MGM and Caesars Entertainment have been battling out for a long time. It could now conclude for a while after Caesars gains an edge over MGM. o3v10
The Covid-19 pandemic put a dent in the casino industry, with many witnessing mass cancellations, mask mandates, and tourists staying away during the lockdown period. Overall, it was not a good time, but the industry is now starting to turn around.
Therefore, one can expect the battle between the two will resume unless one wins the crown fair and square.
Tom Reeg, the Chief Executive Officer of Caesars Entertainment, stated that the company had recently witnessed the highest level of booking. It was compared to the flipping of a switch.
The effects of the Covid-19 pandemic are beginning to subside. This is allowing industries to pick up their momentum and get back on track.
The casino industry in Las Vegas is no different. Caesars ed a growth of 20% in its booking on a Month-to-Month basis. Similarly, its gross and net pick were also positive, enough to keep investors happy.
When asked about plans of selling a Las Vegas Strip property, he denied all rumors and said that there was no such plan of selling Planet Hollywood.
What caught everyone’s attention was that he did not speak a word about the future clearly. However, he said that one could still anticipate selling off an asset in 2021 or the first half of 2022. The move was announced after MGM sold Mirage to buy Cosmopolitan.
There is little or no chance that the company will become a buyer in the future. It already operates casinos at multiple locations and will expand, but it is less likely to happen through an acquisition.
Tom Reeg said that the company would take a harder look if markets like New York and Texas ever open up. They will proceed if it makes sense for them to play there.
Reportedly, New York state is planning to award three more casino licenses, with the possibility of one of them being for New York City.
Caesars will remain inside the United States of America and has no intention of crossing the borders, as clarified by Tom Reeg.
He concluded by saying that the company expects to continue operating the Windsor management contract in Ontario, something that could be the extent of the non-US business.
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