Local Vegas Economic Activity Update

Friday 13-10-2017

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Here is a mid-month update of all Las Vegas and Nevada related economic news in this fast changing city.  Quickly scan the headlines or dive into the article links at your leisure.

◆ Canadian investment firm offers to buy 3M MGM shares in wake of tragic mass shooting

06-OCT:  A Canadian investment firm is trying to profit on the pain being felt by MGM Resorts International shareholders.  TRC Capital Corp. made an unsolicited offer this week to buy 3 million MGM shares from shareholders for a fixed price of $29.50, MGM said in a statement. The price is a 1.9 percent discount to today’s closing price of $30.07.

FULL ARTICLE:https://www.reviewjournal.com/business/casinos-gaming/canadian-investment-firm-offers-to-buy-3m-mgm-shares/

◆Virgin gets on board Hyperloop One with “substantial investment” Billionaire backs US company developing vehicles that will run at supersonic speeds

13-OCT: “Earlier this summer I was fortunate to visit the [Nevada] site and see first-hand the exciting technology being tested,” said Sir Richard. “I was very impressed and now look forward to helping turn this cutting edge engineering into a global passenger service.”

 

FULL ARTICLE:https://www.ft.com/content/
FULL ARTICLE:https://newatlas.com/virgin-hyperloop-one-rebranding/

◆Nomura/Instinet On MGM Resorts (MGM): Las Vegas will recover and keep growing

03-OCT:  Nomura analyst Harry Curtis continues to forecast “rising” FCF and increased pricing as visitation trends in Las Vegas and Macau go unchanged.  Similar incidents in other cities and gaming venues have always had temporary impacts.

FULL VIDEO INTERVIEW:https://www.cnbc.com/video/2017/10/02/how-the-las-vegas-shooting-will-impact-tourism-casino-stocks.html
NOMURA SUMMARY:https://www.streetinsider.com/Analyst+Comments/NomuraInstinet+On+MGM+Resorts/

◆ First ever NHL Hockey game in Las Vegas an exciting start to professional sports entry into the city

10-OCT:  You couldn’t ask for a better way to launch a franchise. T-Mobile Arena was as loud as any venue I’ve been in during more than four decades of going to sporting events in Las Vegas.

FULL ARTICLE: https://lasvegassun.com/news/2017/oct/10/you-couldnt-have-asked-for-a-better-opening-night/

◆ Former Mayor of Las Vegas worked 10 years to bring NHL Hockey to the city.

09-OCT: “I’m delighted, of course, to see this dream of mine come true,” he said Monday. “When I was elected mayor, I said to be a world-class city we needed culture, and we wind up with the Smith Center; we needed medicine, and now we have the Ruvo brain institute from Cleveland; and we needed pro sports, and now we have the Golden Knights.”

FULL ARTICLE:https://www.reviewjournal.com/sports/sports-columns/ron-kantowski/puck-finally-drops-on-oscar-goodmans-las-vegas-dream/

◆ Delta reports business as usual in Las Vegas

The mass shooting at Mandalay Bay Resort & Casino on Oct. 1 that killed 58 concert-goers hasn’t reduced demand for Delta flights to Las Vegas.  In contrast, hurricanes in the Caribbean have altered Delta’s plans for the region in 2018. The carrier has already removed capacity and on aggregate expects capacity in the Latin America/Caribbean market will be flat in 2018.

FULL ARTICLE:http://www.travelweekly.com/Travel-News/Airline-News/Delta-reports-business-as-usual-in-Las-Vegas