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☆ U.S. renewable, grid battery projects battle transformer shortage
▼ + stars: | 2023-11-15 | by ( Nicole Jao | ) www.reuters.com time to read: +5 min

LONGER LEAD TIMESLarge-scale battery projects to store energy on grids and to smooth out the variance of wind and solar power are also seeing longer lead times. They are taking around 12 to 18 months to complete, around six months longer than they would take without the supply issues, said Andrew Waranch, chief executive of battery energy storage system developer Spearmint Energy. Utility AES Corp (AES.N) has stockpiled supplies of the equipment it needs to build battery storage projects through 2025, a company spokesperson said. A shortage of raw materials that has contributed to transformer supply delays is unlikely to ease soon, manufacturers said. The supply-demand dislocation has worsened with the rapid scale-up of wind, solar and storage projects.

Persons: Nick Oxford, Vanessa Witte, Wood Mackenzie, Ben Pratt, Pratt, we've, Reagan Farr, Farr, Andrew Waranch, Waranch, Marco Terruzzin, Doug Banty, Banty, John Darby, Nicole Jao, Simon Webb, Nick Zieminski Organizations: REUTERS, AES, Nova Clean Energy, Silicon, Spearmint Energy, Developers, American Clean Power Association, U.S . Energy Information Administration, AES Corp, MGM, Niagara, Thomson Locations: Big Spring , Texas, U.S, Chicago, Swiss, China, California, Russia, Ukraine, New York

☆ Viva Las Vegas, Formula One betting big on Sin City race
▼ + stars: | 2023-11-15 | by ( Steve Keating | ) www.reuters.com time to read: +5 min

Wynn resort is offering the first-ever Las Vegas Grand Prix Million Dollar All-Access Experience that includes a $100,000 philanthropic gift. "However, the brand synergies with the inaugural Las Vegas Grand Prix are unmatched." Formula One has long been a magnet for the celebrity class and Las Vegas is sure to be an irresistible pull. Las Vegas may be the gambling capital of the world but there will be little bet on F1. "I would say this is due to lack of parity," Derek Stevens, owner of Circa and several other Las Vegas casinos told Reuters.

Persons: Max Verstappen, Greg Maffei, Red Bull, Aston Martin, Hilton, Red, it’s, Rebecca McAdam Willetts, Mark Wang, David Beckham, Shaquille O’Neal, Mark Wahlberg, Gordon Ramsay, Toto Wolff, Derek Stevens, Steve Keating, Toby Davis Organizations: LAS VEGAS, Las Vegas, Liberty Media, Formula One, Vegas, Ferrari, Mercedes, McLaren, Red Bull, PokerStars, Public Relations, Reuters, Poker, New York Stock Exchange, American Express, Heineken, Hilton, MGM Resorts International, Fountain Club, Hilton Grand, Club SI, Drai's Beach Club, Thomson Locations: Vegas, United States, Sin City, VVIPs, Las Vegas, Monaco, Drai's, Toronto

Caesars paid around $15 million in ransom to regain access to its systems from the hackers, according to reporting by the Wall Street Journal. Some have been collecting evidence leading to the hackers' identities and are assisting law enforcement, according to the five insiders. The sources say that, following the September casino hacks, the FBI's investigation took on new urgency. Mandia didn't respond directly when asked whether Scattered Spider's identities were known to law enforcement. But he did say that there was no excuse for not arresting hackers who operated from the West.

Persons: Bridget Bennett, Michael Sentonas, Sentonas, Alphabet's, James Foster, Foster, cybercriminals, gona, Kevin Mandia, Mandiant, you've, Zeba Siddiqui, Raphael Satter, Christopher Bing, Chris Sanders, Claudia Parsons Organizations: MGM, MGM Resorts, REUTERS, FRANCISCO, U.S . Federal Bureau of Investigation, FBI, MGM Resorts International, Caesars Entertainment, Industry, Reuters, Department of Justice, Caesars, Wall Street, Palo Alto Networks, Microsoft, ex, Telegram, Thomson Locations: Las Vegas , Nevada, U.S, WASHINGTON, America, Palo, American, Baltimore , Maryland, United States, Newark , New Jersey, sextortion, San Francisco, Washington

