"What I find amazing is that the play in all of the new rooms wouldn't make up for the decline in the 20 existing rooms. That's a little scary."

We reached a saturation point roughly Sept 2005.
After that point new rooms just canabalized existing business. I doubt Red Rock had even one person that could be considered "New Business." What they have is "Location" Location" Location." And of course a very nice room.

Wynn and the Venitian bought games from the Bellagio. Not sure if they are keeping them. They paid a big price to get them. The larger rooms do not really concern me.
Our surrvey was for the smaller rooms, 15 tables and down.
I predict some closings or paring down in 2007. I've seen this several times in the last 26 years.