Slots and gambling news this week finds that Caesars Entertainment and MGM Resorts want to sell at least one on their Las Vegas casinos each. MGM said they plan to part with The Mirage casino, while Caesars stated they would sell a Strip casino, but have not named which one. All of this comes as Nevada casinos continue to set revenue records.
On our October 12th show we told you all that casinos in Nevada were on a streak of bringing in over $1 billion every month. Now, that streak has continued for seven consecutive months! September winnings were $1.16 billion for Nevada, so the obvious question is why are MGM and Caesars Entertainment looking to sell Las Vegas casinos?
Caesar says they plan to sell one of their casinos within the next year, but did not specify which property they were thinking about moving, other than it would be on the Vegas Strip. This announcement comes despite the fact that company revenues are up nearly 90% from this time last year.
MGM Resorts announced that they will be selling The Mirage, despite the fact that their revenue is up 140% year on year! Plus, they also just paid to take over the operational rights for the Cosmopolitan! So why all these moves?
Actually, it seems that these companies are willing to liquidate assets in order to expand into other markets across America! And you can thank the growth of betting on sports for that! Caesars said they were encouraged by the growth of their sports book, while MGM added that the demand for their gambling services is growing across the country, adding they “have enough of Las Vegas”.
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