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Profits on a roll in Vegas
Nevada’s “Big Six” gaming operators ended last year with record breaking profits that were nearly double the year before, analysts said.
The reasons included surging demand for Las Vegas vacations and the two biggest mergers in industry history.
“Las Vegas is one of the top destination getaways in North America and a great value compared with the alternatives such as Disneyworld, New York City and San Francisco,” Deutsche Bank analyst Marc Falcone told the Las Vegas Review-Journal.
The ”Big Six” are MGM Mirage, Harrah’s Entertainment, Las Vegas Sands, Wynn Resorts, Boyd Gaming Corp. and Station Casinos.
The six reported incomes up 92.3% over the previous year.
The numbers of independent travelers were below expectations but that was offset by growth in the city’s convention business.
Last year was a banner year for the gaming industry, even compared with the previous year, which was above average, added Brian Gordon, a partner in Applied Analysis.
Vegas’s efforts at marketing and branding were clearly a factor in the records, but a resurgence of consumer confidence also helped, analysts said.
The opening of Wynn Las Vegas last year also generated national attention.
The growth in gaming is not limited to Las Vegas, said Bill Thompson, a University of Nevada, Las Vegas, professor who specializes in gaming studies.
He said companies are looking at possible gaming ventures at other areas of the US and Europe.
Report by David Wilkening
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