{"id":325019,"date":"2024-07-11T18:31:00","date_gmt":"2024-07-11T23:31:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=325019"},"modified":"2024-07-12T09:24:33","modified_gmt":"2024-07-12T14:24:33","slug":"strat-could-be-mirage-closing-winner-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/","title":{"rendered":"Strat Could Be Mirage Closing Winner, Says Analyst"},"content":{"rendered":"

With the Tropicana shuttered in April, and with the Mirage heading for a temporary closure starting July 17, it doesn\u2019t take an expert to figure out that room supply on the Las Vegas Strip is declining.<\/p>\n

\"Golden
Golden Entertainment’s Strat Las Vegas. The venue could benefit from the Mirage and Tropicana closures, says an analyst. (Image: Vegas Means Business)<\/figcaption><\/figure>\n

Some experts and analysts have stated the obvious, but the astute ones are identifying potential winners under the scenario of about 4,500 rooms going offline between the Tropicana and Mirage<\/a> closures. Reduced room supply is a potential positive for MGM Resorts International (NYSE: MGM) and Caesars Entertainment (NASDAQ: CZR) — the two largest operators on the Strip — but other venues could benefit.<\/p>\n

\n

In a new report to clients, CBRE analyst John DeCree highlighted The Strat, which is owned and operated by Golden Entertainment (NASDAQ: GDEN), as a potential beneficiary of the Tropicana and Mirage closures. Citing some fundamental issues, he lowered his price target on Golden to $40 from $47, but reiterated a \u201cbuy\u201d rating on the shares.<\/p>\n<\/div>\n

The Strat is one of Golden\u2019s three Las Vegas casinos, with the other two being a pair of off-Strip Arizona Charlie\u2019s venues that cater to Las Vegas locals.<\/p>\n

Strat Not On Strip, but Could Still Benefit<\/h2>\n

Many visitors to Las Vegas consider the Strat a Strip casino hotel because it\u2019s located on Las Vegas Boulevard, but in reality, it\u2019s situated just north of the Strip, and Clark County doesn\u2019t consider the area in which the venue resides to be part of the Strip. That doesn\u2019t diminish Strat\u2019s status as a potential beneficiary of the Mirage and Tropicana closures.<\/p>\n

Most importantly, the closure of The Tropicana Las Vegas in April and the scheduled closure of Mirage later this month could accelerate the occupancy recovery at the Strat and improve overall customer mix and margins,\u201d wrote DeCree.<\/p><\/blockquote>\n

Golden has taken steps to spruce up the Strat<\/a> and add new nongaming amenities. And, while the venue typically doesn\u2019t capture a lot of business from the consumers who frequent the Strip\u2019s toniest properties, it could be a compelling alternative for customers who previously enjoyed the Trop.<\/p>\n

\u201cWith Caesars and MGM (properties) at or near full occupancy on the Strip, we see an opportunity for Golden to potentially pick up more than its fair share of displaced room nights,\u201d according to DeCree. \u201cThe Strat midweek occupancy is still 12 points below 2019 levels. And although weekend occupancy at the property hit 96% in the first quarter, there should be more upside from higher rates with fewer rooms available on the Strip going forward.\u201d<\/p>\n

Other Potential Catalysts for Golden<\/h2>\n

DeCree also pointed out that the Strat has been among the Las Vegas casinos that have been hampered by elevated promotional activity among smaller independent rivals — a scenario that\u2019s lasted longer than expected. Elevated labor costs and some softness among cost-conscious guests have also been a drag on Golden.<\/p>\n

\n

However, there are potential catalysts for the stock, including the recent additions<\/a> of some new gaming taverns to Golden\u2019s already expansive portfolio. The company is the largest operator of such venues in the Las Vegas Valley.<\/p>\n<\/div>\n

DeCree also highlighted the operator\u2019s recently implemented dividend and the fact that the company has $90 million remaining on a previously authorized share repurchase plan. He expects the entirety of that amount will be spent over the next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the Tropicana shuttered in April, and with the Mirage heading for a temporary closure starting July 17, it doesn\u2019t take an expert to figure out that room supply on the Las Vegas Strip is declining. Some experts and analysts have stated the obvious, but the astute ones are identifying potential winners under the scenario […]<\/p>\n","protected":false},"author":46,"featured_media":262320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886],"tags":[81897,81903,23],"acf":[],"yoast_head":"\nStrat Could Be Mirage Closing Winner, Says Analyst<\/title>\n<meta name=\"description\" content=\"Strat Could Be Mirage Closing Winner, 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\/strat-could-be-mirage-closing-winner-says-analyst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strat Could Be Mirage Closing Winner, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Strat Could Be Mirage Closing Winner, Says Analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-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=\"2024-07-11T23:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-12T14:24:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/strat.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\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\/strat-could-be-mirage-closing-winner-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/\",\"name\":\"Strat Could Be Mirage Closing Winner, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/strat.jpg\",\"datePublished\":\"2024-07-11T23:31:00+00:00\",\"dateModified\":\"2024-07-12T14:24:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Strat Could Be Mirage Closing Winner, Says Analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/strat.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/strat.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Golden Entertainment's Strat Las Vegas. 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