Is This Vegas Casino Secretly Going Bankrupt Next?
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- Опубликовано: 12 июн 2024
- The cracks may finally be starting to show at Resorts World Las Vegas. The troubled $4.3B casino has had a number of strange missteps since its opening, with the latest being a removal of its free parking program.
This video explains how Resorts World Las Vegas may be in some trouble, and what might happen if they cannot correct the course.
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Unfortunately vegas will never get back to the great 80s 90s etc. They all want to be only a high end resort area and squeeze out the middle class that built vegas. It's pathetic it use to be such a great to visit no matter your income level. SMH
Your so correct !!! I used to go to vegas 3x a year !!! Haven’t been their in 5 yrs
They weren't getting enough customers, so their great idea was to end free parking. And they will get even fewer customers!! These people really don't know how to run a business.
Vegas is competing for the few wealthy people that regularly go there all the cheaper food across the street ~ cost of living will make it’s presence felt as of now hundreds of dogs are being abandoned because people can’t afford pet food let alone the skyrocketing vet bills. These big places will hit rock bottom fast.
If I had the money to open a new casino in Vegas I'd do what South Point did.... Reasonable rates, many doable places to eat, plenty to do for everyone, larger than normal rooms etc etc.... And they appreciate your business.....
That’s where I go whenever I’m in Vegas. That and Sam’s Town.
If a Multi-BILLION dollar casino needs a couple of bucks for parking....Somethings wrong. 😵
I wonder if Circus Circus will eventually follow suit as them and The Strat.
To think they tore down the Stardust for this property.
Greed destroyed the north strip when it was profitable and making money.
Went to see Steve Lawrence & Eydie Gormè three days before the Stardust closed. Was that in 2006 or so? Just a year or so after moving here. My view of the Mirage, better hope that they can hold on during the closure for the renovation/expansion. Same with the Tropicana. Will they actually build a stadium or will it be a dirt lot until 2050? Not my problem.
All you could drink champagne brunch at Stardust for 12 bucks in the 90's... Happy days!
@@jamesjuke7505 back when Vegas was mafia run was better they cared about how much the whole building made whereas corporate cares about how much every department in the building makes. The funny thing is they kicked the mafia out for the exact same thing corporate is doing today.
@@vgshwkAre they putting an equal amount of blueberries in each muffin?
Personal opinion: All casinos are & should lose profits until they get a clue & bring back all the things that historically drew people to LV- Free parking, slot machines that pay out, low hotel rates, buffets & cheap eats in the casinos!
At least the Boulder Highway Strip still has that mindset!
WHAT I ABSOLUTELY "HATED" about Resorts World (when they opened) was they REFUSED TO ACCEPT CASH....?? EVERYTHING (as I understood it) HAD TO PAID BY DIGITAL WALLETS.....?? TO ME.....CASH IS KING.....IF YOU REFUSE TO TAKE CASH...SEE YA LATER..!!
I AGREE!
Corporate bean counters have been destroying the Vegas vibe since the mid-90s. As long as people come to Vegas, their greed will continue to grow too.
Mixed bag. Corporations also led to the revival of the industry/city (my opinion). It, like the days of 'the organization', then got too greedy (again, my opinion).
What’s happened with Vegas is that it’s become so expensive to visit Vegas. The biggest problem with resorts world is the parking situation. How are you supposed to drag your luggage to the hotel from the parking lot?
I’ve been saying for years the group that builds a nice, non-themed, hotel/casino that’s just attractive and relaxing with reasonably priced rooms and food and free parking, will do well. Themed hotel/resorts get old, and people don’t want to pay hyped prices for everything.
Resorts World needs to lower room rates and instead they keep rates high and now charge for parking. Great planning 😡
It’s free parking if you get to with a players card so not a big deal
@@Sourcelight22 it's no longer free for the lowest tier, since June
@@chie5747well than ya. Thats dumb
Is it a microphone or is it a kitchen utensil …. ???
It’s both. Genius.
Thk you Steven for these always interesting and informative videos! Looking forward to the next one! Nice that you and Caroline have a lemon tree!
Location is among the two hotels biggest problems. Nobody is going to walk that distance in 112 degree heat when they nothing you don't see in the connected center strip hotels. They need a free monorail like on the south end.
Old Excalibur is always full and have a great vibe. Empty casinos are not good. MGM Park is good too and better quality than Excalibur.
