Transcripts For CNBC The Profit 20240713 : vimarsana.com

Transcripts For CNBC The Profit 20240713

Theres no question that las vegas is the gambling capital of the u. S. Here on the strip, four publicly traded Companies Control 20 different casinos. And for them, everything is highstakes. Most are camerashy, but after a lot of negotiations, this one opened its doors Caesars Palace. How are you . Mr. Lemonis, welcome to Caesars Palace. Are you steve . Im steve shakerian. Nice to meet you. The pleasures mine, sir. Im really excited. Lemonis look, i dont consider myself a highlevel vip, but they gave me a dedicated casino host anyway. Mines steve. Were gonna take you over here to platinum vip checkin. We headed over to the front desk. How are you . Welcome to Caesars Palace, mr. Lemonis. I got a room key and a loyalty rewards card. Because youre a premium guest, weve upgraded you to our diamond card. So i could start earning points on all the money im about to spend, starting with my room. [ elevator bell beeps ] we took an exclusive elevator to the 29th floor. This is what 3,400 a night will get you. This place was unbelievable. It had a living room, a dining room. It felt like a house. Would you like to grab a water now . Im okay. Thank you. You dont have to stand there with that. Lemonis ornate bathrooms, two outsized bedrooms, all decorated to the nines. You guys want to move in . [ laughs ] everybody. Were all staying here. Were gonna bunk it. Even the amenities were over the top. So, look, i appreciate that you guys did this for me, but does this normally happen in a room like this . Mr. Lemonis marcus. Im sorry. This is conservative. It looks like you went to the Grocery Store and bought everything. Well, rene did that. Rene also came with the room. This phone is just for you. My own private butler, on call 24 7. How many rooms are you handling right now . Just yours. One per room . Dedicated to you. Yes, sir. Lemonis but i didnt want to stay in my room. Im here for the action. Welcome. Im martina. Nice to meet you. So, this is roulette. Do you know roulette . Youre gonna explain it to me. I sure will. How about do you have a rewards card with us . Total rewards . I do. Watch out. All right there it is. My first dollar on the diamond card. I asked martina for a quick explanation. So, you can bet on one number. That pays 35to1, by the way. Okay. You can bet on two numbers, which pays 17to1. You can bet on three numbers, 11to1. Four numbers, 8to1. This is the only spot on the board for five numbers, which pays 6to1. Lemonis honestly, i had no clue. Or you can bet on six numbers, and that pays 5to1. But you dont have to remember all that. And i should have stopped right there. Here we go. I only lasted three spins. Oh, man. Ohh 17. 32. Ohh you were close. And just like that, i was out 85 bucks. Youre not coming out here to invest money to win money. Youre coming out here for entertainment purposes. Thats all it is. I dont feel very entertained right now. Its entertainment only. Okay. And you only want to risk and only want to come out here with what you know you might lose and are comfortable with. Generally, what are the odds of roulette . On this particular game, the House Advantage is higher than most. It is . Absolutely. Its not just roulette. The house is favored in every single game here. Thanks for bringing me to this one first, okay . [ laughs ] you asked for the wheel. Lemonis for a town built on games of chance, the truth is, very little is left to chance. How are you . Hello, marcus. Im great. Welcome to Caesars Palace. Thank you. Nice to meet you. Its a pleasure to have you here. Sean mcburney has been the general manager of Caesars Palace for four years. Can i get a tour . Absolutely. Follow me. cause i want to get but i want the inside tour. Of course. As we walk, i asked him about that rewards card i got at checkin. Turns out, its mcburneys secret weapon. In exchange for points, it allows the casino to track every game i play, every meal i eat, every cent i spend, and everywhere i spend it. So when i spend on this card, i go to the club, i go to four restaurants, i go in here youre watching that. So, you know, one example, you play blackjack later. You hand them your card. Well learn that you like blackjack. Well learn the level at which you play blackjack and how long you play blackjack. Tables . Thats good. Thats good. So if i spend some money at nobu at caesars and swipe my rewards card, caesars captures what i order a glass of wine or a sushi roll. That info goes into a computer which predicts what offers might appeal to me. Maybe a wine tasting or a restaurant promo. Those offers are then sent directly to my smartphone. So being able to capture all of those preferences allows us to targetmarket based on your observed interest and preferences. Proprietary software to do it . Oh, yeah. All internal. All proprietary. It really is about understanding what does the person that walks through the front door want and how do i get more out of their wallet . Right. Thats exactly right. And caesars has got the profiles of millions of loyal customers. Apparently, you have 50 million . Yeah, 55 million. You dont get to 55 million overnight. Over the course of 50 years, Caesars Palace has grown to cover 85 acres of real estate. With land currently valued at about 20 million an acre, thats worth an estimated 1. 