LAS VEGAS (AP) — The famous fountains at the Bellagio won't be very visible this week amid the roar of Formula One racing on the Las Vegas Strip, and gondoliers won't be serenading tourists at the Venetian resort. They hope Las Vegas will join Monaco on the leader board of host cities for Grand Prix events around the world. Green remembered Las Vegas Boulevard casino-hotels including the Dunes, Barbary Coast, Frontier, Silver Slipper, Sands, Desert Inn and Stardust. Huge properties new to the resort corridor include Resorts World, which opened in 2021, and Fontainebleu Las Vegas, due to open next month. “I think what what is happening is Las Vegas is becoming the epicenter of the 'fun economy,'” Feldman said.

Persons: Michael Green, ”, Green, “, They’re, Joshua Guray, Charles Flexer, Clark, Jim Gibson, Gibson, it’s, ” Vanessa Anthes, Andrew Walsh, Walsh, Wynn, Evel Knievel, Alan Feldman, Bo Bernhard, ” Bernhard, ” Feldman, Ty O'Neil Organizations: LAS VEGAS, Bellagio, Las, gondoliers, University of Nevada, ”, Vegas, Monaco, Grand Prix, MGM Resorts International, selfies, Las Vegas, One Las Vegas, Police, NHL Vegas Golden Knights, WNBA Las Vegas Aces, NASCAR, Vegas Motor, NFL, Allegiant, Hollywood, Cosmopolitan, International, Seminole Tribe, Caesars, Villa, Caesars Palace, International Gaming Institute, UNLV, Tourism Council Locations: Las Vegas, Long Beach , California, Williamsport , Pennsylvania, Clark County, ” Clark, Vegas, Harrah’s, Flamingo, Horseshoe, Paris Las Vegas, Florida, Barbary Coast, Sands, Los Angeles

The new five-year agreement covers 5,000 employees at two Wynn Resorts properties and follows similar deals for 35,500 workers with rivals Caesars Entertainment (CZR.O) and MGM Resorts International (MGM.N) earlier this week. The deal with Wynn and the Culinary Workers and Bartenders Unions marks the end of negotiations between the unions and the largest casino operators in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the Super Bowl, which is scheduled to take place in February.

Persons: Wynn, Daniel, Ananta Agarwal, Shivansh, Anil D'Silva, Arun Koyyur, Rod Nickel Organizations: Hospitality, Wynn Resorts, Caesars Entertainment, MGM Resorts International, Culinary Workers, Bartenders Unions, Hilton Worldwide, Hilton, Las, Vanderbilt University, Las Vegas Convention, Visitors Authority, Las Vegas, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

☆ Wynn Resorts reaches deal with Las Vegas Unions hours before strike
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +3 min

Nov 10 (Reuters) - Hospitality workers in Las Vegas reached a tentative labor deal with Wynn Resorts (WYNN.O) hours before a strike, their unions said on Friday, ending a strike threat against major casino operators that could have crippled tourist operations in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery in tourism. It also averts the threat of a major disruption to popular events expected to draw thousands of visitors to the tourist-driven economy of Las Vegas. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the 58th Super Bowl, which is scheduled to take place in February 2024. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority.

Persons: Wynn, Ananta Agarwal, Shivansh, Anil D'Silva, Arun Koyyur Organizations: Hospitality, Wynn Resorts, Caesars Entertainment, MGM Resorts International, Culinary Workers, Bartenders Unions, Hilton Worldwide, Hilton, Detroit Three, Hollywood, Wynn, Las, Las Vegas, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

☆ Las Vegas unions end strike threat after reaching labor deal with Wynn Resorts
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - Hospitality workers in Las Vegas reached a tentative labor deal with Wynn Resorts <WYNN.O>, their union said on Friday, ending the threat of a strike against major casino operators that could have crippled tourist operations in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery in tourism. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the 58th Super Bowl, which is scheduled to take place in February 2024. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. "We are very pleased that we were able to reach an agreement," Wynn said in a Friday statement, adding that it was looking forward to a ratification of its tentative agreement soon.

