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☆ 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

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

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

☆ 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

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

☆ Chipmaker NXP forecasts profit above estimates on resilient auto, industrial
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Steve Marcus/File Photo Acquire Licensing RightsNov 6 (Reuters) - Chipmaker NXP Semiconductors (NXPI.O) forecast fourth-quarter profit above Wall Street targets on Monday, expecting a resilient automotive market and stable industrial demand to offset weakness in other key markets. NXP in September said automotive demand was "pretty good" across all its markets, including China, which contributes about 30% to the chipmaker's total revenue. However, NXP CEO Kurt Sievers said the company's communication infrastructure business performed "slightly below expectations" in the third quarter. The company forecast adjusted current quarter revenue in the range of $3.30 billion and $3.50 billion, compared to analysts' estimate of $3.43 billion, per LSEG data. Revenue in the third quarter was $3.43 billion, compared with estimates of $3.40 billion.

Persons: Steve Marcus, Kurt Sievers, NXP, Chavi Mehta, Krishna Chandra Organizations: Semiconductors, Electronics, Las Vegas Convention, REUTERS, Wall, NXP, Apple, Revenue, Nasdaq, Thomson Locations: Las Vegas , Nevada, U.S, China, Eindhoven, Netherlands, Bengaluru

Former Vice President Mike Pence announced that he would drop his bid for the White House on Saturday, as he determined that “this is not my time.”“I was raised to believe that to whom much is given much will be required, and with everything our country is facing, I just couldn’t sit this one out. But the Bible tells us that there’s a time for every purpose under heaven,” Pence said during remarks at a Las Vegas convention. “So after much prayer and deliberation, I have decided to suspend my campaign for president, effective today.”Pence’s campaign had struggled to gain a foothold amid a crowded Republican primary field. The outcome was an approach that seemed inconsistent, with Pence at times distancing himself from the former president, while he tried to take credit for the administration’s work on certain issues, like immigration. But Pence made clear that he’s committed to seeing a Republican in the White House, and while he’s suspending his campaign, he won’t “leave the fight for conservative values.”

Persons: Mike Pence, ”, ” Pence, Donald Trump, Pence, Trump, he’s, won’t “ Organizations: White, Republican, White House, Trump, Republican Party, Republicans, Republican Jewish, Hamas, Biden Locations: Las Vegas, Indiana, Israel

☆ Santa Clara's Levi's Stadium generated $2 billion for the local economy in 10 years, thanks to non-NFL events
▼ + stars: | 2023-10-06 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

A new study shows Levi's Stadium generated $2 billion for the local economy in its first 10 years. More than $300 million was brought in before Levi's Stadium opened and was used to help pay for its construction. Her two concerts at Levi's Stadium in July are estimated to have generated a total of $33.5 million in economic impact for the area. AdvertisementAdvertisementGuido thanked the citizens of the Bay Area in a letter and lauded the economic impact study in a statement. Before the Levi's Stadium analysis, most earlier studies showed the impact of a stadium rarely lives up to the promises of the teams.

Persons: Taylor Swift, —, SportsEconomics, Coldplay, Elton John, Kate Green, Al Guido, QuestionPro, Swifties, Mike Coppola, doesn't, Robert Beck, Goldman Sachs, Guido Organizations: Service, San Francisco 49ers, 49ers, Levi's, NFL, Office Sports, Bank of America, Fortune, Las Vegas Convention, Vistors Authority, Super, MTV, Goldman, Santa Clara Stadium Authority, Minnesota Vikings, Swift Locations: Santa Clara, Glendale , Arizona, Minneapolis

☆ Hospitality workers, Las Vegas casinos in crunch time for labor talks
▼ + stars: | 2023-10-03 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +3 min

[1/2] A press conference as members of the Culinary Workers Union Local 226 ahead of 2020 presidential election in Las Vegas, Nevada, U.S., February 13, 2020. Workers are negotiating for a new five-year contract to boost wages and benefits as tourism in Las Vegas recovers from depressed visitor levels during the pandemic. The Las Vegas unions are among the most powerful in the United States, covering workers that wait tables, clean hotel rooms and prepare food. Over 3.3 million people visited Las Vegas in August 2023, a 7% decrease from levels during the same period in 2019 before the pandemic, according to data from the Las Vegas Convention and Visitors Authority. About 95% of hospitality workers voted on Sept. 26 to authorize a strike across 22 properties on the Las Vegas Strip.

