Golden Edge: Knights Back From Colorado
Golden Knights reporters Adam Hill and Ben Gotz talk about Knights preseason training camp and how Max Pacioretty is fitting in with the Knights.
Golden Edge: Mailbag — September 17, 2018
Ben Gotz answers questions submitted from Golden Knights fans.
Golden Edge: Knights Win First Preseason Game
Golden Edge host Bryan Salmond, David Schoen, Ben Gotz and Adam hill recap the Golden Knights first preseason game win against the Arizona Coyotes.
Golden Edge: First Practice
Adam Hill and David Schoen discuss the first day of practice for the Golden Knights.
Golden Knights Presser Max Pacioretty
Max Pacioretty speaks about his first impressions coming to the Vegas Golden Knights.
Golden Edge: Mailbag
Ben Gotz answers questions submitted from Golden Knights' fans about recent roster changes.
Golden Edge: Golden Knights Rookies Faceoff Against The Sharks Good
Golden Edge host Bryan Salmond breaks down the 5-4 loss the Golden Knights rookies had against the San Jose Sharks.
Lucas Elvenes is ranked as one of the Golden Knights' top prospects
Lucas Elvenes is ranked as one of the Golden Knights' top prospects after a breakout season in Sweden. He slid to the fifth round in the 2017 draft after being projected to be selected much higher. “I wasn’t happy about being a fifth-rounder. But it was good for me, too, because I didn’t have so much pressure when I came here," Elvenes said. Elvenes posted five goals and 16 points in 28 games while playing in the top league in Sweden. The Knights signed Elvenes to a three-year, entry-level contract in June.
Golden Knights rookie camp - Day 2
The Golden Knights held their second day of rookie camp at City Arena in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Golden Edge: Deryk Engelland Rides With Kurt Busch
Golden Edge host Bryan Salmond heads to city national arena and the Las Vegas Motor Speedway to see Kurt Busch attempt to learn how to play hockey, and Deryk Engelland hop in a race car.
William Karlsson and the Golden Knights are headed to arbitration
Of all the salary arbitration cases in the NHL this summer, none is more compelling than the one involving William Karlsson and the Golden Knights. Karlsson is seeking $6.5 million annually in arbitration. The Knights countered with an offer of $3.5 million annually. Karlsson's arbitration hearing is scheduled for Saturday in Toronto. During the hearing, the player and team present evidence. The arbitrator then has 48 hours to render a decision, and the team decides on a one- or two-year contract. Karlsson’s agent and the Knights can continue to negotiate a new contract prior to the hearing.
William Karlsson and the Golden Knights are headed to arbitration
Of all the salary arbitration cases in the NHL this summer, none is more compelling than the one involving William Karlsson and the Golden Knights. Karlsson is seeking $6.5 million annually in arbitration. The Knights countered with an offer of $3.5 million annually. Karlsson's arbitration hearing is scheduled for Saturday in Toronto. During the hearing, the player and team present evidence. The arbitrator then has 48 hours to render a decision, and the team decides on a one- or two-year contract. Karlsson’s agent and the Knights can continue to negotiate a new contract prior to the hearing.
Golden Edge: Floor Hockey Clinic
Bryan Salmond travels to the Paradise Recreational Center for the Las Vegas Golden Knights floor hockey clinic with special guest Golden Knights defenseman and Mark Messier Leadership Award winner Deryk Engelland.
Golden Edge: Off Season Update
Golden Edge host Bryan Salmond and sports columnist Ed Graney go over the Knights free angency and signing Marc-Andre Fleury.
Fleury on his three-year extension: To stay in Vegas a long time was big
Vegas Golden Knights goaltender Marc-Andre Fleury said he's glad he'll be a part of the team for a long time. Fleury spoke about signing a three-year contract extension at a news conference at the City National Arena in Las Vegas on Friday.
Las Vegas Morning Update - Thursday, July 5
Las Vegas Morning Update - Tuesday, July 3, 2018
Golden Edge: Free Agency Update
Golden Edge host Bryan Salmond and Golden Knights beat writer David Schoen go over the latest free agency news from the Vegas Golden Knights.
Golden Edge: Knights Host Scrimmage
Golden Edge host Bryan Salmond goes over the Knights second day of scrimmage at City National Arena.
Golden Edge: Prospects Prepare For Scrimmage
Golden Edge host Bryan Salmond goes over the Knights getting ready to participate in a scrimmage for the next few days.
Golden Edge: Previous Prospects Fight For Spot
Golden Edge host Bryan Salmond goes over day two of the Golden Knights development camp.
Golden Edge: One-On-One With Reid Duke
Golden Edge host Bryan Salmond interviews Golden Knights prospect Reid Duke.
Las Vegas Morning Update - Wednesday, June 27
Golden Edge: Golden Knights Development Camp
Golden Edge host Bryan Salmond goes over the Golden Knights development camp and how the prospects are looking to improve their game.
Las Vegas Morning Update - Tuesday, June 26, 2018
David Perron, James Neal set to leave Golden Knights
David Perron, James Neal set to leave Golden Knights Perron and Neal were key contributors on the second line for the Knights, helping the expansion team to the Pacific Division and Western Conference championships. Perron’s agent, Allan Walsh, told the Review-Journal on Sunday that the Knights have not made a new contract offer since the season ended. Neal turned down a five-year, $25 million offer from the Knights at the trade deadline, according to the Calgary Sun.
