{"id":41724,"date":"2016-11-08T15:00:42","date_gmt":"2016-11-08T23:00:42","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=41724"},"modified":"2016-11-08T10:23:06","modified_gmt":"2016-11-08T18:23:06","slug":"mgm-caesars-red-rock-rise-vegas-casino-sector","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/","title":{"rendered":"MGM, Caesars and Red Rock Revenues Rise as Vegas Casino Sector Thrives"},"content":{"rendered":"
\"MGM,
The strength of the casino market on the Strip is brightening up financial reports, as are domestic markets in general. (Image: Gavin Hellier \/ Getty Images)<\/figcaption><\/figure>\n

<\/b><\/i>A booming Las Vegas Strip helped Nevada\u2019s casino giants to a positive Q3, as MGM Resorts International, Caesars Entertainment Corp and Red Rock Resorts each posted their financial results for the quarter this week.<\/p>\n

Although in the case of Caesars, it\u2019s still a work in progress.<\/p>\n

MGM Resorts\u2019<\/a> Jim Murren said that a strong showing in Vegas offset results in Macau and helped domestic properties to their best quarter of net revenue since the advent of the last recession.<\/p>\n

\u201cBoy, we\u2019ve been waiting for this call,\u201d Murren told investors on Monday morning, as he delivered results well above analysts\u2019 expectations. Overall earnings skyrocketed 675 percent to 93 cents per share, while total revenue rose 20 percent to $2.73 billion, above Wall Street\u2019s expectations of $2.39 billion.<\/p>\n

Strength of the Market<\/b><\/h2>\n

Domestic net revenue climbed 16 percent to $1.9 billion, while domestic casino revenue rose 23 percent, aided by the company\u2019s acquisition of the Borgata in Atlantic City<\/a> and an increase in both table games and slots revenue.<\/p>\n

\n

\u201cWe continue to see strength in the\u00a0Las Vegas\u00a0market and believe that the company can drive growth across all room segments in the fourth quarter, despite a challenging comparison,” said Murren. “Based on these current trends, we remain confident in our ability to further increase room revenues in 2017.”<\/strong><\/p>\n<\/blockquote>\n

Caesars Revenues Increase $643 Million in Losses<\/b><\/h2>\n

Caesars financial results are a little more complicated to decipher. The company is attempting to extricate its main operating unit (CEOC) from a messy Chapter 11 bankruptcy as it tries to reorganize some $18 billion of its industry-high debt burden. Thus, CEOC is not a reportable, nor is the\u00a0<\/span>segment, and those that are reportable are referred to as \u201cContinuing CEC\u201d.<\/p>\n

Continuing CEC reported a 3 percent increase in revenue for Q3 to $986 million, yielding a net income of $5 million and an overall loss $643 million.<\/p>\n

Despite this, Caesars\u2019 CEO Mark Fissora urged us to look at the bigger picture. “We achieved another solid quarter of performance, with a 3 percent increase in revenues paced by strong results in\u00a0Las Vegas, our largest market,” he said. “We also continued to expand margins, a testament to the progress we have made to manage costs effectively while delivering enhanced customer service.\u201d<\/p>\n

Meanwhile, it\u2019s not just the Strip going from strength to strength, the Vegas locals market is in robust health too.<\/p>\n

Red Rock Resorts, Station Casinos\u2019 parent, reported that net revenues increased 7.3 percent to $347.1 million, the 14th consecutive quarter of year-over-year growth. Net income was $33.4 million, up 59.2 percent, year-on-year.<\/p>\n","protected":false},"excerpt":{"rendered":"

A booming Las Vegas Strip helped Nevada\u2019s casino giants to a positive Q3, as MGM Resorts International, Caesars Entertainment Corp and Red Rock Resorts each posted their financial results for the quarter this week. Although in the case of Caesars, it\u2019s still a work in progress. MGM Resorts\u2019 Jim Murren said that a strong showing […]<\/p>\n","protected":false},"author":42,"featured_media":41725,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nMGM, Caesars, Red Rock Revenues Rise as Vegas Casino Sector Thrives<\/title>\n<meta name=\"description\" content=\"MGM, Caesars and Red Rock financial reports show strength of the Vegas Casino Sector and the uptick in the Las Vegas gaming market.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MGM, Caesars, Red Rock Revenues Rise as Vegas Casino Sector Thrives\" \/>\n<meta property=\"og:description\" content=\"MGM, Caesars and Red Rock financial reports show strength of the Vegas Casino Sector and the uptick in the Las Vegas gaming market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/\" \/>\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=\"2016-11-08T23:00:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-11-08T18:23:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/102955314-GettyImages-137741432.530x298.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"530\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\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\/mgm-caesars-red-rock-rise-vegas-casino-sector\/\",\"url\":\"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/\",\"name\":\"MGM, Caesars, Red Rock Revenues Rise as Vegas Casino Sector Thrives\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/102955314-GettyImages-137741432.530x298.jpg\",\"datePublished\":\"2016-11-08T23:00:42+00:00\",\"dateModified\":\"2016-11-08T18:23:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"MGM, Caesars and Red Rock financial reports show strength of the Vegas Casino Sector and the uptick in the Las Vegas gaming market.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/mgm-caesars-red-rock-rise-vegas-casino-sector\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/102955314-GettyImages-137741432.530x298.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/11\/102955314-GettyImages-137741432.530x298.jpg\",\"width\":530,\"height\":298,\"caption\":\"The strength of the casino market on the Strip is brightening up financial reports, as are domestic markets in general. 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