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☆ MGM Resorts beats Wall Street estimates for first-quarter revenue
▼ + stars: | 2023-05-01 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +1 min

NEW YORK, May 1 (Reuters) - MGM Resorts International (MGM.N) on Monday beat Wall Street estimates for first-quarter revenue due to an increase in traffic and business volumes in Macau and Las Vegas. Casino operators are benefiting from the rebound in traffic in gaming hubs as travel and tourism spending from China rebounds. "MGM Resorts is executing across all of its geographies and channels with record first quarter Las Vegas Strip Adjusted Property EBITDAR, consistently strong Regional Operations profit, MGM China's swift return to profitability," said MGM Resorts CEO Bill Hornbuckle in a press release. The Las Vegas-based casino operator posted an adjusted first-quarter gain of 44 cents per share, beating analysts' expectations for a gain of 1 cent a share. The casino operator's revenue rose to $3.9 billion in the first quarter from $2.9 billion a year ago and surpassed analysts' average estimate of $3.6 billion.

☆ Oakland Athletics Say They Will Move to Las Vegas by 2027
▼ + stars: | 2023-04-20 | by ( Benjamin Hoffman | Andrew Das | ) www.nytimes.com time to read: +1 min

The Oakland Athletics have reached an agreement to acquire land near the Las Vegas Strip and said Wednesday that they hoped to be playing games in a new, billion-dollar retractable roof stadium on the site by 2027. The agreement on the 49-acre site in Nevada, which the team’s president, Dave Kaval, confirmed to The Las Vegas Review-Journal on Wednesday night, will seemingly end years of tense negotiations for a new stadium in the Bay Area, an investment the team said it needed to remain financially viable and competitive with its peers in Major League Baseball. “It’s obviously a very big milestone for us,” Kaval said of the potential move to Las Vegas, which would be the first relocation of a major league franchise in two decades. “We spent almost two years working in Las Vegas to try to determine a location that works for a long-term home. To identify a site and have a purchase agreement is a big step.”

☆ Oakland Athletics signal impending move to Las Vegas with agreement to purchase land near strip, per reports
▼ + stars: | 2023-04-20 | by ( Homero De La Fuente | ) edition.cnn.com time to read: +4 min

CNN —Major League Baseball’s (MLB) Oakland Athletics have signed a binding purchase agreement for land near the Las Vegas Strip, where the team plans to construct a Major League ballpark, according to reports from the Las Vegas Review-Journal and The Athletic, citing Athletics team president Dave Kaval. A general view of play between the Oakland Athletics and the Texas Rangers at Oakland-Alameda County Coliseum on August 6, 2020. Lachlan Cunningham/Getty ImagesMLB commissioner Rob Manfred expressed his support on the Athletics’ plans to relocate to Las Vegas. “Welcoming the A’s to Las Vegas would be great news for Southern Nevada as well as our entire state,” Lombardo said in a statement to the Review-Journal. “The prospect of bringing new jobs, more economic development and a historic MLB franchise to Las Vegas is exciting on many levels.

[1/3] Las Vegas Grand Prix, Inc. CEO Renee Wilm and Terry Miller of Miller Project Management give a tour of the Las Vegas Grand Prix paddock construction site, in Paradise, Nevada, U.S., March 3, 2023. "We think this is going to the biggest sports and entertainment event of the year," Renee Wilm, the CEO of the Las Vegas Grand Prix, told Reuters. "There is no better way for Las Vegas to draw the attention of our international customers than through Formula One," Steve Hill, CEO of Las Vegas Convention and Visitors Authority, told Reuters. JUST THE BEGINNINGAnd the Las Vegas sports bonanza won't stop at the F1 finish line. Reporting by Rory Carroll in Las Vegas Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

☆ Tiny homes, big problems
▼ + stars: | 2023-03-06 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +21 min

Beyond their star appeal, low-cost tiny homes like Casitas have real-world utility. The homes have been seized upon as a solution for cities like Los Angeles to house the homeless. They showed off their homes' transportability by hitching several of them to a Tesla and filming drag races between Teslas and trucks that were hooked to trailers carrying the homes. So far, though, after a little more than a year of building, the company has fabricated only about 400 homes. Even if it were churning out thousands of units, Boxabl hasn't yet received the certifications required to sell them in most states across the country.

