It looks like MGM Resorts is setting up the Las Vegas and Reno Circus Circus properties for a buyer. Between major cost cutting and lean staffing, it's a signal that the Vegas giant is cutting it's least desired properties within it's change. Circus Circus also has been left out of all programs for the MGM player rewards program, another sign that Circus Circus is being shopped.
Whoever should buy the property will do a service to everyone. The property has been treated like the ugly red headed step child within the group. We saw a glorious chnage for the better when Treasure Island was sold and the same can happen for Circus Circus. The possible sale also will give MGM some more cash to help pay off the gigantic debt incurred due to City Center.
Wednesday, October 20, 2010
Monday, July 26, 2010
MGM Stocks On The Rise, Time To Buy More!
Now is the time to buy MGM Resort stock. It currently sits at $10.52 and with a healthy boost from Wall Street forecasters who have declared Vegas gaming stocks to be wise at this juncture, the price will go up. It should be good for short term, or long term just because of the buzz that is about to happen.
Saturday, July 24, 2010
Bellagio Foutains Absolutely Fantastic From A Far
Even though the best view of the fountains at the Bellagio takes place at another conglomerate, it must be told that the greatest place to view the spectacular displays is at Mon Ami Gabi at the Paris. The patio is open to all the extravaganza and visible from the bar just inside the patio.
My wife and I had a great time watching the displays which came with new songs and shows for what appeared to be every 20 minutes during the peak hours of 7-11 pm daily.
Beyond the great visual shows of the fountains, people watching became one of the main attractions -- namely the street performers. I watched Jack Sparrow and Napoleon Dynamite pedal for dollars in the same fashion witnessed on Hollywood Blvd. They were brilliant in their recreations of the film characters.
Saturday, July 3, 2010
The Pub at Monte Carlo Has a Happy Hour Worth Visiting
The Pub at Monte Carlo has a happy hour that is worth while hitting if in town, but the prices otherwise are insane. If you like domestic draft beer, they have a two-for-one special that equates to $3.50 an American pint. If you like like good European beer, expect to pay $8.00 a pint regardless of the time of day.
Here's a looks at what they have to offer:
2-for 1 well and domestic drafts beers from 4 to 7 pm and 9 to 11 pm daily.
Ladies drink free well or Miller 64 (ehhhh) from 6 to 7 pm and 10 to 11 pm daily.
The promotion is pretty good if you don't want to drink good beer and get a real pub experience in Las Vegas. I sacrifice my standards of searching for the perfect Carlsberg pint for the sake of the domestic price during happy hour.
They also have the baseball package and, for a fee, show PPV UFC fights.
The regular entertainment is pretty good between live bands, DJ's, and constant acoustic guitar play which plays into the role of charging a higher price than most for their beers.
I always say I'm not going back after being gouged by the beer fees, but for some reason, I always come back.
Here's a looks at what they have to offer:
2-for 1 well and domestic drafts beers from 4 to 7 pm and 9 to 11 pm daily.
Ladies drink free well or Miller 64 (ehhhh) from 6 to 7 pm and 10 to 11 pm daily.
The promotion is pretty good if you don't want to drink good beer and get a real pub experience in Las Vegas. I sacrifice my standards of searching for the perfect Carlsberg pint for the sake of the domestic price during happy hour.
They also have the baseball package and, for a fee, show PPV UFC fights.
The regular entertainment is pretty good between live bands, DJ's, and constant acoustic guitar play which plays into the role of charging a higher price than most for their beers.
I always say I'm not going back after being gouged by the beer fees, but for some reason, I always come back.
Thursday, July 1, 2010
MGM Room Rates Should Be Jacked Up For Big Fight, Just Lose the Hidden Fees
The Las Vegas Sun wrote a column in Thursday's paper that somehow made news with the story being that room rates we're jacked up across the board at MGM Resort properties just prior to the possible announcement of the Manny Pacquiao and Floyd Mayweather fight actually happening. So, what is the Sun's point; like MGM Resorts should just treat it like any other weekend, because that's the whole idea of paying millions of dollars to host the fight, making money in all avenues of the operation.The MGM chain of properties actually have more rooms than there are seats for any arena in Las Vegas, but it's going to be all the people who want to just soak up the vibe of a true Las Vegas mega-event, hob-knobbing -- or at least telling their friends they are -- with all the celebrities that show up for events like this. There aren't too many other places better to be than watching a championship fight than in a Las Vegas viewing room or sports book with thousands of other people if you can't get a ticket, which most won't.
And then the after parties. Wow, Vegas has never had so many clubs and lounges like they do now that can really cater to the star-struck fans that will flock to the town. Can you imagine if Jet night club or the Foundation Room had been around when Leonard, Hagler, or Hearns fought in the early eighties.
As for the rooms, they should be jacked up. Get all the money you can in a way that every proper hotel run in the world does, which is simply price fixing on popular dates. Try getting a $39 room at any Days Inn around at a Super Bowl site during that event; good luck if you get find a room anywhere under $300.
