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Macquarie analyst lowers Las Vegas Strip gaming revenue outlook

Business

Macquarie analyst Chad Beynon said year-to-date Las Vegas Strip visitation and revenue per room were each down 6%, while gaming revenue had fallen 1%. He forecast a 1.5% decline in 2025 EBITDAR and cut his second-quarter Strip gaming revenue estimate to a 3% year-on-year fall, citing May revenue of $714m and weaker visitation.

Weaker visitation and gaming revenue, alongside a lower earnings outlook, raise downside risk for Strip casino operators.

End-of-day close Caesars Entertainment (CZR), USD, to 14 August 2025
Story date16 May 202514 August 2025

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Analysts see continued Las Vegas Strip softness in 2025

Macquarie analyst Chad Beynon said regional casinos should outperform Las Vegas for the rest of 2025, citing third-quarter trends. He expects downside to consensus earnings estimates for the Strip businesses of Caesars Entertainment, MGM Resorts International and Wynn Resorts; CBRE analyst John DeCree expects stability to moderate growth in the locals market.

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