Persons: Eric Thayer, Ted Pappageorge, Wynn, Pappageorge, they’d, Barry Jonas, Jonas, Doyinsola Oladipo, David Gaffen, Aurora Ellis Organizations: Culinary Workers Union Local, REUTERS, Vegas, MGM Resorts International, Caesars Entertainment, Wynn Resorts, Workers, Las, Las Vegas Convention, Visitors Authority, MGM Resorts, Caesars, housekeepers, MGM, Wynn, Thomson Locations: Las Vegas , Nevada, U.S, Las Vegas, United States, New York

A VinFast VF8 electric SUV is displayed during CES 2022 at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. January 5, 2022. If fulfilled, Europe would become VinFast's biggest overseas market this year. The company had shipped about 2,100 EVs earlier this year to the United States. Should the EU probe conclude that punitive duties on China-made EVs are warranted, VinFast could find its cars are more competitively priced. VinFast, which is part of Vietnamese conglomerate Vingroup (VIC.HM), was formed in 2017 and began making EVs in 2021 after dropping its manufacturing of cars with internal combustion engines.

Persons: Steve Marcus, Thuy, Inovev, VinFast, Phuong Nguyen, Francesco Guarascio, Miral Organizations: Las Vegas Convention, REUTERS, Rights, Reuters, European Union, Nasdaq, EU, Thomson Locations: Las Vegas , Nevada, U.S, Rights HANOI, Europe, France, Germany, Netherlands, VinFast's, Vietnam, United States, Israel, China, Indonesia, India, East, Africa, Latin America

☆ Textron announces option to sell up to 1,500 Cessna Citation aircraft to NetJets
▼ + stars: | 2023-09-20 | by ( Mehr Bedi | ) www.reuters.com time to read: +1 min

A worker cleans a NetJets booth on the trade show floor, in preparation for the NBAA Business Aviation Convention & Exhibition at the Las Vegas Convention Center, in Las Vegas, Nevada, U.S., October 11, 2021. REUTERS/Steve Marcus Acquire Licensing RightsSept 20 (Reuters) - Textron Aviation (TXT.N) and NetJets on Wednesday signed an agreement which would give the private jet firm owned by Berkshire Hathaway an option to buy up to 1,500 additional Cessna Citation business jets over the next 15 years. The deal for Cessna Citation business jets, which are designed, produced and delivered by Textron, could be valued at approximately $30 billion, according to analysts at Jefferies. The deal extends NetJets' existing fleet agreement and includes options for an increasing number of aircraft each year, allowing it to expand its fleet with Cessna Citation Ascend, Citation Latitude and Citation Longitude aircraft. Deliveries of the Citation Ascend are expected to begin in 2025 when the aircraft, currently under development, is expected to enter into service.

Persons: Steve Marcus, Berkshire Hathaway, Mehr Bedi, Shilpi Majumdar Organizations: NBAA Business Aviation Convention, Las Vegas Convention, REUTERS, Textron Aviation, Wednesday, Berkshire, Cessna Citation, Textron, Jefferies, Cessna, Thomson Locations: Las Vegas , Nevada, U.S, Bengaluru

☆ Warren Buffett dumps stock, regulators open probes as claims of abuse and fraud mount against a top Globe Life agency
▼ + stars: | 2023-08-31 | by ( Susan Antilla | ) www.businessinsider.com time to read: +22 min

Five other current or former agents confirmed to Insider that some Arias agents wrote up policies in the names of fictional people or people who were dead. Amy Williamson, an attorney who represents dozens of current and former Arias agents in civil claims, said she received an inquiry from a US attorney's office. With regard to Insider's specific questions about Globe, AIL, and Arias, she said, "It is the Company's policy not to comment." Lusty asked questions about Russin's campaign of aggressive social-media posts since Zinsky filed suit, Williamson said, including posts about his gun purchases. Since Zinsky filed suit against him, Russin has made a string of threatening social media posts featuring firearms.

