Here are three reasons that Las Vegas is not back, yet:
The Las Vegas Review-Journal is owned by a casino that's not even in Las Vegas anymore
Here are the hard facts. that make me question the numbers that are coming out of Nevada' largest newspaper called The Review Journal. Full disclosure. The Las Vegas Review Journal was purchased by Sheldon Adelson in 2015, Sheldon bought the paper to manipulate the public into getting a football team in 2017 and using the RJ's reporters to pressure a judge to acquit the Venetian of a wrongful death suit. The deceased owner's family sold the Venetian and the Palazzio earlier this year. The only interest the Las Vegas Sands has in Nevada is the Las Vegas Review Journal.
The way the news media works in Las Vegas is the chambers of commerce, business leaders and politicians decide what news to send to the newswire. Everything else gets sand bagged, buried or just ignored. Yahoo News, MSN and other online news services pick up the misleading wire.
She's retweeting an opinion but her followers will think its fact.
Earlier, she told her followers that the Cosmopolitan sold for $5.65B when it merely switched over into a REIT with MGM being the new casino gaming license operator. MGM is now a renter owns nothing in Las Vegas. That cannot be better situation than when casinos owned the property they were operating.
I know REIT's are favorable from a short-term accounting perspective, however, it is an indication that in the long run there is a problem with the underlying business, I was in a similar situation when I was the C.E.O. of a True Value franchise in West Linn, Ore, albeit for on a smaller scale. But the business principles are the same. The business needed cash to to a sluggish economy. My business was slowing in certain areas but growing in other areas. I wanted to buckle down and focus on the areas that were making the most profit. I sold one of the businesses inside the building and leased the space to the new owner. It gave me positive cash flow and cash up front that I used to buy more inventory in the area of my business that was booming.
Jim Murren, C.E.O. from MGM, was quoted as saying the reason they are selling their casinos in Las Vegas was because they wanted to focus on live events, sporting events and Japan. Of course, a C.E.O. would never tell the buyer the real reason they are selling. Can you imagine the conservation?
BUYER: "Why are you selling."
JIM MURREN, C.E.O.: "Because there was this shooting the killed 58 people outside one of my hotels. Ever since then, we've had to continually drop rates to keep rooms filled. But then, the pandemic hit... wait.... hello? Are you still there?"