| Entertainment in Las Vegas
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Las Vegas is one of the fastest growing leisure, culinary, lodging and entertainment markets in the country. Las Vegas hotel occupancy rates are among the highest of any major market in the United States. According to the Las Vegas Convention and Visitors Authority, the number of visitors traveling to Las Vegas has continued to increase at a steady and significant rate. The number of visitors increased over the past decade from approximately 29.6 million in 1996 to approximately 39 million visitors in 2005, a compound annual growth rate of more than 3%. Aggregate expenditures by these visitors increased at a compound annual growth rate of 7.5%, from approximately $22.5 billion in 1996 to approximately $36.7 billion in 2005.
Expanding Hotel and Gaming Market
Las Vegas has one of the strongest and most resilient hotel markets in the country and, according to the American Gaming Association, has the largest casino gaming revenue in the United States. The number of hotel and motel rooms in Las Vegas has increased by 27.8% from 99,072 in 1996 to 133,186 in 2005. Major properties on the Las Vegas Strip opening over this time period include Wynn, Bellagio, Mandalay Bay Resort & Casino, with its new TheHotel addition, New York-New York Hotel and Casino, Paris Las Vegas, Aladdin Resort & Casino and The Venetian. In addition, a number of existing properties on the Las Vegas Strip embarked on expansions during this period including MGM Grand Hotel and Casino, Luxor Hotel and Casino, Circus--Circus Hotel, Casino and Theme Park, Mandalay Bay Resort & Casino and Caesars Palace. Despite this significant increase in the supply of rooms in Las Vegas, hotel occupancy rates exceeded on average 90.6% for the years 1990 to 1999, averaged 91.8% in 2005.
According to the Las Vegas Convention and Visitors Authority, Clark County gross gaming revenue has increased by 31%, from approximately $5.8 billion in 1996 to approximately $9.7 billion in 2005. As a result of the increased popularity of gaming, Las Vegas has sought to increase its popularity as an overall vacation resort destination. We believe that the growth in the Las Vegas market has been enhanced as a result of a dedicated program by both the Las Vegas Convention and Visitors Authority and major Las Vegas hotels to promote Las Vegas as a major vacation and convention site and the increased capacity of McCarran International Airport.
Growth of Las Vegas Retail Sector and Non-Gaming Revenue Expenditures
The Las Vegas market continues to evolve from its historical gaming focus to broader entertainment and leisure offerings. In addition to the traditional attractiveness of gaming, the market is continuing to expand to include retail, fine dining, sporting activities, major concerts and other entertainment venues. This variety has contributed to the growth of the market and broadened the universe of individuals who would consider Las Vegas as a vacation destination.
The more diversified entertainment and leisure offerings present significant growth opportunities. In particular, the newer, large theme-destination resorts have been designed to capitalize on this development by providing better quality hotel rooms at higher rates and by providing expanded shopping, dining and entertainment opportunities to their patrons, in addition to gaming.
Las Vegas is the most popular trade show destination in the United States. In 2005, the number of convention attendees increased to more than 6 million, providing approximately $7.6 billion in non-gaming and trade show convention revenue.
Our Show Design Methodology
Our concept reflects imaginative ideas, storyboards, plots, and concepts which define how to enthrall and delight the show patrons. We believe we have a unique creative process and understanding of ever-evolving expectations of the audience along with the ability to translate theses concepts into buildable sets, effects and other FF&E with collaborative engineering. Our methodology includes:
A compelling show story and its delivery Managing audience human nature & psychology Impressive facades, sets & effects State of the art media & sensory input Outstanding show production & direction
Our unique concepts provide a mixed theatrical and show effects experience in the form of a progressive sequence of observational and interactive stories revealed on multiple sets as opposed to a single performance stage. We will seek to appeal to a widely ranging audience, including middle market customers and premium patrons, by providing our guests with a level of entertainment satisfaction yet to be introduced to the Las Vegas marketplace. The creative cycle used to create this form of show will incorporate our creative team members who have a long history of successful blue-sky concepts that have translated into the finest and highly popular shows and effects designs built in the past three decades with experience in theme parks, theatrical performances and the film and broadcast industry.
Show Content Providers
We will be required to license rights from certain content providers including filmmakers, artists, theatrical producers, directors and authors. We realize that well known icons, recognizable themes and certain story elements create box office draw and deliver levels of expectation to the show patrons. Therefore we intend to pursue and enlist creative content from a variety of sources that have familiar and successful appeal to the target audience. Our show content will invoke the widest possible range of emotions including awe, irony, comedy, anticipation, surprise, mystery, satire and other emotions.
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