Pushing Forward Back by Temple of the Dog is a song I think about often. I don’t know what the actual lyrics are other than the chorus, but these words often come to mind when I think of doing business. It’s also a good entry point to discuss our main theme this week: MGM Opens and Closes.
This is the week, so many of us have been waiting for. Las Vegas casinos are allowed to reopen. The first wave of openings took place in downtown Las Vegas and around the city just after midnight on June 4. The Vegas Strip casinos waited until sunrise to open their doors. For sure we can say, Vegas Is Back…Kinda.
More than a few people I know are noticing the increased number of promotions for Caesars that we mentioned last week. I saw comps almost across the board in my Total Rewards app and decided to book a night at Planet Hollywood. I had to shoot some video of the new Block 16 Food Hall at the Cosmopolitan so I figured I’d get a room and work in my room instead of driving back home. Lazy? Sure. Fun? You bet!
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.
The news in Las Vegas never ends. This week Caesars waited until Friday night at 11pm to release news that
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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.
One of the great perks of Hyatt Gold Passport is their partnership with MGM’s Mlife program. They offer a status
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