Persons: Wynn, Ananta Agarwal, Shivansh, Arun Koyyur, Anil D'Silva Organizations: Hospitality, Wynn Resorts, Wynn, Caesars Entertainment, MGM Resorts International, Auto, Detroit, Hollywood, Las, Las Vegas, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

☆ Las Vegas Strip Workers Forge Tentative New Labor Deals With Casinos
▼ + stars: | 2023-11-10 | by ( Katherine Sayre | ) www.wsj.com time to read: 1 min

The contract deals cover about 35,000 workers at Wynn Resorts, MGM Resorts and Caesars Entertainment. Photo: Bridget Bennett/Bloomberg NewsLas Vegas Strip casino workers and three gambling companies struck labor contract deals this week after months of negotiations, narrowly avoiding a strike ahead of the high-stakes Formula One race weekend in the city. The Culinary and Bartenders unions had set a Friday strike deadline to reach deals for about 35,000 workers at MGM Resorts , Caesars Entertainment and Wynn Resorts . The unions represent housekeepers, bartenders, servers, bellmen and other hospitality workers in Las Vegas. The tentative agreements for five-year contracts affect workers at 18 casinos including flagship properties Caesars Palace, the Bellagio and Wynn.

Persons: Bridget Bennett Organizations: Wynn Resorts, MGM Resorts, Caesars Entertainment, Bloomberg News Las Vegas, Bellagio, Wynn Locations: Las Vegas

“Las Vegas needs to be full service," he said last month. But by dawn Friday, the union had secured tentative labor deals with MGM Resorts, Caesars and Wynn Resorts, narrowly averting a sweeping strike at 18 hotel-casinos along the Strip. Before the pandemic, daily room cleanings were routine. Some companies say it's because there are environmental benefits to offering fewer room cleanings, like saving water. A spokesman for Wynn Resorts said they already offer daily room cleanings and did not cut back on that service during the pandemic.

Persons: Ted Pappageorge, —, Wynn, weren't, Pappageorge, bellman, ”, David Edelblute, Rory Kuykendall, Jennifer Black, “ Organizations: LAS VEGAS, Las, Culinary Workers Union, MGM Resorts International, Caesars Entertainment, Wynn Resorts, MGM Resorts, Caesars, MGM, Associated Press, Flamingo Locations: Las Vegas, Vegas, —, Flamingo Las Vegas

☆ Latest Las Vegas labor deal ends threat of huge hotel strike
▼ + stars: | 2023-11-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Friday morning in Las Vegas saw labor peace, and not a threatened strike along the Strip, as the Culinary union has reached its third tentative labor deal in three days with a casino operator. Since that peak, rents in Las Vegas have come down slightly, following national trends, and the typical rent in the city was $1,808 in September of this year. Overall, the city has about 150,000 hotel rooms, according to the Las Vegas Convention and Visitors Authority. It also eliminated a lower tier of pay for many union members and gave bigger pay hikes to some part-time workers. And about 15,000 union members have been waging a series of set-duration on-and-off strikes against 65 hotels in Los Angeles and Orange counties in California since July 4.

Persons: Wynn, “, ”, Michael Weaver, Ted Pappageorge, that’s Organizations: New, New York CNN, Wynn Resorts, MGM Resorts International, Caesars Entertainment, Caesars, MGM, Wynn Las, Las Vegas, Las Vegas Convention, Visitors Authority, Cornell University’s, SAG, United Auto Workers, General Motors, Ford, Kaiser Permanente, Teamsters, UPS, UAW — Locations: New York, Las Vegas, Wynn Las Vegas, Las, Detroit, Los Angeles, Orange, California

☆ After Averting a Hotel Strike, Las Vegas Still Has a Lot of Work to Do
▼ + stars: | 2023-11-10 | by ( Kurtis Lee | More About Kurtis Lee | ) www.nytimes.com time to read: +1 min

