Las Vegas Casinos Begin their Recovery

Recovering from the problems caused by the pandemic is going to take a while. The gambling industry has had good and bad news during this strange time. Online business has done well but bricks and mortar casinos, especially in Las Vegas have a lot of work to do. The signs are promising though and will hopefully continue to do so.

2020 was a terrible year for US casinos as lockdowns caused them to close their premises. Those who had an online presence weren’t hit so hard as those who didn’t. Now Las Vegas casinos are open again and the revenue figures are looking good. The hope is that it won’t be too long before business is back to the levels achieved in 2019.

There are plenty of casinos in Las Vegas and clearly some will do better than others in their recovery. Those analysing the industry believe it will be MGM Resorts and Caesars Entertainment that get back to those 2019 levels first.

Industry analyst Joseph Greff believes that there will be higher than expected earnings per share for the second quarter being better than expected and further improvement as the year progresses. It’s been a big year to date for Caesars Entertainment. Their stock has gone up 49.23% this year and they’ve finally been able to takeover William Hill (with income on the way from selling their non-US assets). It’s been good for MGM Resorts too with the value of their stock going up 38.18%.

Both Caesars Entertainment and MGM Resorts aren’t just in the casino business. They have an increasing reputation as gaming operators not just casino operators. Gambling has changed in the USA in recent years. An increasing number of states are now legalizing gambling, especially betting on sport.

Now there are more sportsbooks online and the opportunity to become betting partners with top sports franchises. That all helps to there being more awareness of their product. With the NFL starting again in September and the current NBA play-offs, more revenue increases should be on their way. Bill Hornbuckle, MGM Resorts President recently spoke about how business is progressing and said that it’s “on fire.”

Independence Day (July 4) will see a big party being held which will also celebrate independence from the health restrictions. The bricks and mortar casinos can now have full capacity and the face mask and social distancing rules have gone. It seems they think the COVID-19 crisis is over, they might get a bit shock sometime soon.

June has also seen either a removal or reduction of COVID-19 restrictions in many other states, including Arkansas, Massachusetts, New Jersey and Florida. There is still going to be a battle to get business back. Players have become used to gambling online and some may feel that is far safer than going back to the casinos. It’s an improving situation though and the hope is that will continue in the future.