Latest news with #LasVegas-based
Hindustan Times
a day ago
- Business
- Hindustan Times
Las Vegas compared to ghost town as tourism dips: ‘We're starting to freak out'
Las Vegas, once the crown jewel of American tourism, today seems to be battling a dip in footfall. Visuals shared on social media show the city's once busy roads and glittering casinos sitting virtually empty. Some social media users have even compared the Nevada city to a 'ghost town'. Las Vegas tourism plunging? Social media users report fewer tourists and emptier roads. No tips in Vegas According to a Wall Street Journal report, published July 26, workers in Las Vegas have seen their tips go down by as much as 50%, thanks to declining tourism. This plunge in income from tips comes despite Nevada's recently-passed 'no tax on tips' law. 'No tax on tips, that's a rad thing. But it doesn't really do us much good if there isn't any people to get tips from,' Las Vegas-based tattoo artist Charlie Mungo told the Journal. Mungo said that Canadians used to make up 30% of his clientele. They have now vanished. 'We're all starting to freak out,' he said. Canadians have been boycotting American products and vacations over US President Donald Trump's trade tariffs – he has imposed a 25% tariff on imports of certain Canadian goods. 'Las Vegas is dead' 'WOW! Look at Las Vegas! It's almost like a GHOST TOWN!' wrote one social media users on X, sharing a photograph that shows the roads of the city with only a few cars. X user Alex Cole posted a photograph of what appears to be the lobby of an empty resort and wrote: 'Las Vegas is dead bro…' 'I come to Vegas every year at this same time, and last year these streets were packed,' Cole added in a follow-up post. According to data from the Las Vegas Convention and Visitors Authority, the city saw a drop in overall visitor numbers during the first four months of this year. Passenger traffic through Harry Reid International Airport also declined, with domestic travel in the first half of 2025 down 4% compared to the same period last year.
Bloomberg
2 days ago
- Business
- Bloomberg
Tom Lee's Crypto Treasury Initiates Buyback a Month After Debut
Less than a month ago, investors such as Cathie Wood's Ark Investment Management were snapping up the shares of BitMine Immersion Technologies Inc. after Tom Lee of Fundstrat Global Advisors spearheaded the transformation of the Bitcoin miner into a crypto treasury company. But as of Tuesday, following announcements that the company registered for the resale of stock and authorized the repurchase of $1 billion of common shares, investors appeared less enthused. The Las Vegas-based company's shares - which soared almost 700% to $135 on June 30 - slumped as much as 13% to $30.60 on Tuesday.
Associated Press
2 days ago
- Business
- Associated Press
Mavericks hire Ethan Casson in new role as president under CEO Rick Welts
DALLAS (AP) — The Dallas Mavericks hired Ethan Casson in a new role as president Tuesday, giving CEO Rick Welts someone to handle daily operations on the business side while he focuses on the franchise's plans for a new arena. Casson was most recently CEO of the Minnesota Timberwolves along with the WNBA's Lynx and the G-League's Iowa Wolves. He served in that role for nine years. The addition of Casson comes seven months after Welts came out of retirement to replace Cynt Marshall, who was hired by then-owner Mark Cuban in the wake of a sexual harassment scandal in the business office of the Mavericks. Cuban sold his majority interest in the club to the Las Vegas-based Adelson and Dumont families in late 2023. Patrick Dumont took over as the team's governor, with Cuban keeping a minority stake and becoming alternate governor. 'The Mavericks are committed to being an elite professional sports franchise, and fundamental to that goal is adding top-tier executives like Ethan Casson to our senior management team,' Dumont said. Welts has said the club hopes to open a new arena in 2031. In his previous role with Golden State, Welts spearheaded the plan that moved the Warriors across the bay to San Francisco from Oakland. The Mavericks share American Airlines Center with the NHL's Dallas Stars, and Welts has said the NBA club anticipates going solo with a new arena. Welts has said the Mavs want the new arena to be in Dallas rather than one of the suburbs. Before joining the Timberwolves, Casson was CEO of the San Francisco 49ers when the NFL franchise made the move to Levi's Stadium in Santa Clara from Candlestick Park. Casson struck the naming rights deal with Levi's. 'He will be my partner in charting the team into the future and will allow me to devote more time to our strategic priorities, including the building of our new arena and entertainment district in Dallas, and our transition from a basketball organization to a sports and entertainment company operating our own venue,' Welts said. ___ AP NBA:
Mint
5 days ago
- Business
- Mint
China strong-armed Japan over rare earths. It's a lesson for the US.
