{"id":313722,"date":"2024-03-11T16:27:02","date_gmt":"2024-03-11T21:27:02","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=313722"},"modified":"2024-03-12T11:21:13","modified_gmt":"2024-03-12T16:21:13","slug":"las-vegas-casino-consumer-trends-still-strong-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/","title":{"rendered":"Las Vegas Casino Consumer Still in Strong Shape, Says Analyst"},"content":{"rendered":"

Visitors keep finding their way to Las Vegas, and that could be beneficial to casino operators\u2019 first-quarter results.<\/p>\n

\"Nevada
The Welcome to Las Vegas sign. Consumer trends there remain vibrant, but there’s lethargy at some regional casinos. (Image: Shutterstock)<\/figcaption><\/figure>\n

Likewise, Macau concessionaires and online gaming firms are positioned to reap the benefits of resilient consumer spending trends. Citing stability among consumers<\/a>, Macquarie analyst Chad Beynon sees Macau operators, online betting firms, and Las Vegas Strip casino giants as the preferred ways to play, with gaming suppliers and regional casino companies lagging behind that trio.<\/p>\n

Benyon noted that Caesars Entertainment (NASDAQ: CZR), MGM Resorts International (NYSE: MGM), and Wynn Resorts (NASDAQ: WYNN) are poised for mid- to high-single-digit increases for first-quarter revenue per available room (RevPAR). Those estimates are helped by last month\u2019s Super Bowl.<\/p>\n

Our analysis incorporates data for February, which came in at +63% YoY in Vegas (Super Bowl benefit),\u201d<\/strong> wrote Beynon. \u201cBy comparison, this compares to the F1 benefit in November, driving RevPAR growth of +24%. We think MGM\/CZR are better positioned to capture this benefit vs 4Q, when disruptions and a skew to higher-end F1 customers affected results.\u201d<\/strong><\/p><\/blockquote>\n

He has \u201coutperform\u201d ratings on MGM and Caesars, the two largest Strip operators, and on Wynn.<\/p>\n

Decent Outlook for Macau<\/h2>\n

March is typically a decent month relative to December in Macau, with gross gaming revenue (GGR) in the Chinese casino enclave typically exceeding the December tally by 6%. Beynon sees 5% growth this month, which could be a precursor to decent first-quarter results for concessionaires.<\/p>\n

\n

Las Vegas Sands (NYSE: LVS) is the largest Macau operator with five casino hotels, while Wynn Macau and MGM China run two integrated resorts apiece. Recent data indicate all three operators<\/a> gained market share in 2023.<\/p>\n<\/div>\n

\u201cConsensus now calls for 1Q24E Macau EBITDA quarter-over-quarter to be as follows: LVS +9%, WYNN +2%, and MGM -4%,\u201d added Beynon. \u201cWe expect 2024E GGR of -19% vs 2019 (+29% year-over-year), or ~US$29.5bn, with mass continuing to run above pre-pandemic levels.\u201d<\/p>\n

Benyon\u2019s price targets on Sands and Wynn, the U.S.-based companies most levered to Macau, imply upside of 20% and 27%, respectively.<\/p>\n

Less Bullish on Regional Casino Names<\/h2>\n

While the U.S. consumer appears strong in the face of high interest rates and persistently elevated inflation<\/a>, that strength isn\u2019t linear across all casino markets, as highlighted by some modest signs of softness in select regional markets.<\/p>\n

\n

Of the eight \u201cneutral\u201d ratings Beynon assigns to gaming stocks in his coverage universe, five are on regional casino operators. That quintet includes Bally\u2019s (NYSE: BALY), Boyd Gaming (NYSE: BYD), and Monarch Casino & Resort (NASDAQ: MCRI).<\/p>\n<\/div>\n

\u201cJanuary was difficult, given abnormally disruptive weather in as many as three of four weekends in some regions. All told, January results (the least important month of the year) experienced a -6% GGR. At this time, we stick with our 1Q US Regional estimate of -1% (-1 to -2% SS), while current cons calls for a 4% YoY EBITDA decline,\u201d concluded the analyst.<\/p>\n","protected":false},"excerpt":{"rendered":"

Visitors keep finding their way to Las Vegas, and that could be beneficial to casino operators\u2019 first-quarter results. Likewise, Macau concessionaires and online gaming firms are positioned to reap the benefits of resilient consumer spending trends. Citing stability among consumers, Macquarie analyst Chad Beynon sees Macau operators, online betting firms, and Las Vegas Strip casino […]<\/p>\n","protected":false},"author":46,"featured_media":283150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,10,81886],"tags":[81913,81897,81903,23],"acf":[],"yoast_head":"\nLas Vegas Casino Consumer Trends Still Strong, Says Analyst<\/title>\n<meta name=\"description\" content=\"Las Vegas Casino Consumer Still in Strong Shape, Says Analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Casino Consumer Trends Still Strong, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Casino Consumer Still in Strong Shape, Says Analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-11T21:27:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T16:21:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/07\/las_vegas_housing_market.jpeg.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/\",\"name\":\"Las Vegas Casino Consumer Trends Still Strong, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/07\/las_vegas_housing_market.jpeg.jpg\",\"datePublished\":\"2024-03-11T21:27:02+00:00\",\"dateModified\":\"2024-03-12T16:21:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Las Vegas Casino Consumer Still in Strong Shape, Says Analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-casino-consumer-trends-still-strong-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/07\/las_vegas_housing_market.jpeg.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/07\/las_vegas_housing_market.jpeg.jpg\",\"width\":1200,\"height\":800,\"caption\":\"The Welcome to Las Vegas sign. 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