Wise man! Too many Corporations keep coming to Vegas and trying to change how the properties are ran, thinking they can do it better. Ever heard of the term if it aint broke dont try to fix it. I know Vegas is all about change, but it is my belief that some things shouldnt change. Just my 2 cents.
Thanks Steven for all the info. The Strip has become too expensive. Get nickeled and dimed constantly. Outrageous food prices at the high end. Dinner at least $150 per person and that is the bare minimum more like $250.
Steve Wynn is laughing 🤣
I like the tone and flow of this video 👍
I live in Vegas and I like your lives. Thank you
Doomed to fail, no buffet.
Fountainblue I bet will b next!!! IMO to much upper management turnover something seems wrong
I agree Mike. They are losing over a million a day. Don't know how deep
the south Florida pockets are.
But the giant earwax sculpture is nice...
Agree. Was just in Vegas, went there to see what it was all about. Beautiful property, but dead. It was late morning, and while the properties on the “main” part of the strip were hopping, this place was a ghost town. They tier matched my MGM Gold status and gave me a $100 food and beverage credit good for a year…still not enough motivation to go back there.😢
@@paulinerogers9232 The kicker was they gave me $100 food credit. I did $93 @ the Tavern inside sportsbook.
Most of us know that already with RW! They are constantly empty.
Thx, always something new and different From you! Great job
I always try and be different.
Great Video and super informative. I wish the Stardust was still there honestly but rooting for Resorts World to succeed.
Thanks. Always try to inform.
to hell with Resort World!
This property will go bankrupt several times until that end of the strip is built out... We went once to check it out when it opened but nothing there to draw us back... Going to need MGM and Caesars to make a few more mistakes to send more people up the strip... Cosmo converting rewards programs will likely send a lot of people north...
The food court food selection is the worst variety at any casino I've been in, nothing I would eat personally, it's too catered to specific cultures IMO.
Agree 100%. Plus, it was very empty. The beer bar was OK. Nice inside and beautiful convention area. But, not much cup of tea.
You are the best!!
I have heard that Fontainebleau is not doing well.
You would think that both resorts next to the expanded and renovated convention center would do pretty well during large conventions such as CES. Time will tell.
Resorts World is targeted towards Asian demographic who tend to go to Macao instead of Vegas. It lacks theming or even a soul; A super large resort in a below average spot on the strip, with below average service. It has an entertainment district which resembles a shopping mall, and restaurants that do not stand out. Bars are few, games are absolutely terrible, drink service is hit or miss, and the dayclub/nightclub offers one of the worse experiences despite having the best resident artists. I have been there 3 times & had bad experiences all 3 times: First time I didn't get a single drink service during an entire 1hr+ of playing & some restaurants were closed during operating hours. Second time I got assaulted in the Casino bar by a drunk thug & security took 5 minutes to show up. Third time I went for the club. It was overpacked to the point of air becoming warm, super humid & hard to breathe, and someone would puke every 3 minutes (no exaggeration).
I like your combo mic/spatula!
Thank you 😋
Please make more videos like this 👍
sure, may I ask - what specifically did you enjoy about it the most?
Thanks!
Thanks!
Vegas is Not the same as what it used to be. I stopped very regular trips when they got heavy handed with Resort Fees.
Enjoy your videos
Steven, you're not wrong. In fact, I'm about to back you up. It's been mostly empty even in the middle of the day. I was just there yesterday for a corporate event and even their food booths were closed... and now that I think about it, I think they might have been out of business for a minute cuz those spots were expensive as hell.
Let's talk about parking: yesterday when I went there close to noon, I was still able to get a killer spot by the elevator on the lowest floor, and it was 3/4 empty.
(And Steve , I parked at the self parking across the street, close to employee parking.)
I've only seen Resorts World,on YT videos. What a beautiful place! I hope they make better decisions,because their competition is insane.💛
Resorts World - taking over a stalled project and making it their own as soon as possible - it shows in the design of the place. It's just a big airplane hangar, airport terminal, warehouse or cattle barn with a huge commercial space with floors stacked one above the other. Also, the casino floor is a bit monotonous similar to loading dock distribution center filled with casino machines and fancy lights.
Steve, the Video was cool in your back yard! Was the magazine Pinay. I sm so sorry that didn't work out for you. I thought it was turning out ok for you. Sorry. You are,a nice guy! ❤😂! Thanks for the info. God Bless You! :)😂
That's the resort I was thinking about after seeing the title.
Vegas Pauly C has been talking about RW numbers for about a year now. The numbers are not good.
My wife and I walked from Fremont street to the Flamingo. I never even noticed Resorts world, that was last summer.
