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There are signs that the U.S. consumer is still spending, especially on experiences. But stubbornly high prices are squeezing consumers with lower incomes, pressuring everyday purchases and corporate profits. Broadly speaking, credit card companies like American Express, Visa and MasterCard have described spending trends as "relatively strong," "relatively stable," and even "healthy." Priceline parent Booking Holdings told analysts there are no signs consumers are taking shorter vacations or trading down in their hotel choices. McDonald's added that "the consumer is certainly being very discriminating in how they spend their dollar."
Persons: Brandon Bell, Morgan Stanley's Michael Wilson, Morgan Stanley, Mike Stocker, Stanley Black, Decker, , Anton Pinsky, Beata Zawrzel, Laxman Narasimhan, Shack, Domino's, Pavlo Gonchar Organizations: Getty, Home Depot, Walmart, American Express, Visa, MasterCard, PayPal, Booking Holdings, Las, Port, Tribune, Service, Consumers, Whirlpool, Corp, Starbucks Corp, Nurphoto, Lightrocket Locations: Austin , Texas, U.S, Las Vegas, Port of Miami, Krakow, Poland, Russia, Ukraine
Read previewFormer President Donald Trump is a publicly tradeable asset once again. Trump's initials are one of the new stock symbols for Truth Social's parent company. Symbols can range from the fairly obvious APPL (Apple) to the playful, motorcycle maker Harley-Davidson uses HOG on the New York Stock Exchange. Trump's political fortunes will be closely tied to Truth Social's parent, Trump Media & Technology Group. By 2004, the company was delisted from the New York Stock Exchange after filing for Chapter 11 bankruptcy protection.
Persons: , Donald Trump, Davidson, Trump, It's, Jeffrey Yass, Donald Trump Jr Organizations: Service, Nasdaq, New York Stock Exchange, Business, Trump Media & Technology Group, Trump Media, Susquehanna International Group, New York Times, Biden, Susquehanna, Trump Hotels, Casino Resorts, Atlantic Locations: Yass
Truth Social had just 494,000 monthly active US users on iOS and Android combined in February, according to Similarweb stats provided to CNN. Even Threads had more than 10 times the number of monthly active users that Truth Social had in February, according to Similarweb. The last Trump company to go public, Trump Hotels and Casino Resorts in 1995, used the same DJT ticker symbol. Like any social media business, Truth Social faces pressure to grow its user base, expand its advertising business and build a subscription service. “If he wins in November, Truth Social will probably be the primary means of presidential communication,” said Kennedy.
Persons: Donald Trump’s, , , Jay Ritter, Ritter, , Reddit, Matthew Kennedy, Kennedy, Jonathan Macey, that’s, ’ Matthew Tuttle, Tuttle, it’s Trump, you’ve, ” “, I’m, Donald Trump, Trump, “ Donald J, TMTG, skeptically Organizations: New, New York CNN, Trump Media & Technology Group, Trump Media, University of Florida’s Warrington College of Business, GameStop, AMC, Trump, Renaissance, Truth, CNN, Facebook, Yale, Digital, Tuttle Capital Management, SEC, Trump Hotels, Casino Resorts, New York Stock Exchange Locations: New York, , United States
New York CNN —Starting Tuesday, there’s a new company on the Nasdaq: Trump Media & Technology Group, which will trade under the stock ticker DJT. The social media app was never a blockbuster, though, and it’s unclear how the company will ever make money. While Trump Media may be new, its stock ticker is a throwback to Trump’s only other publicly traded company. Trump bestowed the same initials on his Atlantic City casino business, Trump Hotels and Casino Resorts, back when that company went public in 1995. Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.
Persons: there’s, Donald John Trump, we’ve, Trump, , ” Trump, , Jonathan Macey, Matt Egan, he’s, CNN’s Matt Egan Organizations: New, New York CNN, Nasdaq, Trump Media & Technology Group, Republican, Capitol, Trump Media, Atlantic City, Trump Hotels, Casino Resorts, Mahal, New York Times, Trump Entertainment Resorts, SEC, Twitter, Trump Locations: New York, ” Yale
The newly merged company that's set to go public, Trump Media, will be listed on the Nasdaq stock exchange with the letters DJT, Trump's initials. In the initial public offering, the company raised $140 million, selling 10 million shares at $14 each. He also used company cash to buy Trump-branded merchandise, including $1.2 million on Trump Ice bottled water, the report said. Under the merged company, Trump would have nearly 80 million shares, worth around $3 billion. It's unclear when exactly Trump would be able to cash in on the upcoming listing for his social media company.
