Last month marked Sin City's best financial performance in eight years.
In a note published on Thursday, Macquarie Research referred to the outlook for Las Vegas as “upbeat” with the expectation that Sin City will recover to pre-pandemic levels by mid-2022.
Resorts World generated between $30 million to $40 million in gross gaming revenue alone, Macquarie estimates, while the Nevada regional casinos continue to “shine,” the research firm writes. The state’s regional casinos outperformed other U.S. regional markets with July revenue up 17% compared to July 2019. Downtown Las Vegas was up 35% versus the same time in 2019.report
Nearly half a year of record-breaking gaming revenue does not signal that the recovery has quickened its pace. Colin Mansfield, an analyst from Fitch Ratings, says the July revenue numbers were impressive, but the recovery timeline has changed. Mansfield says Fitch is still predicting Las Vegas to fully recover in 2023.
“The trend is going in the wrong direction from a case perspective and that's not good for group business,” says Mansfield. “There's still not enough evidence on the convention recovery and international recovery to sway us one way or the other yet on bringing that recovery forward.”
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