☆ An estimated $16 billion worth of bets will be placed on the Super Bowl
▼ + stars: | 2023-02-12 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

New York CNN —With more states legalizing gambling on sports, Super Bowl LVII will probably be the biggest event for the industry ever. But how will casino and online/mobile sports betting companies stand out in an increasingly crowded field? “We have prepared for this Super Bowl like never before,” Greenblatt said. That’s more than double the number of wagers on last year’s Super Bowl. That’s different from 2021 when customer growth was being rewarded.”That being said, both DraftKings and FanDuel still plan to advertise during this year’s Super Bowl.

☆ With record Super Bowl wagers expected, here are Wall Street's top sports-betting stocks
▼ + stars: | 2023-02-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

The names were a member of Roundhill Sports Betting & iGaming ETF , VanEck Gaming ETF , and/or iBet Sports Betting & Gaming ETF . Of the gaming companies on the list, Caesars Entertainment has the most upside to the average analyst price target, 26.2%. Caesars gaming empire includes Caesars Sportsbook, which came out of the company's 2021 $4 billion acquisition of William Hill . MGM Resorts follows with 23% upside to the average analyst price target. The stock, which has gained nearly 6% so far this year, has 11% upside to the average analyst price target.

☆ The outlook for Wynn Resorts hasn't been this good since the pandemic started
▼ + stars: | 2023-02-08 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Wynn Resorts (WYNN) reported promising fourth-quarter results Wednesday and even better guidance as the casino operator looks to profit from China's reopening. Along with a rebounding Macau, the casino operator's Las Vegas and Boston operations posted strong results that have continued into the current quarter. The near-term outlook for Wynn is as bright as it's been since the start of the pandemic. For the full year, Las Vegas generated $816 million of normalized adjusted property EBITDA, and management said it's "confident that this is an all-time record for a standalone Las Vegas Strip property". Wynn Las Vegas remains closed as a result of the statewide shutdown due to the continuing spread of the coronavirus on April 27, 2020 in Las Vegas, Nevada.

☆ A tiny-home startup has attracted 160,000 customers, including Elon Musk. But disgruntled customers, an empty factory, and a tie to an alleged Iranian agent cloud its future.
▼ + stars: | 2023-02-06 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +17 min

A Boxabl Casita being delivered to a SpaceX facility in Texas. Tackling the US housing crisisStamped out on an assembly line, Boxabl homes could finally begin to help quench America's perpetual housing shortage. Homeowners, meanwhile, could rent out Boxabl units as secondary dwellings in their backyards or as Airbnbs. Firooznia, Tiramani said, sometimes provided a tiebreaking vote when the father and son disagreed on business decisions. During a tour of Boxabl's factory in December, a freelance reporter for Insider saw Tiramani's wife, Shauna, arrive with their four young children.

☆ MoneyGram boss says no peak in sight for F1's U.S. growth
▼ + stars: | 2023-01-31 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

The number of female viewers was up 34% and averaged 28% of the audience, while significantly younger fans were also watching. "I have kids of college age and they have friends and those friends have watch parties on Sunday mornings. It’s not what I was doing in college, it really wasn’t there," MoneyGram's marketing head Greg Hall told Reuters. Holmes said MoneyGram's global business made Formula One a good fit to reach a younger, digitally-aware consumer demographic. "For us to push the brand as faster, more interesting, cooler... the association with Formula One makes a huge difference."

☆ These stocks have been hit the hardest by Fed rate hikes — now they could rally if there's a pause
▼ + stars: | 2023-01-31 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

To find such names, CNBC Pro looked back at the stocks that were hit the hardest in the five trading days after each of last year's Fed rate hikes, starting with the first quarter point increase last March. Of those, we took the worst median performance within that five-day period for each of 2022's seven rate hikes. Warner Bros Discovery tops the list, losing a median 10.7% after the Fed rate hikes (bearing in mind the present company was put together in early April last year.) Chipotle Mexican Grill was also hit in the wake the Fed's rate increases, losing a median 6.9% overall. Overall, the electrical vehicle leader lost a median 6.8% in the week following last year's Fed rate hikes.

☆ Tourists swarm gambling hub Macau over Lunar New Year after COVID curbs dropped
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

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.

