Vegas is destroyed. Gone are the days when investors threw so much money at Vegas projects that they could build a tower casino demolish it before it even opened (The Harmon at City Center 2015). In 2015, Sheldon Adelson was the owner of the Las Vegas Sands. The Las Vegas Sands is the owner of the Ventian Hotel & Casino. In 2015, Shelly “the Don” Adelson (also heads the Adelson Family) had a plan to bring pro sports to Las Vegas. Sheldon become worried that New Jersey & California were going to legalize sports betting. Fantasy football could be done online and had been deemed a game of skill rather than a game of chance, therefore, could avoid any federal gaming regulations.
Competition for gaming in the U.S. was coming from all sides. Sheldon needed to hedge his bets. He needed to move from gaming to sports & entertainment. He needed an NFL Football Stadium.
Vegas is Opposed to Owning Professional Sports
Vegas must remain neutral or gamblers may as well stay home.
Vegas has always been opposed to professional sports. Vegas is the Switzerland of sports: surrounded by professional sports teams only a few miles away, Vegas remains neutral because Vegas is where gamblers trust they can place an unbiased bet. It’s uncomfortable for sports bettors to give money to bookmakers who’s odds were set by linemakers who live in the competing town.
How Could Sheldon Convince Voters to Approve a $2.4 Billion NFL Stadium
Buy the Las Vegas Review Journal.
In 2015, Sheldon Adelslon hired his son-in-law, Patrick Dumont, to secretly purchase to Las Vegas Review-Journal using a shell company at up in Connecticut under a completely different name. This was to avoid federal regulations and to deceive the public. Ironically, after 9 months of research, three journalists at Sheldon Adelson's newly acquired Las Vegas Review Journal broke the story in 2015 (Read article here). Eventually, Sheldon Adelson admitted he purchased Las Vegas' only newspaper in December of 2015.
Sheldon could use the power of the press to promote his personal agendas: Best of Vegas, reports to Wall Street & supporting his presidential nominee: Donald Trump. In exchange, Trump awarded Sheldon's wife, Miriam Adelson, the Medal of Honor.
Sheldon promotes Dumont to CFO of the Las Vegas Sands in 2016. Trump wins the election. Sheldon wants to recap on his investment in the Review-Journal. At the very last minute, Sheldon pulls his funding from the Las Vegas Raiders new stadium leaving a shortfall. In order to get the Raiders to Vegas, the voters would approve a $750 billion hotel room tax. The Las Vegas Review Journal was against the Raiders moving to Las Vegas until Sheldon bought the Review-Journal. When Sheldon backed out, the opinion of the Las Vegas Reveiw-Journal was the voters needed the voters to approve the stadium tax. Needless to say, the voters approved the stadium tax.
Another Billion Dollars * VANISHES *
Just like that, the strip hotels were now burdened with a $750 million tax on an already struggling, post-October 1st Mandaly Bay Shooting-era, Las Vegas. The strip had to offer incentives that attracted the lowest form of consumer: the vacation price shopper. The 'action price shopper' is a person who has so much money they can afford to take 4 or more people on an all expenses paid trip to Las Vegas. Yet these people are so greedy that they will only go if you offer cheaper rooms than Orlando. Otherwise, they will go to Orlando.
Marketing is Las Vegas' forte. They beat Disneyland.
In short, it appears that Sheldon used his power at the LVRJ to remote his own personal; agenda of bringin an NFL football team to Las Vegas. Think on that. A notorious mob family with known gangster's ties who is currently under investigation for money laundering ion Singapore, just bought an NFL Team with tourist's tax money. Score.
How Could Frank & Lorenzo "Tito" the Fertitas Brothers Get Investors to Pay $1 Billion for the Palms?
Q: Who Invented Vegas Parking Fees? A: Jim Murren
Jim Murren brought parking fees to Vegas in 2016. In 50 years, casino owners knew that you never want to put a time limit on your gamblers. Jim didn't care. He wasn't interested in gaming. He was thinking football.
Jim doesn't understand gaming, In 2017, Murren infuriated Stephen Paddock to the point that he massacred 58 people on October 1st 2017.
The new stadium tax of 2019 put a burden of nearly $ billion on every room in Las Vegas. Vegas was already struggling after 2017. A room tax hike was not going to increase tourism. Jim needed an exit strategy. In 2018, Jim devised a plan called #MGM2020. The plan was to dump the Bellagio & other properties to Blackstone or anyone willing to pay a premium price for the property only. Jim knew Vegas going to suffer (before the shutdown). He knew he could buy the properties back back on the cheap in 2025.
Message to Wynn from Genting Group : Stay the FUCK Out of Macau
....there more. To be continued....
Jedi Rich is a former CEO who transformed from a banker into a modern day independent music & film maker.
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*NOTICE: Ideas and opinions are meant to provoke and initiate conversation