There's nothing that entices the masses to this part of the Strip and to make matters worse this area is a little sketchy at night compared to the rest of the Strip. I think casino owners & managers are learning the hard way the VALUE of free outdoor attractions. Fountain shows, volcano shows, pirate shows, themed properties to take pictures of (castle, downtown NYC, Eiffel Tower, Italy, pirate ships i.e.) Several states & countries have casino/hotels. People are used to seeing larger hotels with gambling and dining in them so just building a casino in LV isn't anything different from what they see near home. A visitor can stay central strip and be a short walking distance to several free attractions which gets them to walk inside. There's nothing special and/or unique about Resorts World, Fontainebleu, or even Sahara so its not really worth the walk which also makes Strat and Circus Circus suffer as well. If Wynn/Encore wasn't the pinnacle of luxury I believe it would be suffering the same underwhelming numbers.
When we are in Vegas we tend to mostly stay on the strip and usually visit Fremont once. We may take an Uber to a resort that stands alone but Resorts world cashless system has kept us away. Hopefully they build this area up more to make it worth going to that location.
Interesting...I went when it first opened and it was nice but not what I expected. Went back once more and felt the parking was too far away. I stayed at Durango a few weeks ago and I like the food there and LOVED Shang before when it was at it's tiny location before moving next door and to Durango. I could walk there from the room I was renting and it seems to attract a lot of locals. Pool was nice enough but I'd rather use Station Casino comps at Red Rock. That's the problem with Resorts World is without other places to stay/gamble under their umbrella, it's better (from my perspective) for them to get bought out by someone already operating in the area.
Vegas was the best in the late 90's and 2000 to 2017. Used to travel there 2 times a year. Saw all the shows and had large amounts of crab legs. Have not been back since 2017. They just want every dollar from you now
Very interesting information Steven, great job, enjoy your RUclips videos.
I've been there several times but the threat of paying for parking as a local I'm not going back. Do a segment on why casinos charge for parking, when for decades it was free
It certainly looked packed when I was visiting last month a couple of days after EDC.
It has a lot already going for it in my opinion between having one of the three best restaurant portfolios on the Strip, one of the five best lounge portfolios on the Strip, some solid nightlife and rooms that are generally affordable relative to the resorts around it (Wynn, Encore, Venetian, Palazzo). Many of its misguided decisions you mentioned are obviously self-inflicted and reek of hubris, but I'm rooting for the resort's long-term viability in spite of them.
I agree it’s a really sweet property, great venues. I go in there probably the most out of any casino on the strip since it opened.
ok shill!
@@Sourcelight22 ok Shill!
@@Sourcelight22 It really is. I guarantee most who've hopped on the Resorts World hate bandwagon have never stayed there and have no intention of staying there.
And in all honesty: when quite a few OBSESS over "location"...............it's basically their euphemism for they're too lazy to go outside their convenient comfort zone.
I mean think about it. Resorts World is kitty-corner to BOTH Encore and Fontainebleau. When the Mirage goes off-line for three years beginning next month, it'll feel quite similar to how it currently feels between Encore and Fontainebleau on one side of Las Vegas Boulevard. It's really mind over matter getting out and about on the Strip and I've never had any issue strolling up to Sahara and back down to center-Strip. To me "location" is the single most overrated aspect of planning a Vegas trip and is just laziness above all else.
Pre Covid Vegas was my place of choice for vacation. A hockey, a football game and or concert. F1 race and new high end casino have ruined it for me plus the raising cost on everything.
They should have just kept the name “STARDUST”‼️however With the Gentrification happening in Vegas ‘and the LAS VEGAS CONVENTION CENTER 4.2 MILLION SQUARE FEET OF CONVENTION SPACE (largest in the USA) & the New Basketball Arena and condo tower being built next to Fountain BLAahhh‼️👀 will keep bringing the people.Also The fact that Tropicana (1,467) & now The Mirage soon to close 3,044 rooms will allow F.BLAahh and RESORTS WORLD To absorb some of that plus the ever revolving “Vegas Growth.
I think Fontainebleau should have helped Resorts World and vice-versa. After endless delays and a disastrous opening, Fontainebleau has got to be sucking wind. There are enough higher end places either closer to the action or in a true resort setting away from the tourist areas.
They do get A LOT of high rollers but I just don't like their property. It's not that nice.
Parking, Resort Fees and unaffordable food options kill the experience and the $ left over they would get anyway for gambling.
