The Vegas dream is crumbling ...

Discuss the latest news and rumors in the magic world.
Joe Lyons
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Re: The Vegas dream is crumbling ...

Postby Joe Lyons » April 14th, 2019, 7:08 pm

Brad Henderson wrote:
Richard Kaufman wrote:Can someone please explain to me what is going on in this thread?


Bob Farmer killed Las Vegas.


The Bammo Vegas Walloper?

Tom Moore
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Re: The Vegas dream is crumbling ...

Postby Tom Moore » April 15th, 2019, 5:10 am

For anyone that /wasn't/ cirque the Vegas dream died 15 years ago as that's when it all switched to 4-walling and took away the incentives for the casinos to help ensure the show was a success. Cirque managed to tread water for the last 10 years but it's worth noting over that period they closed as many shows as they opened and it's widely expected they will be closing 3 shows before the decade is out.

There's at least 2 well established (and on the face of it successful / profitable) Vegas headliners that i know of who are very actively working on leaving their Vegas residency and switching to only doing month long visits during peek season whilst touring other countries / territories for the rest of the year and 2 very Vegas specific major shows that are holding on but only just.

There's a significant downturn in the EDM /nightclub scene; at the end of this year there will be something like half the clubs that started the year either officially closed or "closed for refurbishment" for an indefinite period. At the moment there's an uptick in the number of popstar residencies but that market is about to plateau as Vegas goes from only 2 x 4500 seat venues (Coliseum & AXIS / Zappos) to 8 similar sized space by the end of next year.

The next phase of Vegas is likely to be "experiential" entertainment (ironically making Fuerza-Bruta ahead of its time) with all the casino's having projects on the table (including something that's not a million miles away from the much missed CME) meaning that's where the market is heading next; entertainment projects that aren't time specific. It's safe to say now that the "vegas show" in any format we would recognise is dead and buried.
"Ingenious" - Ben Brantley: New York Times

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erdnasephile
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Re: The Vegas dream is crumbling ...

Postby erdnasephile » April 15th, 2019, 7:19 am

Are there any big stars in Vegas that are not 4-walling?

Tom Moore
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Re: The Vegas dream is crumbling ...

Postby Tom Moore » April 15th, 2019, 7:35 am

Famously Mac King is on something closer to an old-school contract. Donnie & Marie are on old school terms (but about to close permanently) outside of that i can't think of anyone who's on the traditional contract. The big Music star residencies are in a way - each of the mega theatres is operated by a promotor (AEG, Clearchannel, etc) who operate a number of venues around the world; typically they negotiate multi-venue or multi performer deals with the act concerned for a fixed fee plus percentage of the box office so in that respect the performers are on something resembling a traditional vegas deal and it is the venue promoters who are taking the risk as they rent the venue from the casino it's stood on. The sheer size of these venues gives the promotors some clout with the casino/hotel as the headlines and hotel room sales they generate are significant BUT they are still at the mercy of the casino; the Coliseum @ caesers is about to change promotors because the new promoters essentially are prepared to give the casino more than the old ones did.
"Ingenious" - Ben Brantley: New York Times

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Leonard Hevia
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Re: The Vegas dream is crumbling ...

Postby Leonard Hevia » April 15th, 2019, 9:53 am

I've read the comments on Internet articles about the Vegas downslide. Perks like free parking and low priced dinners have been phased out. I kept reading the same refrain: "I'm not going back."

Jack Shalom
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Re: The Vegas dream is crumbling ...

Postby Jack Shalom » April 15th, 2019, 10:45 am

Do Penn and Teller own their theatre?

Tom Moore
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Re: The Vegas dream is crumbling ...

Postby Tom Moore » April 15th, 2019, 12:26 pm

I believe they are essentially 4-walling though on a slightly sweeter deal than is normal. The marketing uptick from doing FoolUs and their regular appearances on other tv shows are part of a deliberate promotional strategy that seems to have worked as they are producing very solid sales levels. I would expect that they & Copperfield will be staying in Vegas until they retire.
"Ingenious" - Ben Brantley: New York Times

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Jack Shalom
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Re: The Vegas dream is crumbling ...

Postby Jack Shalom » April 15th, 2019, 1:57 pm

Thank you, Tom.


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