The final agreement, with Wynn Resorts, came early on Friday, a few hours before the strike deadline. The deal, when ratified, would provide “outstanding benefits and overall compensation to our employees,” Wynn said in a statement. A strike loomed as a major disruption to a series of big events, starting with the Las Vegas Grand Prix, a Formula 1 auto race along The Strip that is expected to draw hundreds of thousands of visitors late next week. Along with the Formula 1 race, Las Vegas is the site of the National Finals Rodeo in December and the Super Bowl in February. Bill Hornbuckle, the chief executive of MGM, said in a Wednesday earnings call that his company had sold more than 10,000 tickets to the Grand Prix and expected to bring in $60 million in extra hotel revenue in the days ahead.

Persons: ” Wynn, Bill Hornbuckle Organizations: Wynn Resorts, Las Vegas, Vegas, —, Bowl, MGM, Prix Locations: Nevada, Vegas

☆ Las Vegas Strip Workers Reach Deal with MGM Resorts
▼ + stars: | 2023-11-09 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Photo: Bridget Bennett/Bloomberg NewsUnions representing Las Vegas Strip workers struck a tentative agreement with MGM Resorts International, the second of three casino giants to reach a deal ahead of a potential strike slated to start Friday. The Culinary and Bartenders unions said Thursday that with less than 24 hours before the strike deadline, MGM tentatively agreed to a new five-year contract covering about 25,400 workers at eight Las Vegas properties.

Persons: Bridget Bennett Organizations: Bloomberg News Unions, Las Vegas, MGM Resorts International, MGM Locations: Las, Vegas

Casino resort operators have been earning record profits from a steady post-pandemic recovery in Las Vegas tourism. Caesars Entertainment (CZR.O), the second-biggest Las Vegas casino operator by number of employees, said the deal provides "meaningful wage increases" and aligns with plans to bring more union jobs to the Strip. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. The city is gearing up for events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw thousands of tourists. TALKS WITH MGM, WYNN CONTINUETalks with casino operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of Friday's deadline for a strike.

Persons: Steve Marcus, Ted Pappageorge, we've, Pappageorge, Erik Gordon, Daniel Busby, WYNN, William Hornbuckle, Wynn, Barry Jonas, Jonas, Shivansh Tiwary, Ananta Agarwal, Rod Nickel, Stephen Coates Organizations: Caesars Entertainment Corp, REUTERS, Las Vegas Sun, Caesars Entertainment, Culinary Workers, Bartenders Unions, Culinary Union, Las, housekeepers, Las Vegas Convention, Visitors Authority, Las Vegas, Companies, University of Michigan, Paris Las Vegas, Caesars, MGM, MGM Resorts International, Wynn Resorts, Wynn, Vegas . Caesars, Thomson Locations: Las Vegas , Nevada, Las Vegas, Vegas, United States, Vegas ., Bengaluru, Doyinsola, New York

☆ Another labor deal averts strike at 8 more Vegas casinos
▼ + stars: | 2023-11-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —The Culinary union has reached a deal with MGM Resorts International covering 25,400 members, averting a strike at eight casinos that had been set to start Friday. The deal, announced in a tweet by the union, comes a day after a similar deal was reached with Caesars Entertainment that averted a strike by 10,000 other union members at nine casinos operated by that company. A strike at almost all of the city’s major casinos would have come at a particularly bad time. He praised the MGM deal Thursday, although he would not give details. It also eliminated a lower tier of pay for many union members and gave bigger pay hikes to some part-time workers.

Persons: William Hornbuckle, “ We’re, ” Hornbuckle, Union, Ted Pappageorge, ”, that’s, Fran Drescher Organizations: New, New York CNN, MGM Resorts International, Caesars Entertainment, Wynn Resorts, Las Vegas Convention, Visitors Authority, Caesars, MGM, “ Workers, Las Vegas, Cornell University’s, SAG, United Auto Workers, General Motors, Ford, Kaiser Permanente, Teamsters, UPS, UAW — Locations: New York, Luxor, Mandalay Bay, Vegas, Las Vegas, Las, Detroit, Los Angeles, Orange, California

