This week’s gambling news finds both Caesars Entertainment and MGM Resorts looking to sell Las Vegas Strip casinos! 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?
On our show from October 12th we reported that casinos in Nevada were on a six-month streak of bringing in over $1 billion in gaming revenue each and every month! And now, here we are in November, and I’m happy to report that streak continues! September winnings were $1.16 billion for Nevada, making it the seventh month in a row with more than a billion dollars in gaming revenue for the state! Which now begs the question: with the economy apparently recovering from the pandemic ,and so much money coming in, why are MGM and Caesars Entertainment looking to sell Las Vegas Strip casinos?
First, Caesar says they plan to sell one of their Vegas casinos within the next year. Now, they didn’t say which casino they were thinking about selling, but they did say it was on the Vegas Strip. This announcement comes despite the fact that company revenues are up nearly 90% from this time last year. Then there’s MGM Resorts, who have announced that they too will be selling one of their Las Vegas Strip casinos as well: The Mirage! This despite the fact that their revenue is up 140% from this time last year! And the fact that they just paid an arm and an ass to get the operational rights for the Cosmopolitan!
So, what the hell is going on here? Believe it or not it looks like these gambling companies are willing to liquidate assets to get their hands on some cash so that they can expand into other markets all across the country! And my friends, you can thank the growth of sports betting for that! Caesars said they were encouraged by the growth of their sports book, and that their plan is to be operating in more American markets next year. MGM added that the demand for their gambling services is growing all across the country and that they “have enough of Las Vegas”.
So in reality, this is all good news! I mean, if you’re a fan of gambling expansion, that is. And don’t worry, your favorite Las Vegas Strip casinos may change ownership but I’m sure they’re not going anywhere. And the next time you’re drunk ass blows into town, they’ll be waiting for you.
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