There’s some talk of a couple of the Vegas casinos not recovering from the shutdown and i believe there’s an opportunity for someone to come in and fill an under-appreciated market gap for coastal young professionals
1) casinos can be stable return generators, just like the fed they literally print money. 2)huge casino hotels sold their soul to be able to scale for int’l markets, high roller experience still flamboyant and tacky 3) wealthy coastal professionals love to hate Vegas
how do you capture a market that loves to hate a place? NoMad group trying but weakly (still in Park MGM and not lux), Nobu is blah, prob need something Soho House style in direction (but not SH), for discerning gamblers/ gambling curious, wealthy young cool clientele
Gambling lost some of it’s sex appeal in recent times, average sports better look isn’t attractive. but gambling as a skill should be exactly the kind of activity that tech professionals should be attracted to, it just continues to have poor aesthetics
My bet is ‘Resort World’ (the new huge development on the strip) will flop. Everyone’s betting on relationships with Asian travel markets being good over the next decade. If anyone wants to lend me $75m or introduce me to Sheldon Adelson, I’ll help make Vegas great again
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