The Battle for Las Vegas

Summary

This video explores the history and evolution of Las Vegas casinos, focusing on the strategic mergers and acquisitions that have shaped the landscape. It reveals how two major companies, MGM Resorts International and Caesars Entertainment, dominate the strip through interconnected properties and customer reward programs. The narrative also delves into the complex financial maneuvers, including the leveraged buyout of Caesars Entertainment and the creation of real estate investment trusts like VICI Properties. The video concludes by highlighting the ongoing battle for supremacy in the ever-changing gambling industry.

Takeaways

• 🏰 The Las Vegas Strip is home to numerous themed hotels and casinos, many of which are connected by indoor walkways, allowing visitors to easily move between them without going outside.
• 🤝 Over half of the casinos on the Strip are operated by two major companies: MGM Resorts International and Caesars Entertainment, which have grown through mergers and acquisitions over the years.
• 📈 The growth of Las Vegas' casino industry was kickstarted by the opening of The Mirage in 1989, which led to a construction boom and increased tourism.
• 🎰 The 1990s saw a significant expansion of the Las Vegas Strip with the opening of several new casinos, including Excalibur, Luxor, and New York-New York, each with unique themes.
• 🛠️ The early 2000s marked a period of major consolidation in the Las Vegas casino industry, with MGM Grand acquiring Mirage Resorts and Harrah's Entertainment taking over Caesars Entertainment.
• 🏢 The real estate assets of casinos have been separated from their operating businesses, with companies like VICI Properties owning the land and buildings while others operate the casinos.
• 💰 The separation of real estate and operations allows for tax benefits and strategic focus on either property ownership or casino management.
• 🌐 The casino industry has expanded beyond Las Vegas, with companies like MGM and Caesars operating nationwide and internationally, and venturing into digital platforms like sports betting.
• 📊 Las Vegas revenue now represents a smaller portion of these companies' overall income, indicating a shift in focus and diversification.
• 🏛️ The real estate ownership of Las Vegas casinos has attracted investment from major players like The Blackstone Group, further intensifying the competition for control of the city's properties.
• 🔄 The recent merger of Caesars Entertainment with El Dorado Resorts and the acquisition of MGM Growth Properties by VICI Properties signal ongoing changes in the landscape of Las Vegas casino ownership and operations.

Q & A

What is the significance of the indoor walkways connecting The Excalibur, Luxor, and Mandalay Bay hotels in Las Vegas?

The indoor walkways connect these hotels because they are all operated by the same company, MGM Resorts International, allowing guests to move between properties without going outside, thus enhancing their experience and keeping them within the MGM ecosystem.

Why do hotels like The Horseshoe and The Paris, which are competitors, have an indoor walkway connecting them?

The Horseshoe and The Paris are connected because they both belong to Caesars Entertainment, the same parent company, facilitating guest movement between properties and encouraging them to spend time within the company's venues.

What was the impact of The Mirage Hotel's opening on Las Vegas in 1989?

The opening of The Mirage Hotel marked the beginning of a new era in Las Vegas. It became an instant success, revitalizing tourism and kickstarting a construction boom and a series of acquisitions that reshaped the Las Vegas Strip.

How did the growth of Las Vegas casinos lead to a concentration of ownership among a few companies?

Decades of mergers and acquisitions led to a concentration of ownership, with more than half of the casinos on the Las Vegas Strip now operated by either MGM Resorts International or Caesars Entertainment.

What was the role of customer reward programs in the competition between Las Vegas casinos?

Customer reward programs were designed to retain customers by offering points and rewards tiers associated with various benefits, encouraging guests to spend money across all resorts within a group rather than visiting competitors.

Why was the year 2005 significant for the casino industry in Las Vegas?

2005 was a year of mega transactions, with MGM Mirage taking over Mandalay Resorts to become the largest gaming company in the world, followed shortly by Harrah's Entertainment acquiring Caesars Entertainment, significantly consolidating control over the Las Vegas Strip.

What was the outcome of Caesars Entertainment's Chapter 11 bankruptcy filing?

The bankruptcy led to a reorganization where creditors acquired approximately 2/3 of Caesars Entertainment, and the company was split into two separate entities: Caesars Entertainment focusing on operations and VICI Properties owning the real estate.

