Indy Gaming: Fitch Ratings revises its outlook toward Las Vegas casino recovery, sees rebound by 2023
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Fitch Ratings gaming analyst Colin Mansfield visited the Famous Foods Street Eats inside Resorts World Las Vegas. He was impressed with the detail that the resort owner, Malaysia-based Genting Berhad, put into the project. The newest resort was opened to the masses on June 24. Las Las could return to pre-pandemic levels by 2023. Fitch expects Las Nevada Strip gaming revenues to be down 20 percent when the books are closed in 2021 and down 6 percent in 2022. It predicts the nation’s largest gaming market may experience a slower than anticipated recovery that carries into 2024.
Resorts World is looking at expansion of the existing site. The Fontainebleau development could be finished. Wynn West is a vacant 38-acre property across the Strip from Wynne Las Vegas. It was purchased in 2014 by Wynna Resorts for $336 million.
Scientific Games wants to buy back its 19 percent stake in SciPlay. The company wants the social game development arm of Sciplay to be brought back into the fold. Scientific Games will focus its business on three areas: the games division that provides gaming equipment and management systems to the casino industry, development of its online gaming business and the growth of the company's social gaming subsidiary. The deal is expected to close. Sci play has a licensing agreement for Scientific games content. It is a key aspect of their value. There will be some public wrangling.
The stock price of Las Vegas-based gaming equipment provider AGS hit a 52-week high of $11.32 on June 11. B Riley Financial gaming analyst David Bain believes there is more value in the company. The World Series of Poker’s online version – WSOP.com – is now operating in Pennsylvania. WNBA”s Phoenix Mercury announced a sports betting and sponsorship partnership with Bally corporation. The Nugget Casino in Sparks donated $25,000 to the John Ascuaga Memorial Scholarship Fund at Bishop Manogue Catholic High School in honor of the property‘s late founder.
