{"id":209466,"date":"2022-04-15T04:00:14","date_gmt":"2022-04-15T11:00:14","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=209466"},"modified":"2022-04-15T11:34:55","modified_gmt":"2022-04-15T18:34:55","slug":"las-vegas-could-drive-rebound-for-select-casino-stocks","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/","title":{"rendered":"Las Vegas Place To Be for Casino Stock Investors"},"content":{"rendered":"

This year has brought struggles to gaming equities this year. But investors shouldn’t leave Las Vegas, according to\u00a0Macquarie analyst Chad Beynon and team.<\/p>\n

\"casino
The famous Las Vegas Strip, seen above. An analyst is bullish on casino stocks with exposure to the dominant US gaming center. (Image: KTNV<\/em>)<\/figcaption><\/figure>\n

In a report out Thursday, the analysts point out searches for Las Vegas travel are soaring, and that could be a harbinger of a strong summer for operators in the largest US casino hub.<\/p>\n

Our monthly LV survey points to continued strength for hotel searches into Las Vegas,\u201d<\/strong> sais Beynon. \u201cOverall \u2018searches\u2019 were up 12% month-over-month in March, following a solid 15% in February and 12% in January. We believe searches are at all-time highs, which bodes well for 1H22.\u201d<\/strong><\/p><\/blockquote>\n

The Macquarie team added that there\u2019s an 80% to 90% correlation with gaming revenues and searches for travel to Las Vegas since the city reopened in earnest last summer. For example, if travel searches for Las Vegas jump in April, it\u2019s possible gaming revenue there will rise in May.<\/p>\n

Strong Start, But Casino Stock Disconnect<\/h2>\n

Data confirm that January and February 2022<\/a> represent the best two-month start to a year on record for the domestic gaming industry.<\/p>\n

\n

That should be a boon for US-focused casino operators, particularly those with heavy Las Vegas footprints, such as Caesars Entertainment (NASDAQ:CZR) and MGM Resorts International (NYSE:MGM). However, the reality is different. Shares of MGM and Caesars — the two largest Strip operators — are off an average<\/a> of 16.5% year-to-date. The S&P 500 is off 7.83%.<\/p>\n<\/div>\n

Those weak performances and others among casino stocks suggest a disconnect from strong gaming numbers to equity market showings. Adding to the case for gaming equities is that visitors are shrugging off high gas prices across the US to make their way to Las Vegas and regional markets.<\/p>\n

\u201cCompanies such as CZR, MGM, and Penn National Gaming (NASDAQ:PENN) have noted little impact from rising gas prices, which appears to be the case in the regional markets as well as Vegas, where close to half of the customers may be driving in from the West Coast,\u201d adds Beynon.<\/p>\n

The analyst adds Las Vegas attendance for the NCAA Tournament was robust and vital convention and meeting business is starting to pick up.<\/p>\n

Convention attendance bouncing back is critical to the likes of Caesars, MGM, and others on the Strip, because they control hundreds of thousands of square feet of meeting space that needs to be put to use.<\/strong><\/p>\n

Catalysts Looming for Las Vegas Casino Stocks<\/h2>\n

The Macquarie team also highlights the recent spate of Strip asset sales as auguring well for operators looking to engage in those transactions, of which Caesars is likely to be one<\/a> over the near-term.<\/p>\n

Recent Strip asset sales have been trading at record cap rates\/EBITDA multiples, including the Venetian (16x EBITDA), CityCenter (18x), and Cosmo (20x),\u201d said Beynon and team. \u201cWe would note this bodes well for outlooks from REITs\/operators on the recovery ahead as well as future strip multiples for operators that are looking to sell assets (CZR, MGM).\u201d<\/p><\/blockquote>\n

The analysts lofty prices on Strip property sales are positive for operators that own all of their real estate, such as Golden Entertainment (NASDAQ:GDEN) and Red Rock Resorts (NASDAQ:RRR).<\/p>\n","protected":false},"excerpt":{"rendered":"

This year has brought struggles to gaming equities this year. But investors shouldn’t leave Las Vegas, according to\u00a0Macquarie analyst Chad Beynon and team. In a report out Thursday, the analysts point out searches for Las Vegas travel are soaring, and that could be a harbinger of a strong summer for operators in the largest US […]<\/p>\n","protected":false},"author":46,"featured_media":209467,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81886],"tags":[],"acf":[],"yoast_head":"\nLas Vegas Could Drive Rebound For Select Casino Stocks<\/title>\n<meta name=\"description\" content=\"Casino stocks could rebound and investors should focus on Las Vegas names, 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-could-drive-rebound-for-select-casino-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Could Drive Rebound For Select Casino Stocks\" \/>\n<meta property=\"og:description\" content=\"Casino stocks could rebound and investors should focus on Las Vegas names, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/\" \/>\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=\"2022-04-15T11:00:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-15T18:34:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/strip2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\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-could-drive-rebound-for-select-casino-stocks\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/\",\"name\":\"Las Vegas Could Drive Rebound For Select Casino Stocks\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/strip2.png\",\"datePublished\":\"2022-04-15T11:00:14+00:00\",\"dateModified\":\"2022-04-15T18:34:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Casino stocks could rebound and investors should focus on Las Vegas names, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-could-drive-rebound-for-select-casino-stocks\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/strip2.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/strip2.png\",\"width\":1280,\"height\":720,\"caption\":\"The Las Vegas Stirp. 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