I live in LV. I have scouted Wynn and Venetian for the past year. I usually walk through both properties twice a week. The drop in clients has been remarkable. It is even more noticeable for the past month. I rode LVS & WYNN down for 9 mo. with puts, did not short either. About 30 days ago, I took several 25, 22.50, 20, 15, 10 puts in WYNN that go out to June.
I walked through WYNN every day this week. Monday and Tuesday, you could drive a truck through and not hit anybody. The table limits were down to $10 at WYNN and $5 at Encore. This is NASCAR week in LV and for this property to be this empty this week tells a story. Yesterday, the traffic was up at WYNN,(compared to Mon, Tues.) they also were having a poker tournament. This also tells a tale. I spoke to a dealer who said that entrys typically sold out within 24 hours of announcement of the tournament, this time only 3/4 of chairs will be filled.
I increased my puts today on relative strength. I look forward to the day when markets go up, rather then down.
I agree grange, I live here too and it is dead. Wynn poker room junkie and definitely less traffic. Telling tale is you can actually drive up and down the strip instead of previously crossing and running paradise or valley view, etc. Sad, glad I'm not in the industry. And with the stigma congress has placed on travel to businesses / families feeling guilty even if they have the money I can definitely see a long, bad road ahead.
Venetian always has had a $10 crap table. Granted, just one the others were $25 but there would always be 1 $10 game. Right now, the table limits are lower, more $10 blackjack games then before.
Uh, I was at Wynn, Encore every day this week. Mon & Tues you could drive a truck through the casino without hitting a single orthopedic surgeon, (I guess that would be a good place to get hit by a truck) Table limits were down to $10 at Wynn and $5 at Encore. Traffic picked up at Wynn on Thurs, table limits were up to $15 at Wynn and still $5 at Encore.
I was there, were you??? Remember, I want Wynn to prosper, I live here. However, I will not put my head in the sand. I will not apologize for my profits in my put positions, I believe that WYNN will go below $10, and I want to profit on that.
These are my opinions as I see them. I am not a short seller of this tock, but I do own puts.
I live in LV and want the town to prosper. However, I will not bury my head in the sand and say things are peachy @WYNN and LVS.
The bottom line, these companys will not improve until there are players in the casino's playing at tables with limits above $10.00 They can cut staff, eliminate 401k contributions, close restaurants. This will have no positive effect. The turn of these companies will come when people have discretionary income to take to LV for the weekend.