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sabato 13 novembre 2021

MGM and Caesars selling Las Vegas casinos?

This week's gambling news finds both Caesars Entertainment and MGM Resorts looking to sell Las Vegas casinos right on the Strip. MGM plans to sell The Mirage, while Caesars has yet to name which Strip casino they plan to move. But why sell any of their Las Vegas casinos when Nevada is in the middle of such a strong economic recovery?

Despite a robust jump in revenue over last year, Caesars as a whole still expects to see a net loss of more than $230 million. Revenue is up almost 90% from last year, but has announced plans to part ways with a yet-to-be-named Las Vegas casino. Caesars is making this move in order to secure more cash, and also has plans to liquidate their William Hill assets which are not U.S.-facing. Despite these moves, Caesars stated that they are “Encouraged by the early results from our rebranded Caesars sportsbook”. They do plan to operate in even more American markets as we move toward 2022.

Also, MGM Resorts brought on over $2.7 billion in revenue for the third quarter of this year. However, the company still wants to sell their one of their Las Vegas casinos, likely The Mirage. Their announcement does come as a bit of a surprise if you consider the earnings report they just released showed revenue growth of 140%. Also, MGM Resorts did just purchase the operational rights to The Cosmopolitan property on the Strip at City Center. Their CEO, Bill Hornbuckle, stated that MGM had another strong quarter which was primarily due to domestic operations, adding that the results showed “…the continued robust demand for our gaming entertainment offerings across the U.S. and the effectiveness of our operating model.”


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