Las Vegas Strip Gets Good News From Caesars
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People spend less money during tough economic times. Caesars CEO Tom Reeg believes gaming is a social activity that is important to Caeresars. Caerus Entertainment (CZR) and MGM Resorts International (MGM) have good financial results. Wynn Resort (WYNN) has a bad financial performance.
Reeg thinks that economic conditions don't always mirror how people act. He has not seen the economy as a drag on his company's business. The CEO did admit that his current experience may not reflect what happens going forward. The biggest factor facing the casino business was Covid. When the virus recedes and case counts are benign, there is a pent-up demand for travel and entertainment activity.
The resilience of the business and casino customers has been extraordinary. The level of demand that has come back here has just been great to see. The company is excited to find out where it goes from here.
