The news shows Caesar’s Entertainment and MGM Resorts are both looking to sell their Las Vegas casino on the street. MGM plans to sell Mirage, and Caesar’s has yet to name the strip casino to relocate. But why would Nevada sell its Las Vegas casino when it’s in the midst of such a strong economic recovery?
Despite solid sales gains compared to last year, Caesars as a whole still expects a net loss of more than $230 million. Sales are up nearly 90% from last year, but the company has announced plans to part ways with its yet-to-be-named Las Vegas casino. Caesars is making the move to secure more cash and also plans to liquidate William Hill assets that are not headed to the United States. Despite the move, Caesars said it was “encouraged by the early results of Caesars Sportsbook, which renewed our brand.” We plan to operate in more U.S. markets as we go into 2022.
MGM Resorts also made more than $2.7 billion in revenue in the third quarter of this year. However, the company still wants to sell Mirage, one of the Las Vegas casinos. According to the earnings report just released, there was a 140% increase in earnings. MGM Resorts has also just purchased the right to operate The Cosmopolitan property in the Streep of the City Center. Their CEO, Bill Hornbuckle, said MGM had another strong quarter mainly attributable to its domestic operations, and the result was “…It added that it showed continued strong demand for game entertainment offerings across the United States and the effectiveness of operating models.”