TOKYO—The U.S. found out this year that China could use its chokehold on rare-earth minerals as a coercive tool when Beijing imposed export controls. For Japan, it was déjà vu: It had been the victim 15 years earlier. Tokyo vowed in 2010 to be ready for next time and over the years put hundreds of millions of dollars into Australian supplies. Yet as of last year, it was still relying on China for some 70% of its imports of rare earths, which are widely used in electronics, cars and weapons, according to the government-owned Japan Organization for Metals and Energy Security. When China restricted rare-earth exports in April, some of Japan's automakers again got hit. Japan's experience drives home lessons for the U.S., where the Pentagon recently agreed to take a stake in Las Vegas-based MP Materials so it can mine and refine rare earths on American soil. Tokyo found that partially reducing dependence still leaves Beijing with plenty of leverage. At the same time, complete independence costs billions of dollars, not millions. After the crisis passed and China resumed exports to Japan, the urgency to diversify supplies waned. That points to the danger of complacency in the U.S. After it was hit by Chinese rare-earth export controls earlier this year, the U.S. recently got Beijing to reopen the spigot as part of a trade deal. If costs don't matter, cutting reliance on China might be feasible, but businesses can't swallow high costs, said Kazuto Suzuki, a professor at the University of Tokyo's Graduate School of Public Policy. People in Japan 'understood that there was a vulnerability, but everyone still relied on China because the conclusion was that there weren't other options," Suzuki said. Four decades ago, a Japanese scientist named Masato Sagawa invented the most powerful type of permanent magnets containing a rare-earth element called neodymium. The breakthrough underlies the magnets widely used today. By early this century, it was China, not Japan, that had come to dominate supplies of the 17 rare-earth elements as well as the refining of the metals and manufacture of magnets containing them. In 2009, 85% of Japan's rare-earth imports came from China. Beijing realized it had a diplomatic tool and used it in 2010, when a Chinese trawler collided with Japanese patrol vessels near islands controlled by Japan and claimed by China. Japan detained the captain and crew, sparking a diplomatic clash. Japanese users of rare earths reported severe delivery disruptions, although Beijing denied doing anything. The captain was released under Chinese pressure, and tensions eased after a few months. But Japan sought alternative suppliers. 'We're going to pursue a variety of risk hedges," said Japan's foreign minister at the time. 'It isn't good to lean too much on one country." Tokyo's biggest initiative from that era was a deal with Australia's Lynas Rare Earths that, in hindsight, helped somewhat but didn't go nearly far enough or contribute quickly enough to undercut China's dominance. The government body now called the Japan Organization for Metals and Energy Security, or Jogmec, as well as trading company Sojitz provided Lynas a $225 million loan to secure rare earths for Japan. The Lynas project didn't help Japan with securing a subset of rare-earth elements known as heavy rare earths, which are generally less common than the light ones. The heavy elements include dysprosium and terbium, which are commonly used alongside neodymium, a light rare-earth element, in strong permanent magnets. The rare-earth elements tend to be intermingled. Miners are reluctant to invest in specialized equipment for processing the relatively small quantities of heavy rare earths that they extract alongside the light elements. Meanwhile, in the field of rare-earth magnets that Japan had once led, it actually deepened its dependence on China after the 2010 showdown. Japan's biggest companies formed partnerships with Chinese magnet makers in the 2010s, reasoning that they could protect themselves from political blackmail if they had friends in China with secure supplies. Among the deals was a joint venture formed in 2013 by Tokyo-based TDK with China's state-backed Rising Nonferrous Metals Share. The Japanese companies had production know-how that made them attractive partners at the time in China. Afterward, China's dominance grew. In 2013, Japan's share in the global neodymium-magnet market was at 23% while China held about three-quarters. By 2021, Japan's share fell to 15% while China's rose to about 84%, according to government figures based on data from research firm Fuji Keizai. It took more than a decade for Japan to do something about the gap in its policy. In 2023, the Japanese government body, Jogmec, and Sojitz invested an additional 200 million Australian dollars, equivalent to around $130 million today, in Lynas. The company recently started to produce dysprosium and terbium, up to 65% of which is headed to Japan under the deal. Separately, Jogmec and energy firm Iwatani said in March they would invest 110 million euros, equivalent to $129 million, in a subsidiary of France's Carester to support a project that could supply a fifth of Japan's demand for dysprosium and terbium. Japan now says it wants to beef up production of neodymium magnets, develop magnets using smaller amounts of rare earths and step up recycling.