My only issue with the rooms are the hidden fees such as the crafty resort fees, such as use of the pool. It may sound crazy, but I always thought that was part of the hotel price. And even if I didn't want to use the pool, it doesn't matter, I still have to pay the fee. So when I get a room for $109 quoted to me, after all the taxes and hidden fees, which include daily phone fees, an area you have no choice of shutting down since we all have cell phones these days, I'm really looking at $159 -- so just say so from the beginning.
Charge away, make the most you can, but do it honestly, fair, and straight-forward. Hopefully Bob Arum's crew doesn't screw this one up again and this fight actually happens. Las Vegas can really use the shot of adreneline in the arm.
Reasons For Setting Up My MGM Resorts Blog Page
Welcome to my MGM Resort page which will detail just about everything that I want to know and share about the company. You may say, "Wow, that's kind of stupid -- having your own page about a company," but really it's just an extension of my own home page that was getting overloaded with MGM-Mirage info and live feeds, so I decided to make an entire page dedicated to it.
My interest in the company first rests with me having several shares of stock in the company that I'm excited about and I'm in for the long haul. It's been a tumultuous last few years for many us with the stock, but I do feel confident that all of his who wait it out will be rewarded. I believe in the vision and direction that the company is going in.
My next interest is more personal. I live in Las Vegas and have several family members that visit from all over the country, and even from overseas in Ireland. It's seems like every other week I am visiting the strip on another family gathering. There is no better place in the world to live than Las Vegas from that stand point. I can't say that I'd be so close to so many extensions of my family if I lived in Topeka, Kansas.
When they do visit, I always try and encourage them to stay at one of the MGM properties. They all have a varied budget and agenda when they come down. Some prefer the Mandalay Bay and Bellagio, while others prefer the cheaper rates of Luxor and Circus Circus. By visiting each of these properties, it's almost like I have become somewhat of a secret shopper because I can see first hand all the little details of the operation ranging from quality of the food, service, and presentation of the property.
On a few occasions I have sent in letters to either praise or bring something I found below standards to their attention. Over the last two years I have seen so many changes throughout their organization, and it's sad to say that the negative outweighs the positive.
I'm talking about minute details, but ones that make a difference to someone who has expectations of a quality experience. Little things like changing from paper to an air dryer at the Excalibur to gouging hotel guests with built in Resort fees in addition to the stated cost. How about charging for the phones in the rooms even though it's never used. These things all have an impact somewhat on my financial future. If they bother me, it's bound to bother others who visit and destroy any kind of possibilities in creating brand loyalty and return visits, and that's the name of the game in Vegas.
Each time I visit one of the properties, I will detail and share some of the highlights from my observations. Hope you all enjoy, and please feel free to agree or disagree, or add some of your own experiences.
My interest in the company first rests with me having several shares of stock in the company that I'm excited about and I'm in for the long haul. It's been a tumultuous last few years for many us with the stock, but I do feel confident that all of his who wait it out will be rewarded. I believe in the vision and direction that the company is going in.
My next interest is more personal. I live in Las Vegas and have several family members that visit from all over the country, and even from overseas in Ireland. It's seems like every other week I am visiting the strip on another family gathering. There is no better place in the world to live than Las Vegas from that stand point. I can't say that I'd be so close to so many extensions of my family if I lived in Topeka, Kansas.
When they do visit, I always try and encourage them to stay at one of the MGM properties. They all have a varied budget and agenda when they come down. Some prefer the Mandalay Bay and Bellagio, while others prefer the cheaper rates of Luxor and Circus Circus. By visiting each of these properties, it's almost like I have become somewhat of a secret shopper because I can see first hand all the little details of the operation ranging from quality of the food, service, and presentation of the property.
On a few occasions I have sent in letters to either praise or bring something I found below standards to their attention. Over the last two years I have seen so many changes throughout their organization, and it's sad to say that the negative outweighs the positive.
I'm talking about minute details, but ones that make a difference to someone who has expectations of a quality experience. Little things like changing from paper to an air dryer at the Excalibur to gouging hotel guests with built in Resort fees in addition to the stated cost. How about charging for the phones in the rooms even though it's never used. These things all have an impact somewhat on my financial future. If they bother me, it's bound to bother others who visit and destroy any kind of possibilities in creating brand loyalty and return visits, and that's the name of the game in Vegas.
Each time I visit one of the properties, I will detail and share some of the highlights from my observations. Hope you all enjoy, and please feel free to agree or disagree, or add some of your own experiences.
MGM-Mirage Changes Company Name to MGM Resorts International
Amanda Finnegan
Las Vegas Sun
MGM Mirage received approval from shareholders to change the company name to MGM Resorts International at Tuesday's annual shareholders meeting at CityCenter. The change is effective immediately.
Company Chairman and Chief Executive Jim Murren said the name change is better aligned with the company’s current strategy to expand the brand globally.
