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Las Vegas Casino Death Watch


Preamble

This is Nick Christenson's Las Vegas Casino Death Watch page. Here we track the hotel/casinos that we feel are most likely to close their doors in the near future.

This page focuses on the larger Las Vegas Strip and Downtown hotel/casino combination properties. We're not going to make quite the same effort to keep track of the locals places since unless their name has "Station" or "Coast" in it, they all look to us like they might close their doors at any time. Of course, these days there aren't that many locals joints that don't have "Station" or "Coast" in their names. Also, these properties don't tend to have the same sort of history associated with them that the more familiar names do.

We also don't plan to expand the Death Watch to casinos outside of Las Vegas. We're not nearly as familiar with those places, and we can't get as much good information about them. Besides, Las Vegas is still where the big expansion is, and where many of the major closings have been.

Please note that this is not intended to be some sort of insult to these properties, and we're definitely not trying to kick anyone when they're down. We're a big fan of the "Old Vegas" style. We'd much rather have spent time at the Desert Inn then, say, New York-New York. We think of the properties listed below much like an aging relative or sick friend. We'll shed a tear when they're gone, but it may be time to take a dose of reality and come to terms with the fact that these places may not be around much longer, so we should enjoy them while they're still with us.

We also encourage folks to give business to these places. I never got a chance to visit the Dunes, the Landmark, the Sands, the Hacienda, or the Pioneer. While this isn't likely to rate very high on my list of life's big disappointments, if I had an opportunity to see these places in their prime, I'd certainly want to do so. This list is designed to help folks appreciate historic Las Vegas locations before they're gone.

Finally, this information is compiled by us and represents only our opinions. There are no good reasons to think that our predictions here mean anything. We have no "inside information", and compile this list only from what we hear from folks we meet and articles we read. This information is likely to be wildly inaccurate, so take that as you will.

For those of you interested in Las Vegas casino ownership information, We've created a page to track that information. Fans of the Death Watch may want to check it out. Several people have asked for information on who owns what property, whether they're publicly tradable or not, and what their stock ticker symbol is. All this information is available on the new page.

Current State of the Business

It's no secret that things are tough now in Las Vegas. Many construction projects were started when things looked rosy that aren't so appealing now. Casino companies, namely Harrah's and Stations, went private at the absolute peak of the market and are now having big problems servicing their debt. New casinos or expansions occurred that are now having problems making their monthly nut.

Despite this, we do not expect a lot of closings in the next few months or years. Casinos close when someone wants to build something new and exciting in their places. That's not the case now. Even in a down market, the run rate of these casinos is usually positive.

The problem is that the companies that financed these casinos can't make enough off of them to service their loans. This means that there will be a lot of refinancing debt, a bunch of Chapter 11s, but few places will close. If places do close outright, it will probably be the lower end places.

 
 

Got any information about Las Vegas casino closings? Don't hesitate to send us email at: npc@lvrevealed.com.