When I was thinking of a fun way to summarize the Vegas News this week a lyric from the band Thursday came to mind. “It starts and stops and starts and stops again” is basically how the casino industry has been operating for the past few weeks…actually years. Have a look.
Caesars news dominates in and around Las Vegas this week. Last week they released an investors presentation and this week they held a meeting with investors at the 2018 Gaming & Lodging Conference.
We’re a week removed from the Kentucky Derby and Cinco De Mayo weekend in Las Vegas. I didn’t think I’d feel this way but Derby Day felt incomplete without a big fight. I haven’t been a boxing fan for a few years but the excitement a big fight brings to Las Vegas is unmatched. Boxing also brings in the biggest customers according to MGM Resorts.
There’s no way to sugar coat MGM Resorts first quarter earnings. I opened the quarterly MGM Resorts earnings presentation as soon as I woke up and saw a slew of red down arrows. After a cup of coffee and actually spending time reading the why there were red arrows it’s easy to see that MGM Resorts just had a bad quarter.
I knew there was big news coming from Wynn Resorts today. On top of a massive revenue increase, Steve Wynn dropped a Las Vegas news bomb.
Caesars just had their first investors call since emerging from bankruptcy and I have a lot spinning in my head. Corporate earnings calls usually focus on revenue. This call was used more to discuss the future plans for Caesars Entertainment.
Rumors Do Come True, Fontainebleau Las Vegas Has Been Sold. Be sure to visit TravelZork every week for the latest travel and Vegas News!
Most casino operators in Las Vegas prefer to have a revenue split close to MGM than Caesars. In fact, Caesars wants to have a revenue split closer to MGM Resorts. The two casino operators have different approaches to their companies. MGM Resorts is expanding with new casinos and a massive profit growth plan. Meanwhile, Caesars Entertainment is looking elsewhere to generate revenue.
What is Planned for SLS Las Vegas? After just over three years of operations, SLS Las Vegas was sold last week. The casino resort that was built on the bones of the Sahara was sold by Stockbridge Real Estate to the Meruelo Group for an undisclosed amount.
First quarter earnings were great for the largest Las Vegas casino operators. New Year’s Eve bled into the first quarter. The extra day of revenue was helpful for casino operators. The year always starts with a bang. The Consumer Electronics Show (CES) is the largest convention and expo of the year with well over 100,000 attendees.