{"id":233437,"date":"2022-09-22T14:17:17","date_gmt":"2022-09-22T19:17:17","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=233437"},"modified":"2022-09-22T15:38:46","modified_gmt":"2022-09-22T20:38:46","slug":"las-vegas-travel-demand-remains-impressive-says-analyst","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/","title":{"rendered":"Viva Las Vegas Demand Trends, Analyst Likes Caesars, VICI Properties"},"content":{"rendered":"

For all the talk about high inflation and rising interest rates potentially stoking economic contraction, Las Vegas Strip demand trends are far from pricing in a recession.<\/p>\n

\"Las
An ad for the Las Vegas Strip, seen above. An analyst says demand for rooms there remains brisk. (Image: YouTube)<\/figcaption><\/figure>\n

In a note to clients on Thursday, Macquarie analyst Chad Beynon points out that internet searches for Las Vegas travel jumped 7% in August, building on gains of 5% in July and 3% in June. There are indications that momentum is carrying over into this month, supporting the research firm\u2019s bullish outlook on Strip gross gaming revenue (GGR).<\/p>\n

The strong results through August and September give us confidence in our GGR forecasts of $631m (+1% YoY) in August, $2.1bn (+1% YoY) in 3Q22, and $8.2bn for 2022 (+15% YoY, +24% vs. 2019),<\/strong>\u201d wrote Beynon.<\/p><\/blockquote>\n

Further supporting the case for Strip-oriented equities, Beynon acknowledges that while Las Vegas visitation remains about 9% below 2019 levels, spending per visit is running approximately 40% ahead of levels seen in the last year before the emergence of the coronavirus pandemic.<\/p>\n

Bullish on Caesars, MGM, VICI<\/h2>\n

In terms of specific stocks, Beynon said Macquarie’s top Las Vegas ideas are Caesars Entertainment (NASDAQ: CZR), MGM Resorts International (NYSE: MGM), and VICI Properties (NYSE: VICI).<\/p>\n

\n

MGM and Caesars are the two largest operators on the Strip, while VICI is the biggest landlord<\/a> in the US casino center. The Bellagio operator derives about 47% of its revenue from the Strip, while Caesars gets 45% of sales from the area, according to Beynon.<\/p>\n<\/div>\n

Importantly, all three names, particularly MGM and Caesars, are signs that convention business is bouncing back. Beynon noted a long-term rebound in group and meeting business is a catalyst for Strip operators.<\/p>\n

That jibes with comments made earlier this week by MGM CFO Jonathan Halkyard at Deutsche Bank\u2019s 30th<\/sup> Annual Leveraged Finance Conference. He said there\u2019s \u201creal enthusiasm\u201d<\/a> for returning to face-to-face conventions, which is seen in the operator\u2019s bookings extending well into 2023.<\/p>\n

Other Las Vegas Demand Catalysts<\/h2>\n

As noted above, Strip visitation levels remain below what was seen before the COVID-19 crisis, but a slew of upcoming marquee events in Sin City could change that for the better.<\/p>\n

Longer term, we see the return of conventions and a strong sports\/event calendar in the next couple of years (e.g., NCAA Men\u2019s Division I basketball tournament games, Formula 1, Las Vegas Raiders and Golden Knights games, and the 2024 Super Bowl, among others) to provide some level of support for Strip GGR and non-gaming revenues,\u201d<\/strong> added Beynon.<\/p><\/blockquote>\n

The F1 race, which takes place in November 2023, could be an epic moneymaker for Strip operators and the city. For example, MGM is believed to be constructing ticket and room packages for the race that could run as high as<\/a> $100K.<\/p>\n","protected":false},"excerpt":{"rendered":"

For all the talk about high inflation and rising interest rates potentially stoking economic contraction, Las Vegas Strip demand trends are far from pricing in a recession. In a note to clients on Thursday, Macquarie analyst Chad Beynon points out that internet searches for Las Vegas travel jumped 7% in August, building on gains of […]<\/p>\n","protected":false},"author":46,"featured_media":233439,"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":"\nLas Vegas Travel Demand Remains Impressive, Says Analyst<\/title>\n<meta name=\"description\" content=\"Demand for Las Vegas travel steady, positive for MGM, Caesars, says Beynon.\" \/>\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-travel-demand-remains-impressive-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 Travel Demand Remains Impressive, Says Analyst\" \/>\n<meta property=\"og:description\" content=\"Demand for Las Vegas travel steady, positive for MGM, Caesars, says Beynon.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-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=\"2022-09-22T19:17:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-22T20:38:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg\" \/>\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\/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=\"2 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-travel-demand-remains-impressive-says-analyst\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/\",\"name\":\"Las Vegas Travel Demand Remains Impressive, Says Analyst\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg\",\"datePublished\":\"2022-09-22T19:17:17+00:00\",\"dateModified\":\"2022-09-22T20:38:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Demand for Las Vegas travel steady, positive for MGM, Caesars, says Beynon.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg\",\"width\":1280,\"height\":720,\"caption\":\"The Las Vegas Strip. An analyst says demand for rooms there remains brisk. (Image: YouTube)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Viva Las Vegas Demand Trends, Analyst Likes Caesars, VICI Properties\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Las Vegas Travel Demand Remains Impressive, Says Analyst","description":"Demand for Las Vegas travel steady, positive for MGM, Caesars, says Beynon.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/","og_locale":"en_US","og_type":"article","og_title":"Las Vegas Travel Demand Remains Impressive, Says Analyst","og_description":"Demand for Las Vegas travel steady, positive for MGM, Caesars, says Beynon.","og_url":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-09-22T19:17:17+00:00","article_modified_time":"2022-09-22T20:38:46+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/","url":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/","name":"Las Vegas Travel Demand Remains Impressive, Says Analyst","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg","datePublished":"2022-09-22T19:17:17+00:00","dateModified":"2022-09-22T20:38:46+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Demand for Las Vegas travel steady, positive for MGM, Caesars, says Beynon.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/strip-1.jpg","width":1280,"height":720,"caption":"The Las Vegas Strip. An analyst says demand for rooms there remains brisk. (Image: YouTube)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/las-vegas-travel-demand-remains-impressive-says-analyst\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Viva Las Vegas Demand Trends, Analyst Likes Caesars, VICI Properties"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/233437"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=233437"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/233437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/233439"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=233437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=233437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=233437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}