What is the significance of VICI Properties in the context of Las Vegas casinos?

VICI Properties is a real estate investment trust (REIT) that owns the land and buildings of many casinos in Las Vegas, including those operated by Caesars Entertainment and MGM Resorts. This structure allows for tax benefits and separation of real estate ownership from casino operations.

How did the real estate ownership of Las Vegas casinos evolve with the creation of entities like VICI Properties and MGM Growth Properties?

The creation of these entities allowed casino operating companies to sell their real estate, gain capital for future growth, and focus on their core operations while benefiting from tax advantages as REITs. It also opened up the real estate market to new investors and conventional big players.

What is the current state of the Las Vegas casino industry in terms of ownership and operation?

The industry is now split between real estate ownership and casino operations. Major players like VICI Properties and MGM Growth Properties own the real estate, while companies like Caesars Entertainment and MGM Resorts International operate the casinos. The market also sees investments from other big players like The Blackstone Group.

How has the narrative of the Las Vegas casino industry changed over the years as depicted in the script?

The narrative has evolved from a competitive landscape of individual casinos to a story of corporate mergers, acquisitions, and strategic alliances. It now encompasses global operations, digital expansion, and the separation of real estate ownership from casino operations, reflecting a shift towards larger, more diversified corporations.

Outlines

00:00

🏰 The Thematic Hotels and Casino Connections of Las Vegas

This paragraph introduces the themed hotels and casinos on the southern edge of the Las Vegas Strip, such as the Excalibur Hotel with its medieval theme, The Luxor with its Egyptian motif, and The Mandalay Bay Resort known for its opulence. It highlights the interconnected indoor walkways that allow visitors to move between these establishments without going outside. The text explains that these hotels are part of larger conglomerates, MGM Resorts International and Caesars Entertainment, which dominate the Las Vegas casino scene through a history of mergers and acquisitions. The paragraph also takes a trip down memory lane to the opening of The Mirage in 1989, which marked a resurgence in the Las Vegas tourism and casino industry.

05:02

🎰 The Evolution and Expansion of Las Vegas Casinos

The second paragraph delves into the history of Las Vegas casinos, starting with the opening of Excalibur Hotel by Circus Circus Enterprises in 1990, targeting families with its Medieval theme. It continues with the renaming of The Holiday Inn Hotel to Harrah's by Promus Companies in 1992, and the subsequent openings of MGM Grand Hotel, Treasure Island, and Luxor in 1993. Bally Entertainment's announcement of the Paris resort and the renaming of Promus Companies to Harrah's Entertainment in 1995 are also mentioned. The narrative progresses to Hilton Hotels' acquisition of Bally Entertainment in 1996, leading to the ownership of three casinos, and the opening of Monte Carlo by Circus Circus and Mirage Resorts as a joint venture. The paragraph concludes with the spin-off of Hilton's casino business into Park Place Entertainment in 1998, and the opening of The Bellagio by Mirage Resorts, famous for its dancing water fountain.

10:05

🏙️ The Consolidation and Rebranding of Las Vegas Casino Ownership

This paragraph discusses the significant consolidation within the Las Vegas casino industry at the turn of the millennium. It describes the acquisition of Caesars Palace by Park Place Entertainment in 2000 and MGM Grand's acquisition of Mirage Resorts, leading to a rebranding as MGM Mirage. The year 2003 saw Park Place Entertainment rebranding to Caesars Entertainment. The narrative then jumps to 2005, a year marked by mega transactions with MGM Mirage taking over Mandalay Resorts to become the world's largest gaming company, only to be overshadowed by Harrah's Entertainment's acquisition of Caesars Entertainment shortly after. Harrah's also expanded by purchasing The Imperial Palace and The Barbary Coast Hotel. The paragraph concludes with MGM Mirage's sale of The Treasure Island Hotel and the opening of The CityCenter complex, followed by rebranding to MGM Resorts International and Caesars Entertainment, solidifying their control over the majority of casinos on the Las Vegas Strip.