Golden Edge 2018 NHL Draft Recap
Bryan Salmond Recaps The Vegas Golden Knights 2018 Draft picks Rounds 2-7.
Golden Edge : NHL Draft Round 1
Golden Edge host Bryan Salmond goes over the first round of the NHL Draft picks and the rumors surrounding the Knights recruiting Ilya Kovalchuk.
Local
Weather will cool slightly through the end of the week
The weather will cool slightly through the end of the week., but highs are still expected to be slightly above normal for this year. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Mayor announces new public-private partnership
Mayor Carolyn Goodman announced the creation of the Mayor’s Fund for Las Vegas LIFE, a public-private partnership that will allocate money to the city’s neediest.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Fall fairytale gets cozy at Bellagio Conservatory
Bellagio Conservatory introduces its fall-themed garden titled "Falling Asleep." (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
What the house that Ted Binion died in looks like today
Casino heir Ted Binion died in this Las Vegas home in 1998. Current home owner Jane Popple spent over $600,000 to restore and modernize the home. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Rescue Mission employees terminated
Don James, a former employee for the Las Vegas Rescue Mission, talks about the day his team was terminated. (Erik Verduzco/Las Vegas Review-Journal)
Raiders Cupcakes at Freed's Bakery
Freed's Bakery will have Raiders-themed cupcakes available in store and for order during football season. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
51s fans say goodbye to Cashman Field
Las Vegas 51s fans said goodbye to Cashman Field in Las Vegas, Monday September, 3, 2018. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
51s owner Don Logan's last weekend at Cashman Field
Don Logan, owner of the Las Vegas 51s, gives a tour of Cashman Field before the team's final weekend using the field. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Metro Asst. Sheriff Brett Zimmerman on Aug. 8 officer-involved shooting
Metropolitan Police Department Assistant Sheriff Brett Zimmerman met with media Monday to discuss the details of the 14th officer-involved shooting of the year. (Madelyn Reese/ Las Vegas Review-Journal)
Matt Kelly Elementary School hosted its third annual Back-to-School Red Carpet Program
Matt Kelly Elementary School hosted its third annual Back-to-School Red Carpet Program where community and business leaders joined to welcome students back with an inspirational welcome. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Star Trek fans on show’s enduring popularity
Star Trek fans at the Star Trek Convention 2018 talk about why they think the show has stayed popular across the years Thursday, August 2, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nonprofit provides clothing for homeless
Sydney Grover of Can You Spare A Story?, talks about how she founded the non-profit organization. (Marcus Villagran/Las Vegas Review-Journal)
Family remembers deceased mother
Family members of Adriann Gallegos remember her. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Camp Broadway teaches kids how to sing and dance
The Smith Center's seventh annual Camp Broadway musical theater program gives 150 kids ages 6-17 an opportunity to learn musical theater skills from industry professionals over a five-day period. Marcus Villagran/ Las Vegas Review-Journal @brokejournalist
Restoring classic Corvettes to perfection
Members of the National Corvette Restorers Society Convention talk about what it takes to earn the NCRS Top Flight Award for a restored Corvette at South Point in Las Vegas on Tuesday July 17, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Watch Ruthless! at Las Vegas Little Theatre
The musical Ruthless! will be playing at Las Vegas Little Theatre from July 13-29. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Cadaver art and sword swallowing at The Dark Arts Market
Curator Erin Emrie talks about her inspiration for The Dark Arts Market at Cornish Pasty Co. in Las Vegas Tuesday, July 10, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
'NO H8' Campaign comes to Las Vegas
Hundreds of locals participate in the NO H8 campaign founded by Adam Bouska and Jeff Parshley as a response to Proposition 8, a California ban on same-sex marriage. The campaign has since evolved to represent equal treatment for all. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
What to expect at Station Casinos' Fourth of July celebration
Station Casinos' is hosting its annual 4th of July celebration with Fireworks by Grucci. Fireworks scheduled to go off on Wednesday, July 4 around 9 p.m. at Green Valley Ranch Resort, Red Rock Resort, Fiesta Rancho and Texas Station. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Star Wars and Golden Knights mashup at downtown art shop
Star Wars and Vegas Golden Knights fans attend the Boba Fett Golden Knight Paint Class at The Bubblegum Gallery in Las Vegas, Friday, June 29, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Tourists and locals enjoy Independence Day fireworks at Caesars Palace
Hundreds of tourists and locals gaze at the Independence Day fireworks show at Caesars Palace on Saturday, June 30, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Clark County recount votes in commission’s District E primary
Clark County staff begin the recount requested by candidate Marco Hernandez in the democratic primary for the County Commission's District E seat on Tuesday, June 26, 2018. (Marcus Villagran/Review-Journal) @brokejournalist
Long-running local hip hop producer wants Vegas rappers to shine
Las Vegas Hip Hop producer and co-owner of Digital Insight Recording Studios Tiger Stylz reflects on 30 years of music production in the city. (Marcus Villagran/Review-Journal) @brokejournalist
"Pawn Stars" fans visit Richard Harrison's memorial at Gold & Silver Pawn
"Pawn Stars" fans from around the world visit the Gold & Silver Pawn Shop in Las Vegas following the passing of Richard "Old Man" Harrison on Monday, June 25, 2018. (Marcus Villagran/Review-Journal) @brokejournalist
Construction for new 51s ballpark underway
New home of the Las Vegas 51s is planned to be finished by March 2019 in Summerlin according to team president Don Logan. (Marcus Villagran/Review-Journal) @brokejournalist
Business
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like