Frankly, this might be the type of asset divestiture gaming companies nationwide undertake as the industry moves past the COVID pandemic, which has decimated company finances. Many casino operators — Boyd included — accessed the debt markets to boost balance sheets with available cash and credit lines. Casino sales allow companies to shed non-core assets and shore up the bottom line. The deals also bring other operators to the forefront.
Eldorado closed on March 18 when gaming in Nevada was shuttered for 78 days in an effort to halt the coronavirus spread. The sale mirrored transactions in regional markets, notably, several involving Caesars Entertainment. The sales of the Shreveport and Lake Tahoe casinos were planned, as was a pending sale of Tropicana Evansville in Indiana.
Despite the chaos, Macquarie Group casino analyst Chad Beynon believes there still is demand for Las Vegas properties. Gaming and Leisure has stated publicly that it would try to sell the Tropicana. Before the pandemic turned life upside down, Las Vegas started on strong economic footing and with a heated real estate market that had been gaining speed for years, following a long crawl back from the depths of the Great Recession.
Despite recovering many jobs the past few months as businesses reopened, Las Vegas still is on wobbly ground as unemployment remains high and the tally of coronavirus infections rises again. Contact Eli Segall at esegall reviewjournal. Velotta contributed to this report. Tropicana hotel-casino in Las Vegas, Monday, July 27,
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Wish it had paid off for them. Nice place. I would think Stevens bros. Kinda hope Boyd would make a run, although they might feel saturated in the downtown market. Possibly Blake Sartini and Golden Entertainment? Walking off Fremont up there and finding a Ghost Town inside the doors no matter HOW good those Pizza Rock meatballs were did not seem appealing the last time we were in Vegas. Maryland, it makes sense that they could then market Las Vegas — seems to be how Penn is doing it.
Only concern is that since they just paid a ton for Rocky Gap, they seem to take this slowly and this obv would require some more capital. The Grand sucks. Very sadly from day 1 the DG operations have been hampered by two problems. Firstly the whole thing was marketed to the wrong clients. It should have been run by casino professionals not accountants. I truly hope it sells to a committed casino experienced group. DT needs ALL the casinos to be thriving. I think if CIM had hired an actual operator with lots of experience instead of someone with ZERO experience, they may have had a shot at success.
We continually hear stories of the operational madness going on at the Grand, and then they promote the person responsible for operational disfunction, HA! Its a nice place and hope who ever gets it hires a seasoned operator. If the debt is reasonable, the place should be successful but they need a garage or parking. We have always had great luck with the Valet. This is a shame. The place is an absolute gem, but the management sucks.
They have not gone out of their way to make people stay loyal. We have stayed there three times in the last year, and despite all the money we spend, we never get any decent comps. Where is the incentive to come back and stay when we can get better comps at any Boyd casino? I hope whomever buys it makes more of an effort to keep the Players Club members happy.
It really is a nice place. I wonder if they ever settled with the guy they got plastered drunk and took his millions at blackjack. They had bad karma from the beginning. When i was last there, all the doors were closed and blacked out, on a friday night. Music down low, i felt scared to talk there, like a library. From FSE, it looks like nothing is down there worth visiting. How about opening the doors? Loud music? Street lights?? Just insane how terrible they are running this place. As a couple-times-a-year Vegas visitor, I had been relatively strip-bound out of habit mostly.
I liked it — kinda reminded me of the old Sahara vibe — friendly craps crews, etc. I would definitely have patronized it again. Price: Low-High High-Low. Own your own condo hotel room in Las Vegas and live full time or put in rental pool. Vdara Rare Strip Facing with Fountains. Investing in one of these properties gives you both pleasure and a chance to profit, and here is how.
A condo hotel is a hotel based property in which each unit or a suite is owned by a different individual maybe you but also can be rented to paying guests while the owner is not occupying the unit. Especially in Las Vegas, which has a proven track record tourism experience and record breaking tourism. The way condo hotels function is simple. While you are not occupying the unit, it can be rented to paying guests just like a regular hotel room and you will be earning a portion of what they pay for the stay.
Since the rental revenue is shared between you and the hotel management company , you will be earning a portion of the income while not doing any work whatsoever. A condo hotel Las Vegas unit is a great investment because it gives you a getaway space while being a pure profit maker.
During your absence, the unit will be rented by the hotel management who will cover all the responsibilities. As the condo hotel properties are usually located in highly urbanized areas and luxurious locations, they are occupied most of the year and charge quite a sum of money per night so the cash flow is not questionable. Note: The SEC does not allow agents to discuss condo hotel potential profits or sell as an investment.
You may see that certain units over a certain height an view are more requested and do better. There are also other financial benefits besides the rental revenue. As the property value of these units is constantly increasing and you can buy or sell them like any other real estate property, you can make quite a good profit by reselling your unit later on. Either way, there are plenty of good investment opportunities for condo hotel unit owners. Remember you make your money in real estate when you buy, by being patient and sometimes making several offers on many properties.
MGM Signature condos have had a dominating presence in the Las Vegas condo hotel market because it has the most units and is adjacent to the largest luxury hotel in the USA. Its famous for its pools and pool parties hosting some of the most infamous spring break and after work pool side events. You will always have something to do in or around the MGM.
Having a luxury condo hotel unit means you have a second home or a vacation home secured in a certain location.
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