☆ Smaller raises aid inflation fight
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 6 (Reuters Breakingviews) - All things being equal, strong job growth is a bad sign in the fight against inflation. While employment is rising, wage growth is not. The Fed’s rate-setting committee had forecast an unemployment rate of 3.7% by the end of 2022. San Francisco Fed President Mary Daly said in November that wage growth of 3.5% to 4% would be consistent with the Fed’s 2% inflation target. As long as Americans’ raises stay modest, the country can shed its inflation problem without shedding jobs.

☆ MGM Resorts sells land on Las Vegas Strip that was site of 2017 massacre
▼ + stars: | 2022-12-31 | by ( The Associated Press | ) www.nbcnews.com time to read: +1 min

LAS VEGAS — MGM Resorts International has closed on the sale of land on the Las Vegas Strip that was the site of the deadliest mass shooting in modern U.S. history, the company announced Friday. The 15-acre Village property was purchased by the Three Affiliated Tribes of the Fort Berthold Indian Reservation based in central North Dakota. Concertgoers at the Route 91 Harvest Festival gathered there on Oct. 1, 2017, when a gunman opened fire from his hotel room above. Planning for the memorial has been underway since late 2019, but it could be years before the final tribute is unveiled. But the Tribes “have demonstrated that they care about our community, its future and, of course, its past,” he wrote.

☆ The fintech reckoning is upon us. Here’s what to expect next year
▼ + stars: | 2022-12-28 | by ( Hugh Son | ) www.cnbc.com time to read: +9 min

Many fintech companies — particularly those dealing directly with retail borrowers — will be forced to shut down or sell themselves next year as startups run out of funding, according to investors, founders and investment bankers. Other private companies with a reasonable path to profitability will typically get funding from existing investors. The frenzy peaked in 2021, when fintech companies raised more than $130 billion and minted more than 100 new unicorns, or companies with at least $1 billion in valuation. "20% of all VC dollars went into fintech in 2021," said Stuart Sopp, founder and CEO of digital bank Current. "The competitive landscape shifts the most during periods of fear, uncertainty and doubt," said Kelly Rodriques, CEO of Forge, a trading venue for private company stock.

☆ Taxpayers are paying billions for the renovations and construction of NFL stadiums. Here's how
▼ + stars: | 2022-12-22 | by ( Darren Geeter | ) www.cnbc.com time to read: +4 min

These tax exemptions help lower the burden of high debt through low-interest municipal bonds used by cities and teams to pay for stadiums. Since 1913, municipal bonds have been a popular financing option for airports, roads, hospitals and schools. The loophole works by creating an artificial financing structure through tax-exempt municipal bonds. To gain access to those bonds, private companies must fail one of two tests stipulated by the Tax Reform Bill of 1986. The Las Vegas Stadium Authority financed nearly 40% of the stadium through $750 million in bonds backed by its hotel taxes.

☆ Truist upgrades MGM Resorts, says strong 2023 Las Vegas Strip calendar can boost stock more than 30%
▼ + stars: | 2022-12-05 | by ( Fred Imbert | ) www.cnbc.com time to read: +1 min

MGM Resorts could be in for a big rally in the new year thanks to a jam-packed events calendar on the Las Vegas Strip, according to Truist. This event was held in Las Vegas last year, but Jones noted that comps will be easy to beat as the omicron Covid variant breakout hindered turnout. Other events slated to take place on the strip include the Formula 1 Las Vegas Grand Prix in the third quarter and the electric Daisy Carnival in the second quarter. Attendance to the former is expected around 170,000, while turnout for the latter is forecast at more than 400,000, Truist said. Still, he thinks that "the number and quality of events planned for Vegas should drive relative outperformance."

☆ Stocks making the biggest moves premarket: Silvergate Capital, MGM Resorts, Bilibili, Murphy Oil & more
▼ + stars: | 2022-12-05 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

United Airlines — Shares rose 1% after Morgan Stanley upgraded United Airlines to overweight from equal weight, saying 2023 could be a "goldilocks" year for the airline stock. Silvergate Capital — Shares dipped 3% after Morgan Stanley downgraded Silvergate Capital to underweight from equal weight, saying a "high level of uncertainty" remains around the stock following the FTX collapse. Chinese tech stocks — Shares of Chinese internet stocks jumped in premarket trading after Beijing and Shenzhen reportedly further eased Covid restrictions. Johnson Controls International — Johnson Controls shares rose slightly after Deutsche Bank named it its top pick heading into 2023. The stock rose by more than 2%.