7 billion. And it all started from right here. Lemonis is that a historical piece from the hotel . Its original. Its original from when we opened on august 5, 1966. And it was there . It was here. Its never been moved . So this is all original, and if we walk over here to the left, you can see the palace casino. Original from when the property opened in 1966. Just a very iconic part of the casino. This is where most of the table games are located. Lemonis table games like blackjack, still one of vegass biggest moneymakers. There are nearly 40 casinos around the 4milelong strip with more than 1,200 blackjack tables. The casinos take in an average of 2,000 a day per table. Thats about 900 million a year from blackjack alone. How are they pulling in so much money . I got to play to find out. How are you doing . Im marcus. Benny figgins is my name. Nice to meet you, ben. Nice to meet you. Benny figgins has been dealing cards under the dome longer than ive been alive. So, how long you been here . Itll be 52 years sunday. I opened this place up in 66. I started off as a casino porter. I cleaned the tables and ashtrays and taking out the trash. See, blacks couldnt deal on the strip yet. Really . No. You werent permitted to deal cards . Yeah, blacks couldnt deal em. And when were you permitted to do it . I would say around 71. Did they teach you how to do this . Caesars palace set up a program, and they sent me to school, and i worked my way to the dealer. Lemonis and once he became a dealer, a whos who of old hollywood showed up at his table. Have you met any fantastic people . A lot. Any celebrities . Yes. Sinatra, sammy davis. They played right here . They played. Harry belafonte, diana ross. Joe louis. Any dealer good enough for joe louis is good enough for me. Lets do it. Okay. Were gonna have fun. Okay, lets do it. First, a few practice rounds. You dont need to explain anything. 21, baby. Well do it again. Okay. Okay, thats 10. Now, i have a deuce showing. Okay. Now, you have to assume always assume that its a 10 underneath. Okay. So what do i have . You have 12. Okay. Thats 18. Now you want 20. There you go. Okay. Were doing good. Let me pay you first. To be honest, losing at roulette was a distant memory. You told me you didnt know how to play this game then i was ready to join a real game with real money. I cant beat you, marcus. This is too easy. Biggest bet youve ever seen . Biggest bet ive ever seen was 75,000 a hand. And did they come out ahead or behind . They came out ahead. Well, i wasnt willing to go quite that far. Come on. Benny dealt me a 20. I stayed. I was just wondering, was you thinking about splitting that . [ laughs ] when it first went down, but i remember what you told me. Right. We dont split 10s. No. There you go. Benny dealt himself 9, 12, 14, and finally. sensei beautiful. But support the leg when i started cobra kai, the lack of control over my business made me a little intense. But now i practice a different philosophy. Quickbooks helps me get paid, manage cash flow, and run payroll. And now im back on top. With koala kai. Hey more mercy. vo save over 40 hours a month with intuit quickbooks. The easy way to a happier business. [ benny laughing ] lemonis i was playing blackjack with veteran dealer Benny Figgins and had two jacks on the table 20. Bennys hand started with a 9, 12, 14, and finally, 19. Ahh. Blackjack rules meant he had to stay, and i won the hand. I ended up for the night, winning a total of 197. All this is profit. Anybody ever give you Business Advice . Yeah. Save your money. I took that advice and called it a night. Youre a real gentleman. Thank you, sir. Theres more than one way to gamble in las vegas. Try getting married. More people say i do here than anywhere else, making it the marriage capital of the world. And the city makes it easy. No blood test, no waiting period. Just 77 bucks and a photo id. [ cheers and applause ] weddings here generate as much as 3 billion in revenue each year, and perhaps no one in vegas has helped more people tie the knot than this guy. Ohh, come on get on, yeah i recently