Gambling experts note fundamental strength of Vegas in latest report

Updated June 25, 2023
Updated June 25, 2023By Chris Boline
las vegas betting news june 2023

Following a disastrous turn during the Covid-19 Pandemic, the Las Vegas economy has rebounded quite nicely and, one expert says, shows even more growth opportunities. In a recent report from the Las Vegas Review-Journal, equity analyst David Katz noted “the fundamental strength across Las Vegas” and said near-term industry trends are positive with no evidence of consumer weakness. Katz, a gaming industry analyst whose company conducted an investment conference in June, identified a handful of properties that yield high upside. These include Caesars Entertainment Inc., real estate investment trust Vici Properties Inc., DraftKings Inc., and Churchill Downs Inc. as “prime for growth” per the article. 

For this report, SBS will be going over more of this report in-depth along with more notes and thoughts about Las Vegas wagering. 

Katz also reports other solid updates for Vegas properties

As noted in the report from the LVRJ, Katz pointed out great growth opportunities for a handful of other Vegas locales as well. This includes Bally’s Corp., the operator of the Tropicana, and real estate investment trust Gaming & Leisure Properties Inc., which owns the Tropicana land. Moreover, manufacturing companies like IGT, Light & Wonder, and Everi Holdings Inc. were highlighted in the same article. In his note to investors, Katz said “among the most prominent aspects of our discussions, the fundamental strength across Las Vegas and digital gaming is notable, with specific dynamics in regional gaming.” 

Also referenced in the article, Katz said the more important takes in his view are “the nascent growth in digital gaming coupled with active mergers and acquisitions, the specific growth opportunities in gaming in Las Vegas.” He pointed out Caesars and Bally’s for Vegas, along with Churchill Downs in new regional markets. Moreover, the mergers and acquisitions landscape for IGT and its gaming business could have a strong positive impact for each organization

Analyst says Tropicana is noteworthy for future A’s stadium

In the same article, Katz said Bally’s is noteworthy in the long term with future plans involving the Tropicana and an agreement with the Oakland Athletics seeking to relocate to Las Vegas. Indeed, this proposal includes ideas to build a $1.5 billion, 30,000-seat retractable-roof stadium at the Trop site. However, it would appear Bally’s is focused on opening a temporary casino operation in Chicago. The company was the successful bidder in a competitive process in Chicago and has received permission to build a $1.8 billion resort that would be the first new casino resort ever built within “a major metropolitan area.”

In his analysis of Caesars Entertainment, Katz noted Las Vegas special events that should drive higher room rates. He noted the runway for Vegas is extremely positive through Super Bowl 2024, with Caesars Palace rooms 75 percent booked at $750-$2,000 a night. Moreover, this segment should be a $500 million cash flow per quarter going forward. Finally, the positive outlook of the casino industry bodes well for real estate investment trusts and gaming manufacturers. Vici Properties is affiliated with Caesars properties and Gaming & Leisure Properties, teamed with Bally’s at the Tropicana.

Even more thoughts and insights about Las Vegas betting

After you are all squared away regarding the latest updates and notes from Las Vegas, make sure to check into the wide variety of resources that SBS has put together for you. Of course, if you are interested in learning more about the topic at hand, you should definitely peruse our online Vegas sportsbooks guide which covers the latest news coming from Sin City. Moreover, for those high rollers in the audience, the SBS VIP sports betting sites breakdown goes over the perks of VIP sports wagering. Finally, and this one is a must-read, the SBS best bonus betting sites rundown gives you a ton of tips and a catalog related to the best welcome bonus promotions out there. 

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About the Author

Chris Boline
Chris Boline

As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball. Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.

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