The positive revenue trends for Las Vegas casino operators Las Vegas Sands Corp. LVS 1.23%, MGM Resorts International MGM 2.16%, Wynn Resorts, Limited WYNN 1.28% and Caesars Entertainment Corp CZR 1.85% may continue through Q1 2017, including the critical New Year’s holiday weekend. A new survey by Wells Fargo shows steadily-improving revenue numbers for Las Vegas casinos, even in the face of tough year-over-year comps. Here are five takeaways.
5 Takeaways
- Wells Fargo is now predicting +3–5 percent RevPAR growth in Vegas in Q4.
- The firm reports that Vegas RevPAR grew 2 percent in October and is now up 6 percent year-to-date. October RevPAR growth was positive despite an extremely difficult +16 percent comp. The November comp will also be a difficult +10 percent.
- The big event in December is the National Finals Rodeo (NFR), which is underway through December 10. “December is a very slow convention month and results will hinge on New Year’s Eve,” analyst Cameron McKnight explained.
- In terms of major events beyond New Year’s, McKnight expects…
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