MGM Resorts released earnings last week. I listen to the (casino earnings) calls because they usually offer some context to the financials in the reports.
The casino earnings season is over. All of the corporations had a great first quarter financially. You can see the earnings report press releases below if you care about the numbers…
The casino biz was abuzz with casino earnings last week, with MGM Resorts, Red Rock, and Wynn reporting. As expected, all had very good financial results for the fourth quarter and the full year in 2022.
The initial excitement for the launch of the Las Vegas Grand Prix (LVGP) next year is coming to an end. The first batches of tickets for the event are sold out but some more will be released early next year.Â
We’re going to start Vegas News with a look at casino earnings again. The season is over, so we can get back to regular news about what’s happening in and around Las Vegas next week. Also, some sparkling news about Caesars Palace Las Vegas and why Caesars Palace Casino shines!
By now you should know that MGM Resorts chairman and CEO, Jim Murren, informed the company’s board of directors that he will step down from his positions before his contract expires.
This week in Vegas news was dominated by casino operators reporting earnings. Sometimes these calls offer insight into future plans for the businesses. Other times these casino earnings calls offer financial information that helps explain the Vegas experience. This earnings period has a combination of both without any major breaking news.
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.
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.
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.
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