Casino CEOs say the industry isn’t yet seeing signs of recession, but is prepared for a pullback
Friday 15 de July 2022 / 07:57
2 minutos de lectura
(Las Vegas).- Las Vegas has yet to see signs of a looming recession, according to the CEO of two major casinos.
Bill Hornbuckle, the CEO of MGM Resorts International, said at CNBC’s Evolve Global Summit on Wednesday that he expects inflation and rising gas prices will eventually impact his business, but that “it hasn’t yet.”
“What’s happened over the last 18 months has literally been historic, but if you look at how we thought we would be performing against how we are performing, we’re exactly where we thought we would be,” Hornbuckle said.
Despite soaring inflation, gaming revenue in May was up 7.9% compared to the same time last year, according to the American Gaming Association. And March, April and May represented the three best months in the industry’s history, with each surpassing a total revenue of $5 billion.
Jim Allen, Hard Rock International’s CEO, however, warned in May that record inflation is impacting his customers, while Red Rock Resorts CEO Frank Fertitta III said in his quarterly earnings call on May 3 that rising prices are only impacting people who spend the least.
Despite increases in the costs of food and gas, among other things, technological adaptations made during Covid — such as pods and different gaming-floor configurations — have allowed MGM Resorts to bring more millennials into its casinos than ever before.
“It’s brought millennials to the table in a way that they have not been before in this industry. We have more millennial business than we’ve ever had by 20%,” Hornbuckle said. “I’m extremely optimistic about the space.”
Wynn Resorts CEO Craig Billings, meanwhile, is confident that it can weather another economic challenge if need be.
“I do think the industry here in Las Vegas is better prepared, because of Covid, to know the levers we need to pull to make it through whatever does come,” Billings said. CNBC
Categoría:Casino
Tags: Sin tags
País: United States
Event
Peru Gaming Show 2025
18 de June 2025
Successful closing of Peru Gaming Show 2025
(Lima, SoloAzar Exclusive).- With a great attendance and an agenda full of innovation and debate, the 2025 edition of Peru Gaming Show (PGS), one of the most relevant events of the gaming industry in Latin America, came to a successful conclusion.
Friday 20 Jun 2025 / 12:00
PGS 2025: The Future of Gaming in Latin America is Discussed Today in Lima
(Lima, SoloAzar Exclusive).- The second day of Peru Gaming Show 2025 is packed with innovation, networking, and strategic analysis. With 87 exhibitors, keynote addresses, and business opportunities, today's discussion focuses on challenges in marketing, regulation, and the evolution of online gaming. Learn more in this article.
Thursday 19 Jun 2025 / 12:00
PGS 2025: The Largest Games of Chance Event in Latin America Starts Today, Bringing Together the Industry in Lima
(Lima, SoloAzar Exclusive).- Peru Gaming Show, the largest international gaming show in Latin America with 22 years of experience, begins a new edition today at the Jockey Exhibition Center. PGS covers topics of interest to the industry and will bring together more than 8,000 visitors from around the world to learn about the latest developments and interact with industry executives. Learn more in this article.
Wednesday 18 Jun 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.