The city of Las Vegas is going through some major changes right now. Casinos are beginning to open up, yet many are struggling to bring in tourists. According to new reports, the Las Vegas Luxor could soon be demolished.
It’s surprising news for many individuals. This hotel-casino is one of the biggest and most historic in Las Vegas. Today, we’re going to look at when exactly MGM Resorts is considering tearing down this massive property.
.The concept of hotel ownership is undergoing a sea change in Las Vegas, whereas larger real estate ownership corporations are purchasing the underlying real estate assets (building and land) of the major casinos, but the operations of the casino/resort hotel is being retained by the casino operator companies.
Let’s get into it!
Nevada Casinos Face Backlash for Lack of Safety Measures
The world’s best casino-resorts are based in Las Vegas. Obviously, it was hugely important for state leaders in Nevada to get these venues up and running. Governor Steve Sisolak announced that casinos in the state could officially begin to reopen on June 4th.
Many were surprised to see tourism increase here so quickly. Many began flocking to the city to escape the regulations in their own states. Obviously, many health experts began warning that cases of Covid-19 were likely to increase here.
That turned out to be true. As a result, Sisolak announced that masks were now required inside all public spaces, including casinos. Many casino companies claimed this new regulation was likely to result in a dip in tourism.
Unfortunately, infection rates in this state continue to ramp up. Many are now claiming that casinos here are not doing enough to protect their employees. Just last one, one casino worker died after testing positive for the new coronavirus.
The Nevada Culinary Union recently announced that it was suing several major casinos on the Las Vegas Strip. This group believes that casinos here are not doing enough to protect their workers. It’s not entirely clear which venues are being targeted in this lawsuit.
According to new reports, one of the most popular casino-resorts in the city may soon be demolished.
Is the Las Vegas Luxor Really Being Torn Down Soon?
MGM Resorts International is one of the top casino companies in the world. It owns many world-class gambling venues around the world. That includes several in Las Vegas. In recent years, this company has begun selling many of these properties.
One venue that MGM currently controls is The Luxor Hotel-Casino, located directly on the Las Vegas Strip. First constructed in 1993, this pyramid-shaped hotel-casino quickly became one of the most popular venues in the city. It’s become a little outdated over the years, yet many still enjoy visiting and gambling inside this property.
Perhaps that’s why it’s so surprising to hear that the Las Vegas Luxor may soon be torn down. Officials within MGM Resorts have discussed this for years. In the past, however, union groups prevented these properties from being demolished.
The city of Las Vegas is now struggling and some believe this is the perfect time to remove this property. It’s not entirely clear when this will take place. Many believe the demolition process will begin before the end of 2020.
MGM has also not revealed what will be constructed here once the Luxor is gone. There’s a chance this major casino operator sells the land. Make sure to stay tuned for updates over the next few weeks!
More Las Vegas Casinos Are Set to Open This Week
Las Vegas, and Nevada as a whole, is still in the beginning phases of reopening. Based on the current trend, the state’s reopening plans may actually begin to reverse. The current plan is for several more major casino-resorts to open back up here this week.
Who Owns Las Vegas Hotels
That includes the Las Vegas Luxor. This major venue currently plans on opening back up to the public on Thursday. Many of the same social distancing measures set in place at other casinos are being implemented here.
According to new reports, the Mandalay Bay Hotel & Casino, the Aria Resort & Casino, and the Delano and the Four Seasons all plan to reopen on July 1st. Governor Sisolak may eventually force these properties to implement stricter health measures.
For now, all day and night clubs remain closed in Las Vegas. The conventions in this state are closed, as well. No one can accurately say when these properties will be allowed to reopen.
Infection rates continue to increase in Nevada. This trend is likely to continue for some time. The long-term effects of this pandemic on Las Vegas are still unknown. Most agree the city will look different for quite some time.
Are you surprised to hear that the Las Vegas Luxor is closing down? Do you plan on visiting this city anytime soon? Let us know in the comments section below!
According to the best data I could find on the subject, you can gamble at any of 136 total casinos in Las Vegas.
But they’re not all separate business entities.
In fact, most of them are not individual businesses. Most of the casinos on the Strip are owned by one of four different companies.
Who owns the Las Vegas casinos?
This post offers some answers.
Not every business in Las Vegas counts as a casino, and some of the casinos included in that tally of 136 casinos are located just outside the Las Vegas city limits.
When most people think of Las Vegas these days, they think of the Strip, which is in Paradise and Winchester — both unincorporated towns just outside the city limits.
Also, for purposes of this tally, I’m not including small local businesses with a gambling machine or two — you can find plenty of bars and gas stations that fit that criteria. None of them are what I would call a casino, although definitions vary.
Any business with more than 15 slot machines or that offers tables games (like blackjack, craps, or roulette) can safely be included under the category of “casino,” though.
Most of the casinos in Las Vegas are either on (or just off) the Strip or on Boulder Highway. Between just those two locations, you’ll find over 90 of those 136 casinos.
Downtown Las Vegas also has a couple of dozen casinos, and the rest are in North Las Vegas.
Together, Las Vegas casinos generate $10 billion a year in revenue. About two-thirds of that is generated from casinos on the Strip.
MGM Resorts Owns a Lot of Casinos in Las Vegas
Mandalay Bay and MGM Resorts merged nearly 15 years ago to become one of the biggest casino-owning companies in the city. Some (but not all) of the casinos in Las Vegas they own include the following.
