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The Grueling Truth - Where Legends Speak / Casino executives anticipate inflation effects on business

Casino executives anticipate inflation effects on business

Publish Date: 07/14/2022
Fact checked by: Mike Goodpaster

Bill Hornbuckle, the CEO of MGM Resorts International, views that inflation and rising gas prices will eventually impact his casino business. Hard Rock International CEO Jim Allen, on the other hand, remarked that record inflation was impacting the consumers, while Red Rock Resorts CEO Frank Fertitta III noted that rising prices only affect those who don’t spend as much as others.

According to the American Gaming Association, gaming revenue was up 7.9 percent in May compared to the same month last year, despite rising inflation. And March, April, and May were the three best months in the industry’s record, with each exceeding $5 billion in total revenue.

Hornbuckle stated on Wednesday at CNBC’s Evolve Global Summit that he anticipates inflation and higher gas prices to have consequences on his business. However, it hasn’t happened yet.

“What’s happened over the last 18 months has literally been historic, but if you look at how we thought we would be performing against how we are performing, we’re exactly where we thought we would be,” Hornbuckle said, as per CNBC.

Allen warned in May that record inflation was affecting his customers. In contrast, Fertitta III stated in his quarterly earnings call on May 3 that increasing prices only affect those who spend the least.

CNBC further reported that MGM saw more profit compared to other names in the industry. Amid rising food and gas prices and technology advancements, among other things, created during COVID-19, MGM Resorts was able to to lure in more millennials than ever before.

The statement was also confirmed by Hornbuckle himself. “It’s brought millennials to the table in a way that they have not been before in this industry,” quoted by CNBC.

“We have more millennial business than we’ve ever had by 20 percent,” he said, while adding that he is “extremely optimistic about the space.”

Voicing the same optimism, Wynn Resorts CEO Craig Billings also said the crisis caused by COVID-19 prepared the Las Vegas’ casino market to go through hard times.

“I do think the industry here in Las Vegas is better prepared, because of Covid, to know the levers we need to pull to make it through whatever does come,” Billings noted.

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