Persons: Ina, Revel, Wayne Parry, Donald Trump's, Trump, Jean Carroll's, Letitia James, doesn't, James, Donald Trump Jr, — CNBC's Dan Mangan Organizations: Taj, Atlantic City, Trump, Casino Resorts —, Trump Media, Nasdaq, Trump Hotels, Casino Resorts, New York Times, New York Stock Exchange, CNBC, The Washington Post, Social, Shareholders, Corp, Trump Media & Technology Group, New York Locations: Atlantic City, Washington, Atlantic City , New Jersey,
After all, Las Vegas is the headquarters of the family's empire, even if it doesn't have any casino resorts in the city anymore. Adelson is the widow of Las Vegas Sands founder Sheldon Adelson, who died in January 2021. And Las Vegas is now a preeminent destination for sports, with the NHL's Golden Knights, the NFL's Raiders, the WNBA's Aces and a Formula 1 Grand Prix. He is also the president and chief operating officer of Las Vegas Sands. Las Vegas Sands itself has spent years and millions of dollars as well in pursuit of the same goal.
Persons: Miriam Adelson, Adelson, Sheldon Adelson, Adam Silver, LeBron James, he's, Shaquille O'Neal, Patrick Rishe, St . Louis, Dumont, Mark Cuban, Patrick Dumont, Miriam Adelson's, Sivan, Cuban, Sands Organizations: Dallas Mavericks, Western, Golden State Warriors, American Airlines Center, Dallas , Texas ., Las Vegas Sands, NBA's Dallas Mavericks, Vegas Sands, Golden Knights, NFL's Raiders, WNBA's Aces, League Baseball's, Vegas, NBA, Sacramento Kings, Washington University, Dallas, CNBC, Sands, Apollo Global Management, VICI, Mavericks, Dallas Morning News Locations: Dallas , Texas, Las Vegas, Vegas, Oakland, St ., Dallas, Vegas Sands, Texas
Casino resort operators have been earning record profits from a steady post-pandemic recovery in Las Vegas tourism. Caesars Entertainment (CZR.O), the second-biggest Las Vegas casino operator by number of employees, said the deal provides "meaningful wage increases" and aligns with plans to bring more union jobs to the Strip. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. The city is gearing up for events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw thousands of tourists. TALKS WITH MGM, WYNN CONTINUETalks with casino operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of Friday's deadline for a strike.
Persons: Steve Marcus, Ted Pappageorge, we've, Pappageorge, Erik Gordon, Daniel Busby, WYNN, William Hornbuckle, Wynn, Barry Jonas, Jonas, Shivansh Tiwary, Ananta Agarwal, Rod Nickel, Stephen Coates Organizations: Caesars Entertainment Corp, REUTERS, Las Vegas Sun, Caesars Entertainment, Culinary Workers, Bartenders Unions, Culinary Union, Las, housekeepers, Las Vegas Convention, Visitors Authority, Las Vegas, Companies, University of Michigan, Paris Las Vegas, Caesars, MGM, MGM Resorts International, Wynn Resorts, Wynn, Vegas . Caesars, Thomson Locations: Las Vegas , Nevada, Las Vegas, Vegas, United States, Vegas ., Bengaluru, Doyinsola, New York
Casino-resort operators have been earning record profits from a steady post-pandemic recovery in tourism to Las Vegas. Visits to the city in August were just 7% lower than in the same period in 2019, according to the Las Vegas Convention and Visitors Authority. The city is also gearing up for major events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw more than 100,000 tourists. TALKS WITH MGM, WYNN CONTINUETalks with operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of the Nov. 10 deadline for a strike. Caesars shares were up about 3% in early trading, while MGM and Wynn Resorts rose 1.6% and 0.5%, respectively.
Persons: Steve Marcus, Erik Gordon, WYNN, Barry Jonas, Shivansh Tiwary, Ananta Agarwal, Sriraj Kalluvila, Arun Koyyur Organizations: Caesars Entertainment Corp, REUTERS, Las Vegas Sun, Caesars Entertainment, Culinary Workers, Bartenders Unions, Las, housekeepers, Las Vegas Convention, Visitors Authority, Las Vegas, Companies, University of Michigan, MGM, MGM Resorts International, Wynn Resorts, Wynn, Caesars, Thomson Locations: Las Vegas , Nevada, Las Vegas, Vegas, United States, Bengaluru
CNN —The Culinary Workers Union Local 226 and Bartenders Union Local 165 will strike on November 10 at 5 am PT if a contract is not agreed by then, they said in a news release Thursday. Thirty-five thousand workers would strike across 18 casino resorts on the Las Vegas Strip if a five-year contract is not reached, the release said. In September, members voted 95% in favor of a strike authorization in Las Vegas, the unions said at the time. The two unions represent 60,000 workers in Las Vegas and Reno, and 53,000 workers were eligible to vote in September’s strike authorization, a release from the unions said at the time. Approximately 40,000 members were working under an expired contract that had ended earlier, they said.
