The dice are still rolling in Sin City, but some players are luckier than others. Major gaming operators posted mixed quarterly earnings as Las Vegas saw a 7% plunge in visitor numbers. Defying the downturn, the sector flexed its staying power — with digital bets turning into a full-blown gold rush.
- MGM Resorts, Las Vegas Sands, and Vici Properties beat earnings-per-share (EPS) expectations by 51.46%, 3.78%, and 0.85%, respectively — with announcing a $2B share buyback as raising revenue forecasts.
- Conversely, Caesars missed EPS estimates by 167%, reporting a $115M loss — while beyond the Strip, “severe weather” impaired Boyd’s Midwest fortunes, and Macau-based venues stood threatened by heightened US-China tensions.
Digital dividends: While physical gaming resorts struggle with falling foot traffic, online gaming emerges as the industry’s jackpot. BetMGM’s $154M one-year surge flipped losses to $22M in positive EBITDA amid its 34% revenue growth, while Caesars Digital surged 19% to $335M in revenue. Boyd similarly reported “strong revenue growth” from its online segment, as operators double down on virtual platforms to offset brick-and-mortar volatility. With Strip properties rolling snake eyes on tourism, the house still wins — just through a different window.