Persons: Simon Arias, Warren Buffett, Berkshire Hathaway, Arias, Trina Orlando, Michelle Billotte, Billotte, she'd, Orlando, Nancy Andrews, William McKee, McKee, Brett Hambright, Amy Williamson, AIL, Renee Zinsky, Michael Russin, Russin, Jennifer Haworth, Benjamin Webb, Chris Williams, Natalie Price, dialers, DocuSign, Scott Dehning, Steven Greer, Joel Scarborough, Dehning, Haworth, Greer, Zinsky, Abeni Mayfield, Mayfield, Columbia , Maryland Rosem Morton, Abeni Mayfield Orlando, texted, Kailey Andrasko, propositioned, Russin texted, he'd, Kailey, Williamson, Anne Hilbert, Hilbert, Debbie Gamble, Zinsky's, Webb, didn't, interrogatories, Jonathan Lusty, Lusty, I'm Organizations: Arias, . Insurance, Wexford, Berkshire, Globe, Life, American, Arias Organization, Arias Agency, Pennsylvania Department of Insurance, Department of Insurance, Department, Pennsylvania, Globe Life, Texas Rangers, Dallas Cowboys, AIL, Organization, Russin, Insider Orlando, Caesars, Employment, Commission, Caesars Palace, Russin's, Consulting, Court, Western District of Pennsylvania Locations: Wexford , Pennsylvania, Wexford, Morgantown , West Virginia, AIL, Michigan, Scarborough, Columbia , Maryland, Las Vegas, Stockholm, Orlando, Morgantown, Mayfield's, Western District, Pittsburgh

☆ VinFast’s volatile stock has an easy, painful fix
▼ + stars: | 2023-08-30 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

On Tuesday the Vietnamese nascent electric-car maker’s shares capped a flighty first fortnight as a publicly traded company by tumbling 44%. Yet the unprofitable manufacturer still sports a racy $107 billion market capitalisation courtesy of the previous eightfold rocketing of its stock since its merger with a blank cheque company in mid-August. Even with the wild swings, the stock trades almost five times higher than what already looked like a punchy valuation when the merger was announced in May. Granted, VinFast might not be desperate for cash – parent Vingroup (VIC.HM) and Vuong injected $2.5 billion in April. Absent a rapid rise in car sales, though, VinFast’s zippy valuation is heading for more crashes anyway.

Persons: Steve Marcus, David Mansfield, Le Thi, –, Pham Nhat Vuong, Vuong, it’s, VinFast, Una Galani, Thomas Shum Organizations: VinFast Global, Las Vegas Convention, REUTERS, Rights MELBOURNE, Reuters, VinFast Auto, Finance, Vietnam’s, Ford, GM, Thomson Locations: Las Vegas , Nevada, U.S

☆ As Maui rebuilds, residents reckon with tourism's role in their recovery
▼ + stars: | 2023-08-19 | by ( ) www.cnbc.com time to read: +5 min

The Maui Economic Development Board says tourism is "irrefutably" the economic engine of Maui, which saw 1.4 million visitors in just the first half of 2023. About 70% of every dollar generated in Maui can be attributed to tourism, according to the board. Yet as the island looks to rebuild, residents like Keahi wonder what role tourism should play in the long road ahead to recovery. "So if they're saying Maui is closed, then there are no tourists coming in, and then we lose our jobs." "We just wanted to stay out of the way," Bailey said, adding that he understands the local residents "need time."