15:06

🏢 The Financial Struggles and Real Estate Shifts in Las Vegas

The third paragraph examines the financial challenges faced by Caesars Entertainment, which underwent a leveraged buyout by Apollo Global Management and Texas Pacific Group, leading to a privatization and subsequent debt-fueled crisis. The fallout included a Chapter 11 bankruptcy filing and a lengthy reorganization process. The restructuring resulted in the creation of VICI Properties, a real estate company that owns the casinos' land and buildings, allowing Caesars Entertainment to focus on operations. The benefits of this arrangement include tax advantages due to VICI Properties being a real estate investment trust (REIT). The paragraph also mentions MGM Resorts' similar move with the formation of MGM Growth Properties. The narrative concludes with the growing importance of the digital gambling market and the nationwide and international operations of these companies, culminating in the 2022 merger of Caesars Entertainment with El Dorado Resorts and VICI Properties' acquisition of MGM Growth Properties.

🌆 The Ongoing Battle for Las Vegas and the Introduction of Nebula

The final paragraph shifts focus to the broader real estate competition in Las Vegas, with major players like The Blackstone Group investing in prominent properties such as The Bellagio, The Cosmopolitan, and hotels in CityCenter. It emphasizes that the battle for Las Vegas is a continuous one, now divided between real estate and casino operations. The paragraph concludes with a promotional segment for the creator's new project on Nebula, a streaming service offering in-depth documentaries and exclusive content, including a discount for viewers who sign up through the provided link.

Keywords

💡Las Vegas

Las Vegas is a city in Nevada known for its concentration of casinos and hotels. It is a major hub for tourism, shopping, and entertainment. In the video, Las Vegas is the central theme, focusing on the competition and evolution of its casinos and the business strategies of the companies operating them.

💡The Strip

The Strip refers to the Las Vegas Boulevard South, which is the main street in Las Vegas known for its concentration of casinos and resorts. The video discusses how different hotels and casinos on The Strip are interconnected and operated by major companies, shaping the competitive landscape of Las Vegas.

💡Caesars Entertainment

Caesars Entertainment is one of the largest casino-entertainment and hospitality services providers in the world, mentioned in the script as owning several casinos on The Strip. The company's history, including its mergers, acquisitions, and bankruptcy, is a significant part of the video's narrative.

💡MGM Resorts International

MGM Resorts International is another leading global hospitality and entertainment company that operates a number of casinos in Las Vegas. The video outlines its role in the mergers and acquisitions that have shaped the Las Vegas casino landscape.

💡Consolidation

Consolidation in the context of the video refers to the process where multiple businesses in the same industry merge or are acquired to form larger entities. The script describes how the casino industry in Las Vegas has seen significant consolidation, leading to a few major companies controlling a large number of casinos.

💡Leverage Buyout (LBO)

A leveraged buyout is a strategy where a company is acquired using a significant amount of borrowed money to meet the cost of acquisition, with the assets of the company serving as collateral. The script discusses how Caesars Entertainment underwent a leveraged buyout, leading to significant financial challenges and restructuring.

💡Chapter 11 Bankruptcy

Chapter 11 bankruptcy refers to a chapter in U.S. bankruptcy law that allows a business to reorganize its debts while continuing to operate. The video mentions Caesars Entertainment filing for Chapter 11 bankruptcy protection as a result of financial difficulties following a leveraged buyout.

💡Real Estate Investment Trust (REIT)

A Real Estate Investment Trust is a company that owns, operates, or finances income-generating real estate. The script explains how companies like VICI Properties, a REIT, can benefit from tax breaks and focus on owning the real estate of casinos, separate from their operation.

💡Mergers and Acquisitions

Mergers and acquisitions refer to the consolidation of corporations or assets through various types of financial transactions. The video script details the numerous mergers and acquisitions that have occurred in the Las Vegas casino industry, leading to the dominance of a few major players.

💡Customer Reward Programs

Customer reward programs are marketing strategies used to encourage customers to continue patronizing a business by offering points, benefits, or other incentives. The script mentions how MGM and Caesars have built customer reward programs that work across all their resorts to retain customers.

💡Global Corporations

Global corporations are large companies that operate and have a presence worldwide. The video script indicates that the once-local gambling halls in Las Vegas have transformed into major global corporations, with operations extending beyond Las Vegas and into digital platforms and international markets.

Highlights

Las Vegas hotels and casinos compete for visitors' attention with unique themes and indoor walkways connecting them.

