E-356:Hmm
Episode description
Random Vegas
Visitation to Las Vegas was down 55% in 2020 or 19 million people. The pandemic impacted gambling revenue down by only 34.6% compared to 2019 (Vital Vegas)
Twitpic of the week
The Monte Carlo is an interesting story. It’s an example of a company lost and looking for an identity, unhappy with the one they’ve already established. It all started with the addition of Diablos, evolved into a reimagining of the frontage and eventually evolved into a rebranding as Park MGM. The problem is the Vegas market has something for everyone and when you take one of those options away, something has to replace it. In this case, the needle not only didn’t recast Monte Carlo’s lot in the market, it degraded it. Taking a property that pulled in $80 million a year and reducing it to $62 million a year after spending $550 million to rebrand. Park MGM isn’t going anywhere but MGM Resorts didn’t intend for their new brand to be a discount option for visitors. Thanks to @las_when for reminding us of a better time.
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