“We believe that this change honors our rich entertainment heritage, better represents the growing global presence of our company and positions us to move forward under a united brand, strategy and common vision,” Murren said to a ballroom of shareholders Tuesday morning.
The company formed a subsidiary, MGM Mirage Hospitality, in May 2007 to explore opportunities in international markets. The subsidiary will now be known as MGM Resorts Hospitality.
MGM Grand Macau, which opened in December 2007, was the company’s first international venture. The hotel-casino is a 50-50 partnership with Pansy Ho. The casino operator is acquiring the management of hotel developments in Vietnam, Dubai and Egypt through the subsidiary. The business plan calls for MGM Resorts Hospitality to acquire the management of 42 hotels around the world in the next 10 years.
“This business model enables us to use our existing resources to extend the global presence and reputation of our world famous resorts without committing significant capital,” Murren said.
Murren unveiled a new logo for MGM Resort International at Tuesday’s meeting. Murren also reaffirmed that the Mirage is not for sale.
MGM Resorts International had asked its shareholders to allow the company to change its name to MGM Resorts International in a filing with the Securities and Exchange Commission in April.
The company, formerly known as MGM Grand Inc., changed its name to MGM Mirage in May 2000 after it acquired Steve Wynn’s Mirage Resorts, which included the Mirage, Bellagio, Treasure Island and the Beau Rivage Resort and Casino in Biloxi, Miss.
The company will continue to trade on the New York Stock Exchange under the symbol “MGM.”
MGM Resorts International Chief Financial Officer and Treasurer Dan D’Arrigo said during Tuesday’s meeting the company injected $5 billion of liquidity into its balance sheet despite current economic conditions. D’Arrigo said the company is on much firmer financial ground than it was a year ago.
“A recovery is under way but it will take a lot longer than any of us would like and won’t come without some bumps in the road,” D’Arrigo said.
According to an annual regulatory filing handed out before the meeting, the company lost $1.291 billion in 2009, or $3.41 per share, compared to a net loss of $855.3 million, or $3.06 per share, in 2008.
Net revenue fell 17 percent to $5.978 billion in 2009 from $7.208 billion in 2008. The company cited the overall economic downturn as the reason for the decline.
A new rewards club program was also announced during Tuesday’s meeting. The program will be called M Life and will roll out this summer at the company’s regional properties and later this year in Las Vegas. Murren said the company has about 60 million names in its customer database.
Las Vegas Sun
MGM Mirage received approval from shareholders to change the company name to MGM Resorts International at Tuesday's annual shareholders meeting at CityCenter. The change is effective immediately.
Company Chairman and Chief Executive Jim Murren said the name change is better aligned with the company’s current strategy to expand the brand globally.
“We believe that this change honors our rich entertainment heritage, better represents the growing global presence of our company and positions us to move forward under a united brand, strategy and common vision,” Murren said to a ballroom of shareholders Tuesday morning.
The company formed a subsidiary, MGM Mirage Hospitality, in May 2007 to explore opportunities in international markets. The subsidiary will now be known as MGM Resorts Hospitality.
MGM Grand Macau, which opened in December 2007, was the company’s first international venture. The hotel-casino is a 50-50 partnership with Pansy Ho. The casino operator is acquiring the management of hotel developments in Vietnam, Dubai and Egypt through the subsidiary. The business plan calls for MGM Resorts Hospitality to acquire the management of 42 hotels around the world in the next 10 years.
“This business model enables us to use our existing resources to extend the global presence and reputation of our world famous resorts without committing significant capital,” Murren said.
Murren unveiled a new logo for MGM Resort International at Tuesday’s meeting. Murren also reaffirmed that the Mirage is not for sale.
MGM Resorts International had asked its shareholders to allow the company to change its name to MGM Resorts International in a filing with the Securities and Exchange Commission in April.
The company, formerly known as MGM Grand Inc., changed its name to MGM Mirage in May 2000 after it acquired Steve Wynn’s Mirage Resorts, which included the Mirage, Bellagio, Treasure Island and the Beau Rivage Resort and Casino in Biloxi, Miss.
The company will continue to trade on the New York Stock Exchange under the symbol “MGM.”
MGM Resorts International Chief Financial Officer and Treasurer Dan D’Arrigo said during Tuesday’s meeting the company injected $5 billion of liquidity into its balance sheet despite current economic conditions. D’Arrigo said the company is on much firmer financial ground than it was a year ago.
“A recovery is under way but it will take a lot longer than any of us would like and won’t come without some bumps in the road,” D’Arrigo said.
According to an annual regulatory filing handed out before the meeting, the company lost $1.291 billion in 2009, or $3.41 per share, compared to a net loss of $855.3 million, or $3.06 per share, in 2008.
Net revenue fell 17 percent to $5.978 billion in 2009 from $7.208 billion in 2008. The company cited the overall economic downturn as the reason for the decline.
A new rewards club program was also announced during Tuesday’s meeting. The program will be called M Life and will roll out this summer at the company’s regional properties and later this year in Las Vegas. Murren said the company has about 60 million names in its customer database.
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