Resort world and the Fontainebleau both will go bankrupt. The rooms are just outrageously expensive. Foot traffic in both properties is ridiculously low.
FB is more likely to succeed, great restaurants and bars, it's solidly busy the back half of the week. Room rates are good and they're offering solid comps / FP. MUCH nicer clientele which is huge (for me) RW is absolute trash, I had money stolen there twice and the entire place reeks of pot
I can't wait to get back home 🏡
Conventions seem to be back when I was there in April. That was just my one week experience. I Could be wrong.
You’d make a good casino manager. Probably too stressful but still. You’re a smart guy.
Thanks, appreciate the kind words.
Genting corporation is resorts world parent company. They have plenty of cash flow
Not just Resort World, Fontaine Bleau, too!
i went in there for the first time when i was in Vegas last week and the place is big and beautiful inside but it was so dead compared to other properties on the strip ...I also looked at some of the restaurant prices and they were insane ......I Mall part was over overbuilt too with not many tenants .. Drink service was nowhere to been seen as well..
I like Resorts World! I love the food court. Rooms are great. Restaurants are top notch. Location isn't good, but now Fontainebleau is nearby, and Wynn is close. I get comped, so I go regularly.
ok SHILL!
Resorts World was a major let down from what I (we?)thought it was going to be via the renderings and the concepts. Forgive me for saying this but I’d rather spend time at FB than RW.
The Palms casino is a success. Tons of people there.
Both Resorts and Fontaine built with the future of the strip expanding north. Circus Circus/ slots of fun's days are numbered. However, i think they miscalculated with how slow the Northern strip was going to expand. But Resorts world is an amazing place however, yes Resorts World needs to calculate their strategy to be long term if they expect to survive. Gambling is Vegas and they need to capitalize a strategy to MAKE people want to stay there and keep them coming back.
Vital vegas says fountainbleau is losing $400,000. a day
do you believe that?
Not when NGSlot shows up and loses $100 grand an hour as the slots are so tight lol jk 🎉
good!
I enjoyed the Resorts World premier video.
Thanks, it was fun to make. It fell flatter than I wanted because I thought it was one of the best ones out around that time.
@@NOTLeavingLV given the time of their opening among the mass reopening of Vegas there were like 10 resorts world videos coming out a day... definitely a feeding frenzy for content amongst the year long starved content creators!
The unfortunate part of this is that i cannot "short" genting stock to pro9off of their mismanagement of the business. They are associated with the Hilton brand so they will get some traffic from them. They are also close to the convention center.
Gambled there once. Felt like a well decorated morgue.
I actually only found out Resorts World has a Casino. I had a chance to stay there TWICE and was interested but was like "Nah I'd rather have a hotel with a casino". First impressions really do matter.
For $10 a night on a slow week (before resort fees), you can stay center strip at Horseshoe / Linq / Flamingo. Makes zero sense to stay at Resorts World.
Fontainebleau is not doing well ether lately.
Pretty sure Pauly C been saying this for awhile...
I had a hunch RW was in trouble. They've been comping me Conrad rooms since last June (7 trips so far). Also, it was stupid for RW to offer free parking for reward members AND its was stupid for RW to stop offering free parking? Which is it?
Everything you said was correct. If you were a Malaysian gangster, wanting to launder money, why would you travel past Macao and come all the way to Resorts World ? The place is just not as luxurious, comfortable, or entertaining as other resorts already in Las Vegas, plus it's no bargain.
Hey Steven, sorry to tell you pal but the best singer is not Celine but Lara Fabian and of course Barbra Streisand before your time, fyi Lara lived in Canada for years as well after she moved there from Europe where she won the Eurovision.
It's just that Celine had a better and more experienced agent and manager that launched her to the stratosphere.
But don't get discouraged it's only my opinion, but if I have to compare you tubers I am partial to you among all the restaurant and bar bloggers simply because I recognize you put some intellectual effort to deliver some interesting content that is not the dull and mundane of the other overweight buffet chasers.😊
I always laugh when see these type of videos of someone who thinks a newest resort in Vegas will go bankrupt. It takes time to for these giant resorts to make money. I'm old enough to remember when both The Aria and Costmo struggled. Now, both are very popular. I don't know if Resorts World will be as popular as those two resorts in ten years but let's wait and see before declaring it a failure. 🤣
When the Mirage opened in 1989, it needed to PROFIT $1M per day. It ended up profiting $2M per day. I disagree respectfully that a new casino is automatically doomed to be in the red when they open.