Persons: Hawaii's, Kapali Keahi, Keahi, Rafael Villanueva, Villanueva, that's, " Villanueva, Josh Green, Julie Sumibtay, Sumibtay, Tom Bailey, Bailey Organizations: Maui Economic Development Board, Tourism Expert, Las Vegas Convention, Visitors Authority, Las, Las Vegas, Hawaii Gov Locations: Lahaina, Maui, Nahale St, Long, America, Las, West Maui, It's, Kihei, Sacramento, California, Kaanapali, Oahu

☆ Is this a leaked video of Tesla's rumored futuristic self-driving passenger pod? You be the judge.
▼ + stars: | 2023-07-13 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

A Las Vegas content creator shared a video that says shows a prototype vehicle from The Boring Company. The leaked video appears to show a steering wheel with Tesla's insignia. Courtesy of Jacob OrthOrth's video looks roughly similar to early renderings of autonomous pods that The Boring Company shared in 2018. Since 2018, Musk has had little to say about The Boring Company's people-mover, but the billionaire has been known to announce surprise products every once and while. Representatives for Tesla and The Boring Company did not respond to a request for comment ahead of publication.

Persons: Elon Musk, Jacob Orth, Orth, he's, Tesla, Jacob Orth Orth's, Musk Organizations: Boring Company, Twitter, Las Vegas Convention Center, YouTube, Elon Musk's EV, The Boring, Tesla Locations: Vegas, Hawthorne , California

☆ Peloton will offer safety guard for recalled Tread+ treadmill
▼ + stars: | 2023-05-18 | by ( Natasha Piñon | ) www.cnbc.com time to read: +2 min

Maggie Lu uses a Peloton Tread treadmill during CES 2018 at the Las Vegas Convention Center on January 11, 2018 in Las Vegas, Nevada. Peloton said Thursday that it would release a rear safety guard for its Tread+ treadmill, working with the U.S. Consumer Product Safety Commission. The Tread+ treadmill has been at the heart of safety concerns surrounding Peloton in recent years. Sales for the treadmill have been halted since a young child died under a Tread+ treadmill in 2021. The safety guard will be offered free of charge to people who own a Tread+ treadmill, the company said in a release.

☆ Elon Musk's Tesla tunnels are a 'fake alternative' to solve traffic but if he made them for subways we'd all be better off, expert says
▼ + stars: | 2023-05-08 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +7 min

A journalist argues that Musk could use The Boring Company to make public transportation cheaper. This includes solving traffic by moving transportation underground through car tunnels or building a successful hyperloop. And Musk has often been explicit that traditional public transportation options, like subways, would not be a part of his vision. The Boring Company has also put its controversial hyperloop plans to the side. The Boring Company did not immediately respond to Insider's request for comment.

☆ In race for efficient EVs, Mercedes taps F1 team to keep up with Tesla
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +6 min

In this article MBG-FF Follow your favorite stocks CREATE FREE ACCOUNTLewis Hamilton of Great Britain drives the Mercedes AMG Petronas F1 Team W13 on race day during the 2023 Australian Grand Prix at Albert Park on April 2, 2023 in Melbourne. But Mercedes' F1 collaboration to build more efficient EVs faster is unprecedented because it embeds that racing mindset and technological expertise directly in product development. After decades of leadership in combustion-engine technology, legacy carmakers like Mercedes have lagged Tesla in electric vehicles. Mercedes' F1 team can help it get back in the race, said Steven Merkt, head of transportation solutions at TE Connectivity , a major autos supplier. Last year, Mercedes unveiled its EQXX concept car, a super-efficient EV capable of a range of more than 1,200 km (745 miles), which was jointly developed with the German premium carmaker's F1 team in England.

☆ Inside the Wild World of Celebrity Keynote Speakers: Drugs, Alcohol
▼ + stars: | 2023-04-23 | by ( David Kushner | ) www.businessinsider.com time to read: +31 min

"I never saw myself as a speaker, let alone a motivational speaker," Leonard tells me while his assistant irons his jeans. 'When I ramble," Hunter told me, "hit me in the leg!" Every plane had been grounded, including the one stuck on the tarmac with an increasingly inebriated Hunter Thompson trapped inside. But by far the most all-consuming task was booking gigs for Hunter Thompson. Just before a debate with G. Gordon Liddy at Brown University, Hunter demanded that Betsy Berg, whom I now worked alongside at GTN, score him some crystal meth.