☆ Cramer encourages investors to buy Wynn Resorts with earnings in focus
▼ + stars: | 2023-11-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. U.S. stocks were mainly lower in Thursday morning trading, with the S & P 500 down 0.13% after eight-straight sessions of gains. Club name Wynn Resorts (WYNN) reports third-quarter results after the closing bell Thursday, with the casino operator's business in Macao, China, in focus. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Walt Disney, Bob Iger, Hugh Johnston, Jim, bode, Wynn, Jim Cramer's Organizations: CNBC, Treasury, West Texas, Club, Walt, Wynn Resorts, WYNN, Gross, MGM Resorts, MGM Locations: Macao, China

☆ Las Vegas Unions and MGM Resorts Reach Tentative Labor Agreement
▼ + stars: | 2023-11-09 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

A tentative labor agreement with a second major Las Vegas hotel operator, MGM Resorts International, was announced Thursday, a day before a strike deadline set by two unions representing hospitality workers. The Culinary Workers Union Local 226 said a deal had been reached on a five-year contract covering 25,400 workers at MGM Resorts, whose eight Las Vegas properties include the Bellagio and Mandalay Bay. The Culinary Workers and Bartenders Union Local 165, which are affiliates of UNITE HERE, announced on Wednesday that they had struck a deal with Caesars Entertainment, another major resort operator in the city. The unions said last week that their members would go on strike if an agreement with the city’s three main resort operators wasn’t reached by Friday. The union is still negotiating with Wynn Resorts.

Organizations: MGM Resorts International, Culinary Workers Union, MGM Resorts, Twitter, Culinary Workers, Bartenders Union, Caesars Entertainment, Wynn Resorts Locations: Vegas, Bellagio, Mandalay Bay

However, the rally has run out of steam as several Fed policymakers this week pushed back against market expectations that the central bank will begin cutting interest rates soon. "The market got carried away regarding how soon it thought we would be seeing interest rate cuts being delivered. "But that was never the case and comments from various CB (central bank) officials this week have very much opened eyes to this." On the earnings front, shares of Walt Disney (DIS.N) rose 4.1% in premarket trade after the entertainment company exceeded Wall Street estimates for quarterly profit on higher attendance at its Shanghai and Hong Kong theme parks. MGM Resorts International(MGM.N) added 3.5% on beating third-quarter estimates for profit and revenue as the casino operator benefited from easing pandemic restrictions.

Persons: Brendan McDermid, Stuart Cole, Austan Goolsbee, Jerome Powell, Thomas Barkin, Walt Disney, Amruta Khandekar, Maju Samuel Organizations: Intercontinental Exchange Inc, New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Treasury, Equiti, CB, Chicago Fed, Wall, International Monetary Fund, Richmond Fed, Labor Department, Dow e, Walt, Arm Holdings, Theatre, AMC Entertainment, MGM Resorts International, Thomson Locations: U.S, Shanghai, Hong Kong

NEW YORK (AP) — Once again, U.S. labor unions are flexing their muscles in the national spotlight. In Hollywood, the actors union reached a tentative deal with major studios late Wednesday to end a months-long strike. UNION RATES HAVE BEEN FALLING FOR DECADES. Only 6% of U.S. private-sector workers belong to unions today, a sliver of the 35% that were union members in 1953. That means that what worked in auto workers' labor campaign, for example, may not look the same or be possible in other industries.

Persons: —, ” Alexander Colvin, ”, Eunice Han, Adam Seth Litwin, Litwin, Todd Vachon, Taft, Hartley, Vachon, Ronald Reagan, “, haven't, John F, Kennedy, ” Vachon, Han, Colvin, ” Colvin, Creighton Organizations: Hollywood, Caesars Entertainment, MGM Resorts International, United Auto Workers, Detroit, Cornell University's School of Industrial and Labor Relations, Associated Press, Labor, University of Utah, Cornell University’s School of Industrial and Labor Relations, ”, Screen Actors, American Federation of Television, Radio Artists, Writers Guild of America, Rutgers School of Management, Labor Relations, AP, Bureau of Labor Statistics, National Labor Relations, Starbucks, Gallup Locations: U.S, Las Vegas, United States, Midwest

