This week we will get to a new construction update as well as some current renovations. We mentioned that MGM Resorts planned on renovating a portion of the rooms at MGM Grand after the company’s recent earnings call. Some of the rooms in the newly named Studio Tower (former West Wing) will be available in late October. The rest should be completed before the end of the year.
This week Caesars Entertainment, MGM Resorts, and Wynn Resorts reported earnings. This provides a lot of insight into Vegas Casino Earnings for 2021. Much like Station Casinos and Boyd Gaming earnings last week, there was a similar theme with the earnings calls. Casino corporations have learned how to effectively operate with a smaller staff and fewer amenities for guests.
Boy, the Covid-related news escalated quickly. Last week, a few Las Vegas casinos were approved to increase capacity to 100% and remove plexiglass. Early this week Caesars, MGM Resorts, and more joined the “100% Club”. That was just the beginning. On Thursday, the CDC updated its mask guidelines. Nevada followed suit allowing businesses to change their policy. Next, Nevada Gaming Control announced that it’s allowing casinos to update their policy.
We’re coming up on casino earnings season. The quarterly earnings calls and reports are useful to learn about Las Vegas casino operators. The reports allow us to look back at the quarter. This quarter will also look back at the entire year of 2002. The calls offer more commentary as the casino operators look to the future.