[1/3] Las Vegas Grand Prix, Inc. CEO Renee Wilm and Terry Miller of Miller Project Management give a tour of the Las Vegas Grand Prix paddock construction site, in Paradise, Nevada, U.S., March 3, 2023. "We think this is going to the biggest sports and entertainment event of the year," Renee Wilm, the CEO of the Las Vegas Grand Prix, told Reuters. "There is no better way for Las Vegas to draw the attention of our international customers than through Formula One," Steve Hill, CEO of Las Vegas Convention and Visitors Authority, told Reuters. JUST THE BEGINNINGAnd the Las Vegas sports bonanza won't stop at the F1 finish line. Reporting by Rory Carroll in Las Vegas Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk's Boring Company wants to build even more tunnels under Las Vegas, but the Loop's Teslas probably won't be self-driving, report says
▼ + stars: | 2023-03-22 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

Elon Musk's Boring Company wants to build even more tunnels under Las Vegas, a new proposal showed. The expanded Vegas Loop would include 65 miles of tunnels, TechCrunch reported. The Vegas Loop was approved in October 2021 by Nevada's Clark County, which is home to many casinos and the Las Vegas Convention Centre. It would also allow commuters to reach more casinos, shopping areas, and the University of Nevada Las Vegas. The City of Las Vegas did not comment to TechCrunch other than to say that no construction had begun.

☆ Inside Peloton's rapid rise and bitter fall — and its attempt at a comeback
▼ + stars: | 2023-02-19 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +9 min

"It felt like nothing could get in the way of all that," said a former engineer who attended the party. For this report, CNBC spoke with 16 current and former Peloton employees, the majority of whom declined to be identified because they are not permitted to speak publicly about the company. Foley, meanwhile, spoke briefly with CNBC by phone, saying that while Peloton's stock has fallen, the company has not. Peloton's stock price was slowly sliding down, and employees began to panic as they saw their paper wealth evaporate. By June 30, the end of Peloton's fiscal year, the company's full-year net loss ballooned to $2.83 billion.

☆ Infrastructure innovation derailed: How Facebook's failed plan to turn a century-old railway into a commuter bridge may serve as a warning for The Boring Company
▼ + stars: | 2023-01-09 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

Elon Musk's tunnel infrastructure company has completed just one known project. While reporters and consumers immediately questioned whether Musk was serious about creating The Boring Company, early progress on its development silenced critics for several years. It's unclear whether The Boring Company will submit additional bids for tunnel projects in the future or complete the scheduled additions to the Vegas Loop. Despite its failed plan to materialize the Dumbarton Rail Bridge project, Facebook has continued massive infrastructure undertakings, largely in the form of submarine cable acquisition and development. Representatives for Facebook and The Boring Company did not immediately respond to Insider's requests for comment.

☆ The CEO of Elon Musk's Boring Company who reportedly slept at Twitter HQ with his wife and baby once owned a bar called 'Thomas Foolery'
▼ + stars: | 2022-12-24 | by ( Aaron Holmes | Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Elon Musk's Boring Company aims to build a network of road tunnels under major cities. Davis reportedly slept at Twitter HQ with his wife and baby after Elon Musk sought his help. Musk also owns The Boring Company, which has built a reputation for offbeat stunts. Before working for Musk, Davis founded a frozen yogurt shop and a bar that accepts bitcoin, among other ventures. Boring Company has faced scrutiny, especially in Chicago and Las Vegas, where it aimed to build its first tunnels.

The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI currently owns a 50.1% stake in the property, which it acquired when it bought MGM Growth properties in May. Strip casinos are seeing a 20% surge in revenue through October to $6.8 billion in gaming revenue from a year ago. "It's further evidence that Las Vegas remains amongst the most in-demand destinations in the world," said Rosemary Vassiliadis, Clark County's director of aviation. And hotel revenue in Las Vegas was up 51% in October compared with October 2019, before the pandemic, according to the Las Vegas Convention and Visitors Authority.

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