got married, too, but it wasnt anything like this. And from this day. And from this day. I promise to be. I promise to be. Your hunkahunka burnin love. Your hunkahunka burnin love. [ laughs ] yes. Lemonis brendan paul has been the coowner of the graceland wedding chapel for the past 16 years. How many weddings a year . Between 8,000 and 9,000 a year. 8,000 and 9,000 . Something like that. On a good year, 9,000, yeah. [ laughs ] its a lot of shakin. [ guitar strums ] its also a lot of money. Every 15 minutes or so, another couple gets hitched or renews their vows at an average cost of around 350. [ cheers and applause ] if i just do the math in my head, its several Million Dollars a year . [ laughs ] sure. [ laughs ] Something Like that. Its good to be the king. Put it that way in vegas. Oh, my gosh. Lemonis let me break it down for you. Brendan says, in a good year, they see more than 24 couples a day. At an average cost of 350 per ceremony, thats 8,400 a day, or more than 3 million a year. Man, im in the wrong business. Once again, pronounce you husband and wife. And the ceremony is only one of the ways they make money here. How do you monetize things . I mean, you charge for the wedding itself . Yeah, the wedding, flowers, dvd. Limo service. We have six limos. Our pink caddie that picks people up. So its all inhouse . Everything . Yeah. But perhaps the biggest moneymaker, outside of the actual ceremony, is the photography. Yeah. They say it brings in an extra 700,000 to 800,000 a year. Paul people get married for 199 and then buy 600 worth of pictures. Lemonis for better or for worse, and for more than 20 years, brendans found success keeping the king alive. Hey whoo and i had just one piece of advice for him. Elvis had a manager, right . Right, yeah, thats true. And he had somebody that handled merch sales. Yeah, yeah. And somebody that did his record deal. Yeah, right. And somebody that sold the keychains. Yeah. Yeah. You need that guy. Or gal. You, honestly, are sitting on a gold mine. Whoo lemonis back at caesars, theyre taking a slightly more traditional approach to weddings. No king. Hi. How are you . How are you . This is awesome. But they do have a queen. Meet martha morales. Morales we have a wedding coming up, so im happy youre here cause i will need some help. Lemonis shes a 31yearold single mom who started working on the strip as a game operator at circus circus when she was just 16. Now she runs four businesses for caesars. So grab some. Were gonna sprinkle them. Work back, all the way around. Martha is the general manager of the 182room nobu hotel. Shes also in charge of an awardwinning spa, a highend hair salon, and, most important of all, she makes sure all the weddings at caesars come off without a hitch. How many weddings do you do a day . A day, we could do anywhere from three all the way up to, like, ten weddings. We host over 600 weddings a year. Lemonis at an average cost of 5,000 each, thats about 14 times the average cost of one of brendans weddings. [ cheering ] let me just understand this. So, you wake up in the morning, and you have essentially four businesses to manage. Yes. Are they tight on money around here . [ laughs ] no, no. Look, all kidding aside, caesars entertainment, which owns Caesars Palace, is a multibilliondollar company with some 65,000 employees. Of those in management, nearly half are women. How tough has it been for you to be a successful woman in las vegas . I had to work very, very hard. I think what really helped me was being a parent, at the same time, going to school, and being in management. So i became really strategic with my time and how i do everything that i do, and i pretty much matured rather quickly. But this town is not known for being womenfriendly. Were changing that. Whats the next ten years look like for you . cause i know you have dreams. Of course. I think, ultimately, i want to be a ceo or president of a hotel company, so were getting there. Were gonna make that happen today. Theyre gonna get married. Youre gonna become a ceo. [ laughs ] [ mendelssohns wedding march plays ] you notice how my half looks more even . You know what . Your half just looks better altogether, okay . Just when i thought i was getting the hang of one job, martha offered me a totally different one. So youre not gonna believe this. Okay. Our wedding couple. Yes . Is actually a huge fan of yours. Okay. It turns out, the couple wants me to help marry them. How are you . Im doing very well. But before i agree, i have to meet them. First the groom, chris helms. Are you ready to get married . Im so excited. Are you sure this is the right thing . Without a doubt. She is the missing piece to my puzzle. I dont know whos more excited, you or me. Oh, my