The MGM 2020 Plan is aimed at leveraging a more centralized organization to maximize profitability and lay the groundwork for a digital transformation that is expected to improve cash flow by $300 million a year by 2021.
Richard N. Velotta
Assistant Business Editor
Email: rvelotta@reviewjournal.com
Phone: (702) 477-3893
X: @RickVelotta
Richard N. “Rick” Velotta has covered business, the gaming industry, tourism, transportation and aviation in Las Vegas for 25 years. A former reporter and editor with the Las Vegas Sun, the Ogden (Utah) Standard-Examiner, the Arizona Daily Sun in Flagstaff and the Aurora (Colo.) Sun, Velotta is a graduate of Northern Arizona University where he won the school’s top journalism honor. He became the Review-Journal's assistant business editor in September 2018.
It didn’t take long for the haters to start chirping about resort and parking fees after the state Gaming Control Board published March gaming win numbers last week.
Attaching a hotel-casino to a convention center was a money loser. That was the conventional wisdom before The Venetian opened on the Strip 20 years ago this week.
The downturn was attributed to a 15.4 percent decrease in convention attendance. Only 552,200 conventioneers visited the market in March compared with 652,400 a year earlier.
Representatives of the Golden Gate Casino are expected to open their own branded sportsbook in June after the Nevada Gaming Commission on Thursday unanimously approved a license for the downtown Las Vegas operation.
First, the bad news about March’s casino gaming win reported Thursday by the state Gaming Control Board: Numbers were flat against March 2018.
The company on Wednesday reported fuel costs down 6 percent, no maintenance cancellations over the past 120 days and a 5 percent increase in the number of departures.
D Las Vegas co-owner Derek Stevens said the Circa resort in on schedule for a late 2020 opening.
Based on the terms of Tony Rodio’s employment agreement disclosed in a Securities and Exchange Commission filing, he appears to be in for the long term with a $1.5 million annual salary, prospective bonus payments of $3 million, as well as a $3 million buyout clause. This doesn’t look like the pathway to a quickee company sale.
Nevada must continue to support a strong regulatory environment for the gaming industry, even as society races into uncharted technological advancements, a former gaming regulator said.
Construction managers for the Las Vegas Convention Center’s $935.1 million expansion say the project is on track for its scheduled January 2021 opening.
The Las Vegas Stadium Community Benefits Plan Oversight Committee learned Thursday that for work through the end of February, 66 percent of the 1.3 million work hours performed on the project was completed by women and minorities.
A court settlement by Las Vegas Sands Corp. helped result in a first-quarter earnings decline.
The company that owns the Cosmopolitan of Las Vegas has retained two investment banks to explore the possible sale of the 3,000-room Strip resort.
An expert in employment law believes Wynn Resorts’ harassment compliance plan should satisfy regulators.