The East Coast has been growing in attraction. A virtually wide open market to casino builders, such as Wynn Resorts, Las Vegas Sands, and MGM resorts. These companies are either building properties or building properties with more already planned for the future. In the same likeness as a Las Vegas Tower Resort on the East Coast, you will find MGM’s newest $1.4 billion dollar National Harbor Casino, which opens later this week. This establishment will bear over 533, 000 slot machines, 124 tables for games and 308 hotel rooms, as well as a bunch of restaurants and bars to accommodate all of the visitors. Is it gonna be located just South of DC, and lots of locals and businesses are hoping it attracts visitors to our beautiful Capital.
MGM has been super busy between the MGM Borgata in Atlantic City, the MGM Springfield, and the MGM National Harbor all opening, and now with their East Coast endeavors, along with already having the largest single hotel in the US, and the fact that they have been steady big timing since 1993 when the MGM Grand Las Vegas was established, MGM is sure to have a pretty big footprint in casino land pretty soon.
Wynn Resorts, owners of the Golden Nugget, The Mirage, and The Bellagio was one of the last to fall in place so far after Las Vegas Sands hit Pennsylvania with the Sands Bethlehem, that was so successful that others started filing in line to get their piece.
Noticeably identical to Atlantic City’s expansion, is it’s an obvious undertone of demise. There are so many closed down businesses, it’s hard to want to trust your GPS on a place to lodge for the night. The fact is, that Las Vegas saw a $2.66 billion dollar drop since 2006, and the economy has been experiencing some problems, to say the least. The renovation and new casinos popping up in the fallen Atlantic strip are just contributing to the problem.
All of the casinos are strategically placed. One of the traits we found common in Casinos from MGM, Wynn, and Las Vegas Sands is that they are all placed near a huge concentration of people. The Sands Bethlehem is right I the middle of New York, Boston, and Philadelphia, where everyone can reach it within a moderate drive. MGM’s National Harbor and the Wynn Everett are near urban centers as well.
The casinos are nice because of they more attractive to travelers, and worth every cent, but they kind of stick out, being billion dollar resorts in an otherwise barren area. In other words, they look like they go in Vegas. The gambling industry has their scopes set on the assumption that the East Coast has a big enough market to accommodate, but many are worried that they will suffer. The areas will fill out around them as well. The land development companies they hire to place their establishments are not fools, either. They are trained for it.
David and Tom Gardner, founders of the Motley Fool Rule Breakers, also the Motley Fool Stock Advisor, which has tripled the market, seem to believe that 10 stocks will do better than MGM in the coming year, and “they are better buys”.