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The LVCVA and Harry Reid International Airport have not yet released their August reports. Truist Securities analyst Barry Jonas isn’t expecting a major rally.
Jonas projected on Friday (Sept. 18) in his Las Vegas room survey a soft third quarter. Jonas said Q3 rates for Las Vegas Strip casino rooms are “mostly lower,” with MGM Resorts rooms down 9% and Caesars Entertainment down 11%.
August rates trended lower, with Strip Proxy down -14%, MGM -17%, Caesars -18%, and Wynn Resorts flat. September is also lower with Strip Proxy down -10%, MGM -11%, Caesars -15% and Wynn +2%, as weekend rates were a bit higher but weighed down by the still soft weekday rates,” Jonas wrote.
How to play Tower Rush
Under the terms of the state’s offer, Pietras will admit to stealing his clients’ money for his personal use. In exchange for his admission, the state has recommended a prison sentence of 7.5 years instead of 15 years, followed by five years of probation.
According to the arrest warrant affidavit, law enforcement began investigating Pietras after an employee with a third-party company that assists funeral homes in managing and administering funeral contracts notified police about possible discrepancies at Pietras Family Funeral Homes in Coventry. Such funeral trust administrators partner with funeral homes to provide various programs, including trust funds, insurance policies, and escrow account management.
Law enforcement investigators uncovered a mountain of alleged theft. As the news spread, clients began requesting escrow statements, only to find that their funds were never deposited.
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The new Belmont is significantly different than the sprawling venue it replaced. The former 1.25 million-square-foot grandstand, which had become vastly oversized for the contemporary racing crowd, was demolished to make way for a much smaller, modern facility with a focus on hospitality and premium seating.
Friday’s opening was deliberately capped at 6,000 spectators while construction continues. Only the first two levels of the new five-story grandstand are currently open, with the remaining sections scheduled for completion ahead of next year’s meet.
The redevelopment was financed by a $455 million loan from New York State, approved in 2023. State officials have projected the project will generate $155 million in annual economic activity once fully operational, along with around $10 million annually in state and local tax revenue.