Majority of Las Vegas Strip casinos are operated by Caesars Entertainment and MGM Resorts International due to mergers and acquisitions.

The Mirage's opening in 1989 marked the beginning of a construction boom and acquisitions in Las Vegas.

Excalibur Hotel's family-friendly Medieval theme attracted a different demographic to Las Vegas.

Harrah's rebranding and expansion in the early 90s increased its presence in Las Vegas.

The Luxor's Egyptian theme and Bally Entertainment's Paris Resort contributed to the diversification of Las Vegas' offerings.

Hilton Hotels' acquisition of Bally Entertainment expanded its control over Las Vegas casinos.

The Monte Carlo and New York New York added to the variety of themed resorts in Las Vegas.

MGM Grand's acquisition of Mirage Resorts and the formation of MGM Mirage intensified the competition in Las Vegas.

Caesars Entertainment's name change and expansion through acquisitions made it a dominant player in Las Vegas.

MGM Mirage's takeover of Mandalay Resorts and the subsequent acquisition by Harrah's marked significant industry consolidation.

Harrah's (Caesars Entertainment) and MGM Resorts International now operate the majority of casinos on the Las Vegas Strip.

Customer reward programs were developed to retain customers and prevent them from going to competitors.

VICI Properties was created as a result of Caesars Entertainment's bankruptcy and reorganization, focusing on real estate ownership.

The real estate and operating businesses of Las Vegas casinos have become separate, allowing for tax benefits and investment in growth.

Global expansion and digital transformation have become key strategies for Las Vegas casino companies.

The recent merger between Caesars Entertainment and El Dorado Resorts, along with VICI Properties' acquisition of MGM Growth Properties, signifies ongoing industry shifts.

Investment from conventional big players like The Blackstone Group has diversified the ownership of Las Vegas real estate.

The battle for Las Vegas is now fought on the fronts of real estate ownership and casino operations.

Transcripts

(gentle music)

- [Narrator] When you visit Las Vegas

you will have the impression

that there are countless different hotels and casinos

competing for your attention.

Consider this area, for example,

on the southern edge of The Strip.

There's The Excalibur Hotel

which appears as a Medieval castle,

then there is The Luxor

with an ancient Egyptian theme and a pyramid main building,

and there's The Mandalay Bay Resort

which focuses on opulence

with its gold-colored glass facade.

But anyone who chooses The Luxor Hotel

and is roaming through the casino and the various shops

might all of a sudden find themselves

inside one of the other two casinos.

That is because all three casinos

are connected by indoor walkways.

You can stroll back and forth between the hotels

without setting a foot outside.

A similar walkway can be found

between The Horseshoe Hotel,

formally known as The Bally's,

and The Paris Hotel,

both located roughly in the middle of the Las Vegas Strip.

But why do these hotels make it so easy

to stroll to their competitors?

Wouldn't they do everything

to keep you just within their premises?

As you've probably figured out at this point,

both The Horseshoe and The Paris

belong to the same parent company, Caesars Entertainment,

and the three other hotels,

Luxor, Mandalay Bay, and Excalibur,

also all belong together

and are operated by MGM Resorts International.

In fact, the probability that your hotel

belongs to one of the two companies is fairly high

since more than half of the casinos

on the world-famous Strip

are now operated by one of these two companies.

Now this was not always the case, though,

as the current situation is the result

of a fascinating development,

decades of mergers and acquisitions,

and to this day the battle for Las Vegas is still ongoing.

(gentle music continues)

Let's look back at the year 1989,

the year where The Mirage Hotel opened in Las Vegas.

- [Announcer] Fantasy becomes reality

when The Mirage appears on the Las Vegas Strip.

- [Narrator] At this point in time,

tourism growth seemed to have slowed down.

For example, it had been a full 16 years

since the last new casino hotel opened on The Strip.

But The Mirage became an instant success.

Also due to its popular artificial volcano attraction

and the hotel's magic show by Siegfried & Roy.

It kickstarted an era of construction boom and acquisitions.

(gentle music)

In 1990, Circus Circus Enterprises

opened the aforementioned Excalibur Hotel

with a family-friendly Medieval theme.

