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.
Just over a year ago, Derek Stevens owner of the Golden Gate Casino purchased a few properties on Fremont Street. Included in the purchase were the casinos formerly known as Mermaids and La Bayou. La Bayou was on the south side of Fremont Street and also closed. This casino is now a part of the Golden Gate casino. La Bayou casino and an alley in between the Golden Gate are now a part of a large expansion of the casino floor at the Golden Gate.
For the past year, Caesars has been devoted to renovating their hotel rooms around the country. The reason for the upgrades is $imple. The new room products result in higher room rates. The interesting thing is that renovated Las Vegas hotel rooms are sort of a win-win for customers and the hotel operator.