Allegiant Air employees celebrate with a tailgate party after the company’s naming deal with the Raiders for the new Las Vegas stadium.
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MGM Resorts International announced its MGM 2020 plan in January, The plan would improve cash flow by $200 million annually by the end of 2020 and an additional $100 million by the end of 2021. 1,070 jobs were cut as part of the cost-cutting initiative. 881 of those were Las Vegas employees, mostly in management or mid-management positions. Jim Murren
MGM Resorts International announced its MGM 2020 plan in January, The plan would improve cash flow by $200 million annually by the end of 2020 and an additional $100 million by the end of 2021. 1,070 jobs were cut as part of the cost-cutting initiative. 881 of those were Las Vegas employees, mostly in management or mid-management positions. Jim Murren
The MAGIC fashion convention has come to Las Vegas at the Mandalay Bay Convention Center to showcase some of the hottest clothing trends for men. (Nathan Asselin/Las Vegas Review-Journal)
Land around the Las Vegas stadium site has been selling for high prices. A few months before the stadium’s groundbreaking, Global Trust Group acquired a 2.5-acre parcel just north of the stadium site. The property sold for $7.25 million, or $2.9 million an acre. Osprey Real Estate Capital and Huntington Hotel Group acquired a 2-acre industrial site just west of the stadium site in late November. The property sold for $6.5 million, or $3.15 million per acre. That’s roughly 12 times the average price of land in the valley this year as tracked by Colliers International.
Two representatives in the drone industry discuss UAV’s impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
T-Mobile’s new, nightclub-themed Las Vegas Strip store opened Thursday, Jan. 4, 2018. Visitors can access 25 portable phone chargers, a photo booth and a concierge desk for buying tickets to T-Mobile Arena. Upstairs is a virtual reality headset and a non-alcoholic drink bar with sodas and juice shots. The store employs 79 people and is 9,000 square feet. This is the company’s fifth signature-style store after New York, Chicago, Miami and Santa Monica.
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The average slot player is aging out, said Blaine Graboyes, who presented on a panel Thursday called “Why Esports Matters to Casinos Now and in the Future.”
Data from the Nevada Gaming Control Board and the Las Vegas Convention and Visitors Authority shows average slot revenue per room per day has generally declined since 2008, while average food and beverage revenue per room per day has climbed.
Graboyes, CEO and co-founder of GameCo, said the average Strip property in Las Vegas has reduced their slot footprint by 450 units over the last decade.
“That’s created an increase in win per unit, but you’re essentially just talking about the same money on fewer machines, not new customers and incremental revenue,” he said. “The real key now for casinos…is bringing in new kinds of games that bring in net new casino gamers.” Read more at reviewjournal.com (Nicole Raz/Las Vegas Review-Journal)