LAS VEGAS (AP) — MGM Resorts International, the largest employer on the Las Vegas Strip, was close to reaching a tentative deal with the hotel workers union, the casino company’s CEO said as the clock ticked closer to a union deadline for a sweeping strike. “This deal, when announced, will do just that.”During a break in bargaining, the union’s chief contract negotiator said he welcomed Hornbuckle’s sentiments. The union caught a break at dawn Wednesday when it reached a tentative deal with Caesars that covers 10,000 workers at the company’s flagship Caesars Palace, as well as Flamingo, Harrah’s, Horseshoe, Paris Las Vegas, Planet Hollywood, Cromwell and Linq. But experts say a walkout isn’t likely now that the union has a blueprint for a contract after reaching its breakthrough deal with Caesars. That includes walkouts in Hollywood, UPS’ contentious negotiations that threatened to disrupt the nation’s supply chain, and the ongoing hotel workers strike at Detroit’s three casinos, including MGM Grand Detroit.

Persons: Bill Hornbuckle, ” Hornbuckle, “, Ted Pappageorge, Cromwell, Linq, Joshua Guray, Guray, ”, Bill Werner, Tiffany Thomas, Bethany Khan, hasn’t, Khan, ” Khan Organizations: LAS VEGAS, MGM Resorts International, Las, Culinary Workers Union, MGM Resorts, Caesars Entertainment, Wynn Resorts, Caesars, Associated Press, University of Nevada, MGM Grand Detroit, Las Vegas, MGM, Wynn, Workers Locations: Harrah’s, Horseshoe, Paris Las Vegas, Las Vegas, Los Angeles, Hollywood, Luxor, Mandalay Bay, New York

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. The culinary workers and bartenders Unions said that 25,470 workers have a new five-year tentative agreement with MGM. Casino resort operators have been earning record profits from a steady post-pandemic recovery in Las Vegas tourism. Caesars Entertainment (CZR.O), the second-biggest Las Vegas casino operator after MGM by number of employees, said that its deal with the unions provides "meaningful wage increases." Visits to Las Vegas in September were 4% lower than in the same period in 2019, the year before the pandemic, according to data from the Las Vegas Convention and Visitors Authority.

Persons: Bridget Bennett, Ted Pappageorge, We're, Bill Hornbuckle, Wynn, Ananta Agarwal, Arun Koyyur Organizations: MGM, MGM Resorts, REUTERS, MGM Resorts International, Unions, Caesars Entertainment, Culinary Union, Las, Wynn Resorts, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas , Nevada, U.S, Las Vegas, United States, Detroit, Vegas, Bengaluru, Doyinsola, New York

☆ Ticket prices are plunging ahead of Formula 1’s next race set on the Las Vegas Strip
▼ + stars: | 2023-11-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Ticket and hotel room prices are falling sharply in Las Vegas as the gambling mecca preps to host its first Formula 1 Grand Prix race in four decades next week. Tickets were priced at roughly $2,000 a year ago for the Las Vegas race. Still, in true Las Vegas fashion, some hotels are going all-out with F1-themed weekends packages. Las Vegas is the third US city to host an F1 race, after Miami and Austin. F1 claims that the race will generate $1.3 billion, making it the “single largest special event in Las Vegas history.”

Persons: fizzle, Max Verstappen, Brett Goldberg, TickPick, ” Goldberg, Goldberg, That’s, Heineken Silver, Bud, ” Organizations: New, New York CNN, Las, CNN, Caesars, Grands Prix, MGM Resorts, Bellagio, Heineken, Netflix Locations: New York, Las Vegas, Qatar, Miami, Vegas, Austin

☆ Las Vegas Unions and Caesars Reach Tentative Agreement as Strike Looms
▼ + stars: | 2023-11-08 | by ( Kurtis Lee | More About Kurtis Lee | ) www.nytimes.com time to read: +1 min

