Vegas Mogul

This is a partial transcript from "Your World with Neil Cavuto," December 31, 2004, that was edited for clarity.

STUART VARNEY, GUEST HOST: My next guest is a star in his own right. His family name is worth millions. He runs one of the hottest properties in Las Vegas, attracting a who's who list of Hollywood stars. With $180 million expected in non-gaming revenue, how does the Palms Casino Resort plan to set itself apart on New Year's Eve? With us from Los Angeles, George Maloof Jr., president of the Palms Casino Resort.

George, what are you doing special in Vegas tonight?

GEORGE MALOOF JR., PRESIDENT, MALOOF HOTELS: We're throwing a big party, Stuart. It's going to be great. If you haven't been to Las Vegas for New Year's, you haven't experienced something really special, especially at the Palms.

VARNEY: What's in the party, fireworks, lots of drinking and dancing girls and stuff, what do you have?

MALOOF: All that stuff. We're going to be shooting fireworks off of all the resorts in Las Vegas and if you are at the Palms, you will get the best view.

VARNEY: Let's see if I'm right on this, 10 years ago about two-thirds of revenue in Las Vegas came from gaming, one-third from alcohol, tobacco, hotels, restaurants. Now I understand that's completely reversed. It's one-third from gaming, two-thirds from entertainment. Am I right?

MALOOF: That's about right. I think people come to Las Vegas for different reasons now. They used to come to gamble. Now they're coming to party, to dine, to see shows. It has changed a lot.

VARNEY: The market for gambling is saturated. I can go and place a bet virtually anywhere in America these days.

MALOOF: You can. That's what makes Las Vegas so special and unique. There is just so much to do. It's great place and there's only one place like it in the world.

VARNEY: Am I also right in saying that the actual gaming tables are in retreat and that they're giving more and more space to the slots?

MALOOF: Somewhat. As a casino, you make more money on your slot machines.

VARNEY: You do?

MALOOF: Yes, you really do at the end of the day. They're a little more profitable for a casino, but the mix of revenues now has changed a lot, as you mentioned, over the last 10 years. And you are less dependent on table games and that's what makes Las Vegas a little more unique now than it used to be.

VARNEY: I remember going to the strip 10 years ago and getting those $4.99 all-you-can-eat buffet dinners. They've gone the way of the dinosaur, haven't they?

MALOOF: Somewhat. If you look real hard, you can find them. Las Vegas is still a great value for the visitor that wants to come in. There is really something there for everyone.

VARNEY: Well, George Maloof Jr., I shall be curled up tonight with my wife and children in New Jersey, I wish you well for the big bash in Vegas, have a good time, sir.

MALOOF: Thank you very much, thanks for having me on Stuart.

VARNEY: Thank you.

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