Much of this edition of Vegas News will come from casino corporation earnings reports and calls. These calls focus on a business’s financial health for investors. They’re also a good source of news from the past few months and some things the company might be planning.
Financials do nothing for the average person so I try to pull information that will be useful when visiting Las Vegas. We’ll kick off this week’s Vegas News with info from two of the biggest casino operators in Las Vegas.
You can read the MGM Resorts earnings press release here and the easier-to-consume presentation here.
One takeaway from the earnings call is that MGM will build another connector from Cosmopolitan to Bellagio. This will be closer to the Vegas Strip. Details will come next quarter but picture a connector over the sliver of land between the two properties to the existing bridge to Bellagio.
MGM was stunned by how many rooms have been booked through Marriott since the partnership went live. 130,000 nights have already been booked with 50,000 already taking place. The people booking through Marriott are generally not gamblers but they’re spending $150 more ($100 for a room and $50 for food) than those who book elsewhere.
Lastly, the BetMGM app in NV will finally connect with the wallet of non-NV apps by the time football season starts. This should make it easier for visitors to use their app from home to bet on sports when visiting Las Vegas.
Before the earnings call the company announced that Cosmopolitan will finally become part of MGM Rewards on July 30. Read more here.
Caesars also reported earnings. Read the press release here.
The Caesars earnings call was pretty uneventful for Las Vegas news. There was no mention of when the Paris/Horseshoe connector or balcony rooms will be finished. Both were supposed to be done last year.
Caesars saw 97% occupancy in Las Vegas during the first quarter. However, revenue fell. The company is forecasting 98% occupancy during this quarter. There’s probably a bigger story here but I’ll leave that for someone with an economic background.
Vegas News Quick Hits
The Fremont Street Experience released its free summer concert schedule. What looks good?
Back to earnings. As usual, Boyd was the first casino company to report earnings. Read more here.
Boyd will renovate rooms at The Orleans later this year. There’s no timeframe for the upgrade.
The big takeaway from this call is how much Durango and a casino “near Gold Coast and Orleans” are hurting Boyd’s local business. Sounds like the very aggressive Palms promotions I’ve been receiving are luring locals.
When Bally’s Corp. reported earnings, the company said it was in no rush to come up with a plan for a new casino to replace the Tropicana. Read more here.
Bally’s has its financial issues and the A’s still don’t have money to pay for their portion of the MLB stadium to be built where the Tropicana still stands. Read more here.
The A’s and Bally’s seem to be perfect for each other.
VICI reported earnings and it sounds like the company is looking off-strip (downtown and burbs) for new real estate deals. Read more here.
Somewhat related to VICI earnings, The Venetian dropped a press release to share info about the ongoing upgrades at the property. See a pic of the new rooms and read more here.
There could be a BetMGM online poker room in Nevada by this time next year. Read more here.
Fontainebleau is a partner with the Las Vegas Grand Prix. Read more here.
Many of us are just learning about F1 business. I saw this look at how the Miami GP is becoming a fixture in the city while interest on TV wanes and ticket prices are dropping. Read more here.
This Circa promo to win a Tesla truck is fun no matter how ugly it is. Read more here.
Rumor: Holsteins is closing at The Cosmopolitan. MGM said it would be refreshing many restaurants at Cosmopolitan after it took over so this isn’t much of a surprise. Expect to see more. Anyway, read more here.
If you don’t succeed, try again. All Net 2.0 sounds as realistic as the first attempt. Read more here.
Speaking of things that may or may not happen in Las Vegas – the Rancho Cucamonga Express(™) broke ground since we last had an edition of Vegas News. Read more here.
The elevators at Circus Circus are a mess.
This shouldn’t be a surprise as renovation plans last year said the elevators at the property should be upgraded sometime in 2025. Read the news from last year here.
Ticket prices for everything in Las Vegas are expensive. Add the WNBA Champion Aces to the list. Read more here.
The Scott Sibela (MGM, Resorts World) drama continues. Read more here.
Sibella’s drama is connected to the Shohei Ohtani drama. Read more here.
Rumor: Morgan Wallen is opening a bar restaurant between Aria and Cosmopolitan. Read more here.
Caesars is no longer giving its least profitable customers (poker players and sports bettors) complimentary Diamond drinks. I first saw this news here.
The AVNs are leaving the Vegas Strip and going back to Virgin. Read more here.
