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When the heavily guarded Wynn Las Vegas opens its doors next month, Las Vegas’ first new resort in five years is likely to spark a rivalry between casinos catering to elite high rollers.
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Wynn Resorts Ltd.’s new $2.7 billion glass-fronted resort – already a staple of TV advertising – is gaming impresario Steve Wynn’s effort to surpass the opulence of his earlier works, such as the Bellagio casino now owned by MGM Mirage.
“At the high end, there will be a lot more competition for gaming revenue,” said Deutsche Bank Securities analyst Marc Falcone. Last year, gambling revenue in Las Vegas totaled $10.5 billion.
The new Wynn Hotel and Casino, located on the north end of the Las Vegas Strip, will have 2,700 hotel rooms, 19 restaurants, upscale shopping including a Maserati dealership, golf course and other amenities , but the design details remained hidden.
Only Wynn himself can speak officially about the project, and it won’t be until it opens on April 28, a Wynn Resorts spokeswoman said.
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According to local media, Wynn said the casino would be filled with natural light, a rare commodity in smoky Vegas gambling dens.
“We always expect something new and different from Mr. Wynn and I’m sure we won’t be disappointed,” said Robert Stewart, spokesman for Caesars Entertainment Inc., which was acquired by Harrah’s Entertainment Inc.
Harrah’s chief executive Gary Loveman said Wynn will have a favorable impact on Harrah’s properties as it attracts new tourists to Las Vegas, but the impact on Caesars’ upscale business is less certain.
Loveman’s view that Wynn’s new casino will attract visitors to Las Vegas is widely shared, but there is one market that has little room to grow: taller gamblers, known as “whales.” who bet tens of thousands of dollars, often at baccarat.
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Falcone estimated that 15-20% of MGM’s high-end business will migrate to the new Wynn casino.
“It’s a zero-sum game,” the analyst said. “Baccarat costs 400 to 500 million dollars a year; growing up is hard. Baccarat is a card game in which players want to have a total of nine cards in their hand.
MGM, which is acquiring the Mandalay Resort Group, says it isn’t concerned about increased competition for big players. “When the new product hits the market, everyone will be fine…Wynn will attract new visitors and chances are some of them will come to us,” the spokesperson said. MGM, Alan Feldman.
“We believe the opening of the Wynn Las Vegas … poses a revenue risk to MGM properties on the Strip,” Calyon Securities analyst Maria Rickert said in a statement. He estimated that the Bellagio, Mirage and MGM Grand capture 60% of the Strip’s high-end gaming market, and many employees of formerly Wynn-owned casinos likely followed him to the new resort.
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MGM has shown “good discipline” in refraining from reversing player losses, Falcone said, but “MGM Mirage’s No. 1 concern” is whether competing with Wynn will change that. “We will be looking closely at whether there is any discounting of losses,” he said.
To keep the big bets coming, casinos have been known to offer to write off or “reduce” certain losses.
Caesars, owner of Caesars Palace and Paris Las Vegas, has “a huge number of high-end, loyal customers…We’re not going to get into crazy discount campaigns,” Stewart said. The arrival of Week 13 of the college football season means the arrival of Rivalry Week. Few rivalry games are bigger than the annual showdown between the Michigan Wolverines and the Ohio State Buckeyes, which is known simply as The Game.
The 2022 edition of The Game will be played in Columbus, OH at Buckeyes’ Ohio Stadium. Ohio Stadium has a capacity of just under 105,000 and opened 100 years ago in 1922. Ohio State is a perfect 7-0 at home this season, while that Michigan is undefeated 3-0 on the road.
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The 2022 game is scheduled for Week 13 of the college football season. The match will be played on Saturday November 26 at 12:00 p.m. E.T. The game is broadcast live on Fox Sports.
Both teams come into this climactic Big Ten showdown with a perfect 11-0 record thanks to their strong, balanced offenses and dominating elite defenses. Ohio State is averaging 46 points per game and allowing 17 points per game. The Buckeyes’ offense is the best in the nation with 65 touchdowns and OSU is averaging 493 yards per game on offense (203 carries, 290 passes) led by Heisman favorite CJ Stroud. The Buckeyes are also tough on defense, allowing 283 YPG.
Michigan is scoring 39 points per game and allowing just 12 points per game. Wolverines’ offense is averaging 452 YPG (244 rushes, 208 assists). Michigan’s defense was dominant, allowing 241 YPG 4.0 yards per game and just 13 touchdowns. But the Wolverines could be without leader Blake Corum (1,457 yards, 18 TDs), who suffered a knee injury last week and didn’t play in the second half against Illinois.
This game will be close and hard fought, but bet on Ohio State to win at home.
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Michigan and Ohio State have faced each other 117 times since they first met in 1897. The all-time series has been pretty close with the Wolverines leading 59-51. There were also six draws.
More recently, that streak has favored the Buckeyes, who have won eight of their last nine meetings. However, Michigan fought back last year with a 42-27 win at Ann Arbor.
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