Unions representing hospitality workers in Las Vegas reached a tentative agreement on Wednesday with one of the city’s three major resort operators, two days before a strike deadline that loomed just as tourists arrive for a major international sporting event. The Culinary Workers Union Local 226 and Bartenders Union Local 165, which are affiliates of Unite Here, announced the tentative agreement on a five-year contract with Caesars Entertainment but did not provide details. The culinary union said the deal had been reached after 20 straight hours of negotiations and covered 10,000 workers. Caesars said in a statement that the accord would provide “meaningful wage increases that align with our past performance, along with continued opportunities for growth tied to our future plans to bring more union jobs to the Las Vegas Strip.”The two unions last week said that 35,000 members would walk off the job on Friday at 18 hotels along The Strip owned by Caesars, MGM Resorts International and Wynn Resorts, posing a major threat to the city’s economy.

Organizations: Culinary Workers Union Local, Bartenders Union, Caesars Entertainment, Caesars, Las, MGM Resorts International, Wynn Resorts Locations: Las Vegas

☆ Casino operator MGM beats third-quarter estimates as China travel rebounds
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing RightsNov 8 (Reuters) - MGM Resorts International (MGM.N) beat market estimates for third-quarter profit and revenue on Wednesday, as the casino operator benefited from easing pandemic-related entry restrictions in its key markets. The post-pandemic travel rebound in China and Macau has been a tailwind for casino operators such as MGM Resorts and Las Vegas Sands Corp (LVS.N). "MGM China is performing exceptionally well," MGM's CEO Bill Hornbuckle said in the statement. Last month, MGM had said it expects a $100 million hit to its third-quarter results after a cyberattack disrupted its operations, forcing a shutdown of its systems.

Persons: Bridget Bennett, Bill Hornbuckle, Priyamvada, Shilpi Majumdar Organizations: MGM, MGM Resorts, REUTERS, MGM Resorts International, Vegas Sands Corp, Wynn Resorts, Thomson Locations: Las Vegas , Nevada, U.S, China, Macau, MGM China, Bengaluru

☆ Caesars reaches deal with Las Vegas union to avoid strike
▼ + stars: | 2023-11-08 | by ( Contessa Brewer | ) www.cnbc.com time to read: +1 min

The exterior of Caesars Palace Hotel and Casino is viewed in Las Vegas on Dec. 4, 2015. A strike is off the table for nearly 10,000 Caesars Entertainment union workers on the Las Vegas strip. The Culinary Union and Bartenders Union members voted to authorize a strike in September against Caesars, MGM Resorts and Wynn Resorts . In a statement to CNBC, Caesars said its union employees will see meaningful wage increases that align with growth opportunities and past performance. He said it would be the biggest wage increase for Caesars employees in the company's four decades of dealing with the Culinary Union.

Persons: Wynn, Tom Reeg Organizations: Caesars Entertainment, Culinary, Culinary Union, Bartenders Union, Caesars, MGM Resorts, Wynn Resorts, MGM, CNBC, CNBC PRO Locations: Las Vegas, Vegas

Casino-resort operators have been earning record profits from a steady post-pandemic recovery in tourism to Las Vegas. Visits to the city in August were just 7% lower than in the same period in 2019, according to the Las Vegas Convention and Visitors Authority. The city is also gearing up for major events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw more than 100,000 tourists. TALKS WITH MGM, WYNN CONTINUETalks with operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of the Nov. 10 deadline for a strike. Caesars shares were up about 3% in early trading, while MGM and Wynn Resorts rose 1.6% and 0.5%, respectively.

Persons: Steve Marcus, Erik Gordon, WYNN, Barry Jonas, Shivansh Tiwary, Ananta Agarwal, Sriraj Kalluvila, Arun Koyyur Organizations: Caesars Entertainment Corp, REUTERS, Las Vegas Sun, Caesars Entertainment, Culinary Workers, Bartenders Unions, Las, housekeepers, Las Vegas Convention, Visitors Authority, Las Vegas, Companies, University of Michigan, MGM, MGM Resorts International, Wynn Resorts, Wynn, Caesars, Thomson Locations: Las Vegas , Nevada, Las Vegas, Vegas, United States, Bengaluru

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