- [Reporter] Immediately, thousands of locals

and tourists were inside,

as The Excalibur is aiming their business towards families.

While mom and dad gamble upstairs,

their kids go downstairs to the arcade.

- [Narrator] In 1992, Promus Companies,

which already owns The Holiday Inn Hotel,

renames that hotel to Harrah's.

In 1993, the city gained an additional three casinos.

MGM Grand opened the MGM Grand Hotel,

Mirage Resorts opened Treasure Island,

and Circus Circus opened the Egyptian-themed Luxor.

- [Reporter] It's opening day at The Luxor

and thousands funnel through the entryway

to see for themselves what everyone has been talking about.

- [Narrator] Another company, Bally Entertainment,

announced the construction of yet another casino.

At this point, the company already owned The Bally's,

their name-giving hotel which is nowadays called Horseshoe.

Bally Entertainment announced the construction

of an adjacent resort which would be called Paris.

Today, this resort is known

for the replica of The Eiffel Tower

in front of the hotel.

In the same year,

Promus Companies renames itself to Harrah's Entertainment.

Then, in 1996,

Hilton Hotels increased its presence in Las Vegas.

The group already owned The Flamingo Hotel

which to this day is the oldest still operating resort

on The Strip.

In addition, Hilton acquired Bally Entertainment,

gaining control over The Bally's and The Paris Resort

which was still in the planning stage at this time.

With completion a few years later,

Hilton now owns three casinos here.

In the very same year,

The Monte Carlo, a joint venture

between Circus Circus and Mirage Resorts, opened.

Today, this hotel goes by the name Park MGM.

One year later,

New York New York was opened by MGM Grand.

It's a fascinating building

with a facade that mimics the Manhattan skyline.

In 1998, Hilton decided to spin off its casino business

from the rest of the group's hotels

and formed Park Place Entertainment.

In the same year,

Mirage Resorts opens yet another hotel, The Bellagio,

which attracts worldwide attention

for its famous dancing water fountain.

In 1999, Circus Circus opened The Mandalay Bay Resort,

the one with the gold-colored facade.

The group also changed its name to Mandalay Resort Group.

Then, in the year 2000,

the consolidation really got going.

Park Place massively expanded its portfolio

by acquiring the large Caesars Palace Hotel,

and MGM Grand acquired Mirage Resorts,

renaming itself to MGM Mirage.

The competition for supremacy in Las Vegas

was in full swing.

In 2003, Park Place changed its name

to Caesars Entertainment,

a more well-known brand

due to the popularity of The Caesars Palace Hotel.

With four companies competing for supremacy,

2005 would become the year of mega transactions

in Las Vegas.

(gentle music)

MGM Mirage took over Mandalay Resorts

and thus bundles all the properties in one single company.

It became the largest gaming company in the world.

However, only for a brief moment in time.

Just two months later,

driven by the knowledge of this merger,

Harrah's Entertainment and Caesars

also reconsidered their position

and agreed on a deal that allows Harrah's

to take over Caesars Entertainment.

Much of The Strip was now controlled by these two companies.

In the same year,

Harrah's also bought The Imperial Palace,

a casino that is now known as The Linq.

They also purchased The Barbary Coast Hotel,

now known as The Cromwell.

In 2009, MGM Mirage sold The Treasure Island Hotel

to businessman Phil Ruffin

and opened a giant new complex, The CityCenter,

consisting of a shopping center, residential towers,

and various hotels.

Harrah's Entertainment expanded further

by purchasing The Planet Hollywood Hotel

and both companies, again, changed their names.

Harrah's Entertainment reverted back

to Caesars Entertainment

and MGM Mirage became MGM Resorts International.

Two giants had grown,

exercising enormous control over the gambling capital.

Today, all these casinos on the south end of The Strip

are run by MGM,

and the middle of The Strip is firmly in the hands

of Caesars Entertainment.

Only the northern part is characterized by other operators.

In total, of the 27 famous casinos here,

17 are operated by MGM or Caesars.

Both companies have built customer reward programs

that work across all their resorts,

so whenever you spend money in one of the casinos

belonging to the respective group,

you receive points.

And depending on the number of points,

you are classified in a rewards tier,

which is associated with various benefits.

A system designed to retain customers

and prevent them from going to their competitor.