@@NOTLeavingLV Well, I'm not a financial expert like yourself Steven, I only know from what I've read or heard. But I assume you remember when both The Aria and Cosmo opened and those two resorts struggled, right? I stayed at The Aria a few weeks after it opened and it was like a ghost town there, same with The Cosmo. Now both of those resorts are very popular. Like I said, I don't know if Resorts World will become as popular in 5 or 10 years from now but I thought it's funny to see your video and others saying they're already doomed. 😂
@@Bluboy30 I’m not an expert. Aria and cosmo opened in the Great Recession. Cosmo was managed by a BANK. We’re not in a recession any longer. RW has been open three years. Across the street Wynn keeps posting bigger quarterly earnings in the same market.
There becomes a point where the excuses need to end. Wynn knows the market which like I said in this video is the challenge at RW.
@@NOTLeavingLV True but aren't we in a time when interest rates are high and people aren't spending as much, right? Again, I'm not an expert on the financials of Vegas resorts, I'm just a casual Vegas tourist who remembers when some of the newer resorts were struggling back in the days, like The Aria and Costmo and some people were saying then that those two resorts weren't going to survive. But they did and both are thriving now. I don't know what will happen to Resorts World or even Fontainebleau but I find it funny when I see videos like yours saying they're doomed. Lol!
If RW doesn’t plan to make their money from “gaming”, why are they in Las Vegas? Every other casino in Vegas has DJ’s and shows and entertainment and convention centers to attract people so they play in their casinos, but RW wants to have all those things for their own sake? Not to get people to gamble? Something wrong with the concept.
Pauly D said this months ago
Should have kept the Stardust.
KARMA.
EXACTLY!
This may unlikely happen but if Steve Wynn runs Resorts World chances are the property will turn around and actually make a profit.
Unfortunately, Wynn surrendered his ability to ever work in gaming in order to settle the legal trouble he was in.
I have NEVER understood RW.
Am subscribed and even hit the like button. I thought most people from Asia went to the Gold Coast? Who cares how they pronounce Fountain Bleu. They threw you out. Used to like this property when the Boyd Group owned it. In fact, like all Boyd Group Properties. Don't know if Genting quite knows what they are doing.
Boyd is a fantastic company that runs good properties. I agree with you.
Resorts World, they should have kept the Star Dust tower and add another tower to it then it would survive.
whats up with the downtown grand? closing, selling?
So many questions on stuff like this. You all seem to have an appetite for these sorts of videos.
So, you build your free parking on top forcing all the people using it to walk down like mice going through a maze to get its cheese (access to strip/other places). Same in reverse.
Joke
Sounds like the Ace’s Stadium is having hick-ups, so the Tropicana renewed its gambling license.
Another thing they really do terribly is there players cards. There is a Resorts World about 30 min from me in NY. My card and rewards are not transferable to Resorts World in Las Vegas. Simply said, I will not play or stay at Resorts World LV. They are the same company, and they do not honor their own rewards. That's pretty pathetic!!!!
The Good Boys ran it better! ❤😂
Fontainbleau -- in English: fonten-blow not fountain-blue
Fountainbleu...
I don't give my phone number or e mail address to businesses, especially casinos. So, I don't go. Same reason I don't to the Premium Outlets North due to them wanting to vacuum up your personal data.
I give Resorts World and Fontaine Bleu about 2 yrs. Location, location, location.
Cmon so many better Canadian music performers than Celine. Neil young, Bryan Adams. Guess who, Bto even most of the band was Canadian.
They promised a beautiful Chinese themed resort with an outstanding entrance to the resort. Didn't happen. They promised a special street food type hall. Should have been an experience that would make you feel that you are visiting Thailand, China, laos, etc. that didn't happen. Is just another food hall. Supposed to be an Asian themed casino. That didn't happen. It feels like a very local casino. That didn't work. My wife and I did go there once totally disappointed. Never went back.
The world is about greed now days😢
The only thing really going for Resorts World is the pools. Cause when the Wynn pool closes, all the chicks head there.
Good riddance to rubbish for Resorts World! Bazinga!
You mean they don’t take cash in food court???
This makes sense as to why they hired VegasStarfish to make digital content in their favor. 😅
It's sad so many don't realize such influencers are paid to promote, given they're given access to employee areas.
Resorts World is a decent place to burn some Hilton Honors points
Dont forget the VERY dumbed down result this property is after knowing what the original plan for Resorts World was supposed to be..... Its smaller, more boring, and has nothing like the original "Bellagio" style massive planned theme