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 think the cold temperatures slowed down the newsmakers in Las Vegas this week. That’s the only way I can explain the lack of actual news. In fact, after MGM Resorts International reported earnings it seems as though everyone in Las Vegas went out for ramen to warm up from the freezing cold temperatures.
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.
It’s quarterly earnings season where corporations share information on their previous quarter. Hopefully, some of the luxury and large casino operators will also spend some time looking forward informing up what they have in store for Las Vegas. Here are the reporting dates for Las Vegas casino operators that I’m looking forward to.