The big news in Las Vegas this week was the opening of Resorts World Las Vegas. This wasn’t a “grand opening” despite the ribbon-cutting, fireworks, celebrity appearances, and so on. This was a big deal since it’s the first casino built from scratch to open on the Vegas Strip in a decade. Having said that, consider this a “soft opening.”
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!
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.