Fox News
6 days ago
- Fox News
Buffets are busier than ever in popular tourist town: Here's how to beat the wait
As summer travel to Las Vegas booms, many visitors are lining up to indulge in the city's famed buffets. From the Bacchanal Buffet at Caesars Palace to the Buffet at Wynn, crowds pack the lines at Sin City's top smorgasbords – making it difficult to get in. TikTok user Dave O. Shepardson, based in Las Vegas, told Fox News Digital he's personally dealt with the inconvenience of the waits. He recently posted a video of a lengthy line outside the MGM Grand Buffet. (See the video at the top of this article.) "The lines can be overwhelming," he said. For exhausted tourists, the lines may be daunting – but there are ways to fight them. Jackie Dadas-Kraper, a Las Vegas-based publicist, emphasized that the buffets appeal to many – and revealed what to do about them. "Las Vegas buffets are practically an institution," she said. "They're big, bold and a huge draw for visitors, but that also means serious lines at the most popular ones, like Bacchanal at Caesars, the Buffet at Wynn or Wicked Spoon at The Cosmopolitan." Her top tip for tourists is to plan ahead, just as the locals do. "Because of the attraction, some buffets now take online reservations, which is the easiest way to lock in your spot and avoid the peak-hour chaos," Dadas-Kraper said. "Always arrive early. If the dinner rush starts at 6 p.m., then plan to be there by 4:30 or 5 p.m. This is a sure way, most times, to walk right in." Tourists may also want to consider trying weekday lunch buffets, Dadas-Kraper said. "They're cheaper, less crowded and still offer a huge variety," she said. "The best strategy is to treat your buffet like a big-ticket show." She also cited hotel loyalty programs, Caesars Rewards or MGM Rewards, as possible ways to enjoy shorter lines or special discounts – and said people shouldn't be shy about asking the hotel concierge for tips. "Las Vegas' concierge teams are gold and know all of the secrets Las Vegas holds," the expert said. "They can often arrange reservations or tell you the best time to go." She added, "The best strategy is to treat your buffet like a big-ticket show. Plan for it, book if you can and go a little off-peak for the best experience." Shepardson also urges visitors to consider prepaid options. "Many people don't realize buffets like the Wynn, and even the Wicked Spoon, do prepaid reservations so you can skip the main line and get in faster," he said. So what do the buffets want you to know? Matthew Chacho, executive chef of Bacchanal Buffet at Caesars Palace, told Fox News Digital that wait times are variable and planning is key. "We always suggest that guests make a reservation in advance to minimize their wait time and enjoy the buffet sooner." "The wait at Bacchanal Buffet varies depending on the day of the week, time of the day and if it is a holiday," he said. "We always suggest that guests make a reservation in advance to minimize their wait time and enjoy the buffet sooner." The culinary expert noted that his gourmet buffet features over 250 freshly made dishes, including seafood, carved meat stations and a variety of international cuisines. For guests who have already made it past the buffet door, he offered a few simple tips. "I recommend guests walk around the buffet first to see all the options and prioritize their favorite cuisines," Chacho suggested. "To enjoy the food as hot as possible, I suggest trying dishes from one station at a time and returning for seconds of the favorite dishes later."