gosh next, april falls, the beautiful bride to be. Congratulations. Thank you. Are you nervous . Yes. He said hes not nervous. Nervous, excited, anxious, everything. What do you love about him . He is so much fun and surprising. And theres never a dull moment. He always makes me laugh. That was enough to get my blessing. [ Pachelbels Canon in d major plays ] im your best man, too. Officiant marriage is a holy institution, established in heaven by the divine wisdom and kindness of a loving god. Lemonis repeat after me. With this ring. With this ring. I thee wed. I thee wed. All my hearts affection. All my hearts affection. All that i am. And all that i am. I give to you now. I give to you now. My wife. My wife. My husband. Before god. Before god. After the vows, it was up to me to close the deal. I now pronounce you husband and wife. Yay you may kiss your bride. [ applause ] i love you. I love you. I love you, too. Dont make my boobs fall out. Yay about that richer or poorer part. April and chris just spent 3,000 on their magical wedding. Chris oh, that was amazing. Lemonis and im about to meet someone whos all about magic, and his success in vegas will blow your mind. Ive been in las vegas nearly two days, and i gotta tell ya, this place has a million ways to take your money. First, i went to the pool and had lunch in a cabana. 226 bucks. Then i found some nice sneakers. 860 bucks. And a new tie. This is what i want. 950. Next, i tried the slots. Thanks for giving me 50 cents back. Another 99. 50 gone. With my head reeling, i saw these giant tvs, part of the casinos sports book. I want to bet on college football. College football. Whats your team . The university of miami. I took miami and 3 points on their Season Opener against lsu. Oh, there it is. College football, week one. I was also sure the hurricanes would play for the national championship. 40to1. Well, that didnt work. Down another 600 bucks. In a flash, my pockets were more than 2,700 lighter. Proof that businesses here are diversifying. Gaming accounted for just 34 of revenues on the strip in 2017. Rooms, drinks, and entertainment made up half. Food is another huge slice of the pie. With top restaurants from Gordon Ramsay to giada de laurentiis, las vegas has become a foodie hot spot. But its always been a destination for one thing the really big buffet. And one of the biggest, bacchanal at Caesars Palace. Coming in at 25,000 square feet with 500 different dishes, im about to find out if this place lives up to the hype. It seems busy. Is it always busy . Its always busy. Okay, this isnt your average buffet. Oh, my gosh. Its a football field of food. It keeps going . Lamb chops, crab legs, paella. Holy [bleep]. And the boss of this sauce . Executive chef leticia nunez. Hi. How are you . How are you . Are you chef leticia . Yes, i am. Are you the head boss in charge . I am. Thats what they tell me. To run an empire this big, you gotta work. She comes in at 5 00 every morning and puts in almost 70 hours a week. We do two tons of crab legs a day. Two tons . Two tons. Thats how many crab legs will be put through this little station right here. So theres none left for america . Theyre all gone. Lemonis its not just crab legs. In a year, theyll dish out nearly 3 million pieces of dim sum, 650,000 oysters, and more than a half a million sliders. Do you do all the buying . Yes, i do. For the whole place . Yes, i do. Thats the bulk of my job, financials, the managing of money, and making sure that we dont run out of any single item. What if theres a shortage . Oh, then we have a crisis. We will have very upset guests. The next time youre stressing over dinner, keep in mind that chef leticia and her team will serve a Million People every year. Yeah, one million. Come on back here. Lemonis high stakes on high heat. What is that . here we have octopus. Nah, im gonna stay back here. Is it still alive . No, it is cooked. Its been poaching for a while. Why do i feel like its gonna come up and eat me . [ laughs ] how many total employees work in this restaurant . 324. And its 365 days a year . Yes. Because when you have to feed an army, you need to cook with one, too. Here were just getting the prime ribs ready. Lemonis and today im enlisting. Were gonna prep one of their biggest sellers prime rib. So, what is this . Just salt and pepper . Its a sea salt, espresso. Can you smell the espresso . A little bit of coffee rub . Coffee rub, yeah. How many of these will you do a day . We do 54. A day . A day. Thats 520,000 slices a year. This ones gonna taste the best. Im just telling you right now. Im gonna tell you that youre putting too much. [ laughs ] youre gonna come back through and

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