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Wynn Resorts 2Q Net Income Rises, but Revenue Down

Wynn Resorts 2Q Net Income Rises, but Revenue Down

 

NEW YORK (AP) -- Wynn Resorts says its second-quarter earnings rose from the same quarter last year, which was weighed down by a hefty charge. But revenue fell on lower gambling revenue at its operations in Las Vegas and the Asian gambling center of Macau.

The Las Vegas-based company earned $138.1 million, or $1.37 per share, compared with $122 million, or 97 cents per share, a year earlier. Revenue fell to $1.25 billion from $1.37 billion a year ago.

The results fell well below Wall Street's forecast. Analysts polled by FactSet expected $1.51 per share on revenue of $1.34 billion.

Wynn Resorts Ltd. said Tuesday its revenue fell 7 percent in Macau and nearly 12 percent in Las Vegas, showing that more people are shying away from spending extra money in a still-shaky economy.

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Proposed Law Aims to Tackle Las Vegas Strip Litter

LAS VEGAS -- Clark County commissioners are considering a law requiring people giving out handbills and pamphlets on the Las Vegas Strip to clean up the items from sidewalks and storm drains. The law is directed at the so-called "smut peddlers."

They are easy to spot all along the Las Vegas Strip. The card slapping workers try to get advertisements -- with pictures of scantily-clad woman -- into the hands of prospective customers. In many cases, the ads end up as litter on the sidewalk. 

"I feel that it's inappropriate," said tourist Brittany States.

"Every card people get, they pretty much throw them away," said Joel King, who is visiting Las Vegas.

The trash left behind falls into the hands of property managers.

Plans Lacking for Harmon Tower Future

Plans Lacking for Harmon Tower Future

 

A judge began hearing arguments Monday on whether to repair Harmon Tower at CityCenter or to bring the building down.

The hearing focused on Perini Construction's proposed repair plans for the buildings. Lawyers for MGM Resorts questioned a representative from an engineering firm hired by Perini who inspected the tower.

Engineers with John A. Martin and Associates said they found both design and structural problems with the building. The firm’s president told the court he did not agree with reports by other inspectors that Harmon Tower is too structurally weak to stay standing.

According to MGM Resorts, a co-owner of the tower, the building needs to come down because it is not structurally sound. Perini Construction, the general contractor on the project, has insisted that the building can be repaired.

Fright Dome Offers Half-Price Tickets for Opening Weekend

Fright Dome Offers Half-Price Tickets for Opening Weekend

The Fight Dome at Circus Circus is celebrating its 10th anniversary by offering a deal on tickets Friday.

The attraction is offering half-off tickets for opening weekend, which is Saturday, September 29 and Sunday, September 30. The discounted tickets are available online or at the Adventuredome box office until 11 p.m. With the discount, the tickets are $18.97, excluding taxes and service fees. Fans can pay extra for an express line pass.

The Fright Dome is one of the biggest attractions for Halloween that includes five haunted houses. This year’s kickoff will include a VIP black carpet event on Saturday, September 29. 

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Las Vegas Visitation up 2.4 Percent in May

Las Vegas Visitation up 2.4 Percent in May

 

LAS VEGAS (AP) -- Las Vegas saw slightly more visitors this May compared with the same month last year, although gambling was down more than 10 percent in Clark County.

The Las Vegas Convention and Visitors Authority says about 3.5 million visitors came to Las Vegas in May. That's 2.4 percent up from the same month last year, when 3.4 million people visited.

There were more guest rooms available this May, and citywide occupancy rates went up slightly to 86.6 percent. Average hotel rates were up 3.7 percent to $112 a night.

Clark County gambling revenues of $766 million were down year-over-year, led by an 18 percent drop on the Las Vegas Strip and a 2 percent decline in revenue downtown. Southern Nevada tourism is up 2.4 percent so far this year.

  

Gaming Revenue Down on Las Vegas Strip

Gaming Revenue Down on Las Vegas Strip

LAS VEGAS -- Las Vegas and gambling have been synonymous for many years, but things may be slowly changing. More tourists say they are spending less on gaming, and more on other forms of entertainment.

"Not anytime did we spend much money gambling," tourist Richelle St Croix said.

New numbers from the Nevada Gaming Control Board show the state's gaming revenue falling by 10 percent in May when compared to the same month last year. The Las Vegas Strip was hit even harder with an 18 percent decline.

"I don't like to gamble and I don't like to waste my money," tourist Nate Friesen said.

One gaming expert says he's are not surprised.

"This is something we see across the state but especially on the Strip," said David Schwartz, UNLV Center of Gaming Research.

"A lot of it was driven by a drop of baccarat play and high-end gambling which declined, but also a weakness in slot plays," Schwartz said.

Harmon Tower's Fate Issue in Hearing

Harmon Tower's Fate Issue in Hearing

A hearing started Thursday concerning whether the Harmon Tower, which was supposed to be part of the CityCenter project, should be demolished.

The tower had major structural problems and was never completed the way it was first envisioned. MGM Resorts owns half of the tower. It says the structure is not safe and should be brought down. The company is locked in a legal battle with Perini Construction. The construction company argues the tower can be repaired and that MGM Resorts owes it money for the project. It also claims destroying the building would destroy evidence critical to determining who is responsible for the mistakes in the first place.

Much of Thursday’s hearing centered on a dispute between two companies contracted to do work on the tower. Century Steel is blaming Converse Consulting for not pointing out inspection problems early on. Judge Elizabeth Gonzalez ruled that Century Steel does have the right to file claims against Converse Consulting.