But the map as we see it here only tells part of the story,

because if you look at the ownership of prominent resorts,

you will often find that a completely different

company name appears, VICI Properties.

VICI, as in "veni, vidi, vici,"

a reference to Caesar.

VICI Properties is listed as the owner of the MGM Grand

which is operated by MGM,

the direct competitor of Caesars.

So, what is VICI Properties?

While in 2010 MGM and Caesars

appeared like strapped giants,

behind the scenes Caesars was crumbling.

Amidst all these acquisitions,

Caesars Entertainment had undergone

a complex transformation itself

as the investment companies

Apollo Global Management and Texas Pacific Group

jointly took over Caesars Entertainment

and privatized the publicly-traded company

with a leveraged buyout.

This means that a large part of the takeover amount

is financed by debt

with the assets of Caesars Entertainment acting as security.

The $13.7-billion deal

was the fourth largest leveraged buyout ever at the time,

and what followed were controversial restructurings

that made creditors feel betrayed

as well as large amounts of debt that had to be managed,

all at a time amidst the global financial crisis of 2008

and weakened consumer behavior in the years that followed.

The leveraged buyout turned into a disaster.

- [Newscaster] Breaking overnight,

Caesars Entertainment filed

for Chapter 11 bankruptcy protection.

- [Reporter] Hoping the court agrees to its plan

to get out from under $18.4 billion of debt.

- [Narrator] With Caesars Entertainment Operating Company,

the largest subsidiary of Caesars,

put into Chapter 11 bankruptcy,

the company began

a more than two-year-long process of reorganization

and a compromise between creditors and owners

was being negotiated.

In the end, Caesars creditors acquired

approximately 2/3 of Caesars Entertainment

while Apollo and Texas Pacific Group

had to reduce their stake

in Caesars Entertainment Corporation

initially to 16%,

a little later dropping out completely.

The real trick, however,

is that Caesars Entertainment was split

into two completely separate companies,

and this is how VICI Properties was born,

a pure real estate company

that would simply own the casinos.

So while VICI Properties owns the land and buildings

of the hotels

and is less dependent on the fluctuations

of the gambling business,

Caesars Entertainment can focus entirely on operations

and is lightened of assets.

In addition, VICI Properties can benefit

from a massive tax break

due to the company being a real estate investment trust,

also called REIT,

which are exempt from federal income tax.

A similar step also had been taken at MGM Resorts,

and this is how MGM Growth Properties was formed

that owns the hotels and leases them back to MGM.

By selling the real estate,

these operating companies can gain money

which they can invest in future growth,

especially important considering

the changing gambling market,

because while the focus of this video

is on the battle over Vegas,

these companies are operating nationwide, internationally,

and increasingly digital,

for example, in the growing sports betting business.

The local gambling halls had long transformed

into major global corporations,

as visible by Caesars revenue breakdown from 2015

at the time of Chapter 11 bankruptcy

which shows that Las Vegas business

only accounted for 35% of the company's revenue.

(gentle music)

- [Reporter] El Dorado Resorts

is buying Caesars Entertainment,

creating a major casino giant.

- So the deal is worth $17.3 billion.

- [Narrator] With Caesars Entertainment growing even more

by merging with El Dorado Resorts,

2022 would see yet another mega transaction

that would once again bundle ownership in Vegas

as VICI Properties acquires MGM Growth Properties,

giving the company control over a large part of real estate

in Las Vegas.

The battle for Las Vegas is won on two fronts.

While this map, which we looked at earlier,

depicts the operating business of the casinos,

ownership of the real estate

is often in someone else's hands.

These are all of the properties on The Strip

that are owned by VICI Properties

at the time of making this video.

Alongside some former Caesars and MGM properties,

VICI also owns The Venetian Hotel

and the land under The T-Mobile Arena.

With the real estate business of Vegas now opened up,

conventional big players such as The Blackstone Group

are investing into the city as well

with purchases such as The Bellagio, The Cosmopolitan,

and The ARIA and Vdara Hotels in CityCenter.

The battle for Las Vegas has fundamentally changed,

now split into real estate competition

and into the casino-operating business.

And just like the city never sleeps,

the battle is unlikely to ever end.

(gentle music)

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(gentle music continues)