Persons: , haven’t, ” Ted Pappageorge Organizations: CNN, Culinary Workers Union Local, Bartenders Union, Las, Culinary Union Locations: Las Vegas, Reno
Osaka’s plans call for a 5.3 million-square-foot complex with a gambling area, conference center and theaters on Yumeshima, or Dream Island. TOKYO—A group that includes MGM Resorts International won government approval Friday to build Japan’s first casino, which they hope to complete by 2029 on an artificial island in Osaka. The decision finally creates a clear path forward for a long-delayed plan to make casino resorts part of Japan’s tourism mix. Osaka, a popular tourist destination that has a large international airport and is close to the ancient capital of Kyoto, was among the first to raise its hand for a gambling license after legislation in 2016 made that possible.
Macau has seen a resurgence of tourists from mainland China since Jan. 8 after the special Chinese administrative region dropped all COVID-19 testing requirements for inbound travellers from the mainland, Hong Kong and Taiwan. Macau welcomed more than 71,000 visitors on Monday, the highest single day record since the pandemic, its government said in a statement late on Tuesday. It was lifeless during lockdown and not very good," said a man surnamed Lam, who travelled to Macau from Jiangmen in nearby Guangdong province in southern China. More than 94% of visitors to Macau over the first three days of the Lunar New Year, Jan. 21-23, came from mainland China and neighbouring special administrative region Hong Kong. Local residents said they hoped the rise in visitors would bring a permanent boost to the city's beleaguered economy.
Check out the companies making the biggest moves midday Monday:Disney — Disney fell 3.6% after its film, "Avatar: The Way of the Water" fell short of box office expectations. The highly-anticipated movie brought in $134 million, less than the $175 million expected by analysts and under the $135 million to $150 million range Disney had forecast. Casino operators — Wynn Resorts fell 4.2%, while MGM Resorts lost 2.9% and Las Vegas Sands dropped 1.6%. Mesa Air Group — Shares of the airliner jumped 5% after Mesa Air announced it is finalizing a deal to run regional flights for United Airlines, while ending its partnership with American Airlines. Warner Music Group — Shares gained 2.5% following an upgrade to overweight from Atlantic Equities.
Concession awards mark a reset for Macao casinos
  + stars: | 2022-12-18 | by ( Contessa Brewer | ) www.cnbc.com   time to read: +4 min
With mandatory quarantines lifted, ferry and airline service resuming, and licenses renewed, casinos hope 2023 marks a new beginning for the world's preeminent gambling destination, Macao. The Macao government awarded six companies new 10-year concessions to operate their integrated casino resorts. This month, Macao has seen an increase in tourism from mainland China from visitors trying to get an mRNA Covid vaccine. A rise in Covid infections around China caused November gaming revenue in Macao to fall 23% from October and plummet 99% from November 2019 pre-pandemic levels, according to government data. Fitch estimates Singapore will achieve 80% of its pre-pandemic gaming revenue in 2022, and 95% in 2023.
The largest property owner on the Las Vegas Strip is doubling down and taking full ownership of the MGM Grand Las Vegas and Mandalay Bay, which the deal values at $5.5 billion. VICI currently owns a 50.1% stake in the property, which it acquired when it bought MGM Growth properties in May. Strip casinos are seeing a 20% surge in revenue through October to $6.8 billion in gaming revenue from a year ago. "It's further evidence that Las Vegas remains amongst the most in-demand destinations in the world," said Rosemary Vassiliadis, Clark County's director of aviation. And hotel revenue in Las Vegas was up 51% in October compared with October 2019, before the pandemic, according to the Las Vegas Convention and Visitors Authority.
Despite inflation, Americans are still shelling out at casinos, airlines, and restaurants. In October, both American and Southwest Airlines reported record operating revenues for their respective companies in the third quarter. Following "record summer leisure travel demand," consumers continued to hit the skies in September, Southwest CEO Bob Jordan said. A Deloitte survey of nearly 5,000 Americans found that Americans plan to buy 44% fewer gifts — an average of nine versus 16 last year. "Spending should slow down significantly with the holiday hangover and as savings continue to dwindle," RSM economist Tuan Nguyen told USA Today.
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