Benzinga - by Anthony Noto, Benzinga Editor.
Las Vegas tourism is on a winning streak, and several casinos that light up the city stand to benefit.
Sin City’s overnight stays saw growth compared to both last year and pre-COVID times, per Placer.ai data.
See below.
Tourism in Las Vegas is booming, with overnight stays in the city growing both YoY and compared to pre-COVID. pic.twitter.com/68Fa4OcXHT— Placer.ai (@Placer_ai) June 4, 2024
While fortunes were won in the hospitality sector, they were lost at several casinos.
“Record occupancy” was offset by lower-than-expected table hold — the amount of money made at a game during an eight-hour shift.
That’s what Caesars Entertainment (NASDAQ:CZR) CEO Tom Reeg said in the company’s first-quarter earnings report.
Yet, other companies — MGM Resorts (NYSE:MGM) and Las Vegas Sands Corp. (NYSE:LVS) — generated more revenue compared to a year ago. The removal of COVID-19-related entry restrictions in Macau certainly helped.
So far, there are winners and losers in 2024:
Winners
- Las Vegas Sands reported quarterly adjusted earnings of 75 cents per share; net revenue of $2.96 billion; and net income of $583 million, compared to $145 million in Q1 of 2023.
- MGM Resorts boasts quarterly earnings of 74 cents per share, compared to earnings of 44 cents per share a year ago. It posted revenues of $4.38 billion for the quarter ended March 2024, compared to year-ago revenues of $3.87 billion.
- Wynn Resorts, Ltd (NASDAQ:WYNN) revenues from Wynn’s Las Vegas operations were $636.5 million for Q1 of 2024. That’s an increase of $49.8 million from $586.8 million for the prior year’s quarter.
- Caesars reported a loss of $158 million, or a loss of 73 cents per share, for the first three months of 2024.
- Boyd Gaming Corporation (NYSE:BYD) had “a challenging start to the year,” CEO Keith Smith said. It posted adjusted earnings of $1.51 per share, missing market estimates of $1.57 per share. Total adjusted EBITDAR was $330.5 million in Q1 — down from $367.1 million in the year-ago quarter.
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Image: Unsplash
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