☆ Ex-convict found with friend's severed head in car after Las Vegas police chase sentenced to at least 18 years in prison
▼ + stars: | 2022-12-02 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

An ex-convict who led police on a chase around Las Vegas before officers found the severed head and dismembered body of his friend in a stolen vehicle he was driving was sentenced Thursday to at least 18 years in prison. Eric Holland, following his arrest on Dec. 23, 2021, in Las Vegas. Las Vegas Police Department / AP“I don’t know how to make sense of it,” sobbed Amanda Dawn Potter, who traveled from Portland, Oregon, for Holland’s sentencing. Holland was friends with Miller, 65, who lived on a houseboat at Lake Mead, the Colorado River reservoir about a 30-minute drive from Las Vegas. Las Vegas police said Thursday they had no missing person investigation related to Zhu.

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.

☆ Why Faulty Streetlights Are Turning Cities Purple — and Why It's Worrisome
▼ + stars: | 2022-11-29 | by ( Adam Rogers | ) www.businessinsider.com time to read: +14 min

LED streetlights are supposed to shine for the better part of a decade. Every city with purple lights that responded to my queries or has public records on the matter bought its LED lights from Acuity. The blue LED, with its narrow wavelength, enabled all sorts of modern tech, from the compact disc to flat-screen monitors. Acuity and the purple cities haven't been entirely transparent on that matter. "The purple streetlights are a result of the phosphor coating delaminating from the LEDs," says Fiona Hughes, a representative for the city of Vancouver.

☆ JPMorgan downgrades DraftKings, says other sports betting stocks look more attractive
▼ + stars: | 2022-11-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

It's time for investors to ditch shares of DraftKings , according to JPMorgan. DraftKings' stock has come under pressure this year, falling nearly 45% since the start of 2022 and 58.6% from its 52-week highs. The bank's $12 price target implies a near 21% downside for the stock from Friday's close. JPMorgan also downgraded shares of Penn Entertainment to neutral from overweight. In other words, our downgrade of PENN is a valuation call," JPMorgan said.

☆ Trump portrayed as a 'loser' by 2024 rivals courting his big donors at Las Vegas conference, report says
▼ + stars: | 2022-11-19 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

Potential rivals for the 2024 GOP nomination wooed donors at the Republican Jewish Coalition's meeting. Donald Trump, who announced his 2024 run this week, is not attending the Las Vegas gathering in person. Former US Secretary of State Mike Pompeo speaks during a Republican Jewish Coalition Annual Leadership Meeting in Las Vegas, Nevada on November 18, 2022. WADE VANDERVORT/AFP via Getty ImagesChristie, another potential presidential prospect, reportedly highlighted Trump's political failures while dining with wealthy donors, AP reported. AP noted that big donors in attendance do not appear enthusiastic about backing Trump in 2024.

☆ Formula One Plans a U.S. Victory Lap With a Race Down the Las Vegas Strip
▼ + stars: | 2022-11-08 | by ( Joshua Robinson | ) www.wsj.com time to read: 1 min

Las VegasAs recently as three years ago, Formula One surveyed what it had achieved in the U.S.—its array of experiments from Detroit to Indianapolis to Austin—and came to a clear conclusion. They had been expensive failures and it was time to close up shop.

☆ Las Vegas Grand Prix tickets sell out despite $2,000 seats
▼ + stars: | 2022-11-08 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +2 min

Even a standing ticket at the night time spectacle, past the Las Vegas Strip’s famous landmarks, hotels and casinos, won’t come cheap, with three-day access coming in at a hefty price tag of $500. Despite the cost, those tickets have already sold out, but more packages will be released in the coming months, according to F1. Meanwhile, four days in VIP hospitality is advertised at $10,000, with potential fans encouraged to inquire about availability. Tickets to the night time spectacle have already sold out, with more to be released, according to F1. Next year’s Vegas GP is the third US location on the scheduled calendar alongside Miami and Austin, marking F1’s continued expansion in the US.

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