- Aria
- Bellagio
- Circus Circus
- CityCenter
- Delano
- Excalibur
- Luxor
- Mandalay Bay
- MGM Grand
- The Mirage
- New York New York
- Park MGM (Used to be the Monte Carlo)
- Vdara
That’s a huge number of casinos on the Las Vegas Strip for one company to own — almost 25% of the properties on the Strip, in fact.
And since these are some of the largest casinos on the Strip, MGM Resorts controls a larger number of the gambling action than you might expect. They probably account for 40% or 45% of the gambling revenue on the Strip.
In the last couple of years, MGM Resorts has started moving into the online gaming space, too. They recently signed a partnership agreement with Yahoo Sports to provide sports betting functionality.
Caesars Entertainment Is the Other Big Player in Las Vegas Casinos
Caesars Entertainment got big as the result of a merger between Caesars and Harrah’s. They own the following casinos.
- Bally’s
- Caesars Palace
- The Cromwell
- Flamingo
- Harrah’s
- Linq
- O’Sheas
- Paris
- Planet Hollywood
- Rio Suites
- Harrah’s in Laughlin
Caesars is the fourth-largest gaming company in the world, and they generate $8.6 billion a year in revenue. Not all of that is generated by their Las Vegas properties, but a huge chunk of it is.
Caesars also owns close to 96 acres of undeveloped land near the Las Vegas Strip. I’m betting that they’ll add more casinos there at some point, but this post is about who owns which casinos in Las Vegas now, not in the future, so I’ll save the speculation for later.
Boyd Gaming Is Probably the Biggest Casino Company You’ve Never Heard Of
Boyd Gaming runs multiple casino properties from its headquarters in Paradise, Nevada. The company makes the bulk of its money from casino gambling, which generates 75% of their revenue.
Boyd Gaming owns the following Las Vegas casinos.
- Aliante
- California Casino
- Cannery Casino
- Eastside Cannery Casino
- Eldorado Casino
- Fremont Hotel and Casino
- Gold Coast
- Jokers Wild
- Main Street Station
- The Orleans
- Sam’s Town
- Suncoast Hotel and Casino
Three of these casinos — California Hotel and Casino, Fremont Hotel and Casino, and Main Street Station — are in Downtown Vegas.
Many of Boyd Gaming’s casinos cater to customers who are interested in spending less money. A lot of their casinos have hotel rooms available at $40 per night, sometimes less. Fremont and Main Street regularly have room rates as low as $30 a night on weeknights.
Boyd Gaming’s casinos cater to a largely locals market, and their odds and payouts are higher than the big corporate casinos on the Strip.
Station Casinos Is the Other Big Casino Owner in Town
The headquarters for Station Casinos is in Summerlin. Station, like Boyd, specializes in offering casino games with great odds to local gamblers. In fact, you can find the best video poker games in town at several of the properties owned by Station Casinos.
They own the following properties.
- Boulder Station
- Green Valley Ranch
- Palace Station
- Palms Casino Resort
- Red Rock Resort
- Santa Fe Station
- Texas Station
- Fiesta Henderson
- Fiesta Rancho
- Wild Wild West
Perhaps the most notable thing about Station Casinos is the availability of high-paying video poker games that aren’t available at other casinos.
Video poker is one of those games that has a high payback percentage, but it’s only high if you choose the right games with the right pay tables. Station Casinos offer more of these games than almost any other company in Las Vegas.
How do you define a high-payout video poker game?
Who Owns Vegas Strip Casino Online Gambling
Generally, I look for games with a payback percentage of 98% or higher.
It won’t take much research on the internet to find out which pay tables and which games you should look for at Station Casinos.
If you combine this low house edge with the rewards you get from joining the slots club, you might even show a small long-term profit playing video poker at Station Casinos.
But you’ll probably not make much of a living from that endeavor.
Golden Entertainment owns the following casinos, but they also operate taverns with slot machines in them. And they provide slots to other businesses.
- Aquarius Casino Resort
- Arizona Charlie’s Boulder
- Arizona Charlie’s Decatur
- Colorado Belle
- Edgewater Hotel and Casino
- Stratosphere Las Vegas
They also own three casinos in Pahrump, Nevada, which is about 60 miles from Vegas.
I have experience at the Stratosphere, by the way, and I recommend checking it out next time you visit Vegas. The rotating restaurant, Top of the World, offers the most breathtaking views of Las Vegas that you could imagine.
You Can Also Find Individual Casinos Owned by (VERY RICH) Individuals
Casino Royale, for example, is owned by Margaret Elardi. She’s in her mid-90s, and her son Tom helps to run the casino. By all accounts, the Elardis are private people. They used to own the Frontier in the 1990s.
El Cortez is owned by Kenny Epstein. It’s one of the smaller casinos in town, but it’s also one of the oldest, having opened in 1941. It’s on the National Register of Historic Places.
El Cortez is the oldest continually-operating casino in Las Vegas by a far sight — no one else comes close.
Slots-A-Fun is owned by Phil Ruffin. You’ll find it right next to Circus Circus, but you’ll need to be alert — it’s one of the smallest casinos in town. Slots-A-Fun used to be famous for offering dollar blackjack and $2 craps, but they no longer offer table games at all. You can still shoot pool and play shuffleboard there, though.
They also have a bowling alley.
Vegas Strip Online Casino Download
Who owns the casinos in Las Vegas?
Most of them are owned by four or five companies, although several are owned by individuals.
If you’re gambling on the Strip, you’re probably doing business with a huge corporation.
But even if you’re gambling at one of the smallest casinos in Las Vegas, you can bet that the owner is rich beyond belief.