As Vegas Comes Roaring Back, Casinos Look Bullish
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According to the latest Nevada gambling reports, Americans are returning to baccarat tables, roulette, $25 slot machines and blackjack games. Traditional casino enterprises stand to gain more than online gambling companies like DraftKings.
Nevada's gambling activity was crushed by 2020's pandemic lockdowns. August's $1.2 billion in win was up 22.3 percent over 2019. July was a "monster baccarat month" for Nevada. Year-over-year gambling-win growth was 56.9% statewide and 92. 2% on the Las Vegas Strip.
As the worst of the COVID-19 lockdowns end, a surge of cash is coming into Nevada. Caesars, MGM Resorts, and others will use the money to expand their online sports betting and casino betting. DraftKings is trying to acquire Entain, which would cut off MGM's BetMGM online gambling platform. MGM has the power to veto the deal or buy Entains' 50% stake in BetmGM. Macao experienced a weak September, but MGM is working to launch a $10 billion resort in Osaka.
As Vegas comes roaring back, casino stocks look bullish long term. Having both physical and digital assets gives them adaptability to survive and thrive through various fads and disruptions. The strong return of gamblers and their money to Las Vegas reported by the Nevada Gaming Control Board is part of that positive case.
