SiGMA review: Record Q1 results for land-based casinos

There are around 2150 land-based casinos in the USA. This figure is high when it is compared with casinos in other countries. As a comparison, the country with the second most casinos after the USA is Romania with 310 and Canada follows with 216.

With Q1 results out of the way for the first quarter of 2023, SiGMA Corporate News takes a look at some of the industry’s best performers in the land-based gaming industry.

Las Vegas of course is where most land-based casinos are found.

SiGMA news reviews the results of six of the most successful land-based casinos.  Data has been collected from the most recent research.

In a nutshell – Q1 results of six land-based casinos

Caesars Entertainment

Caesars Entertainment reported growth in revenue for the first quarter despite bad weather in Nevada. Revenue for Q1 amounted to US $2.8 billion, up from US $2.3 billion YoY.

We delivered another strong quarter led by a new Q1 Adjusted EBITDA record in Las Vegas. Our digital segment was nearly breakeven despite launching operations in Ohio and Massachusetts” Tom Reeg, CEO – Caesars Entertainment

Wynn Resorts

Revenue for Q1 amounted to US $1.42 billion, up from $953.3 YoY.  Casino revenue was 56.6 percent higher at US $767 million. Macau operations rose by 101.1 percent to US $600.1 million. In Las Vegas, revenue was 32.8 percent higher at US $586 million while Wynn in Boston rose by 13.4 percent to US $216.3 million.

Boyd Gaming

Revenues for Q1 rocketed by 12 percent YoY to US $964 million. Online operations more than doubled YoY and Sky River Casino continued to perform ahead of expectations.

VICI

CEO Edward Pitoniak described the YoY revenue growth of 110.7 percent as ‘transformative’. Total revenue climbed to US $877.6 million. Q1 2023 saw a marked increase in revenue due to the acquisition of the remaining 49.9 percent interest in MGM Grand Mandalay Bay and the purchase of real estate assets in the Venetian Resort Las Vegas. The company also announced the acquisition of PURE Canadian Gaming‘s four casinos.

Bally’s

Q1 financial results reported an increase of 9.2 percent YoY with a revenue of US 598.7 million. The severe weather in Lake Tahoe did not impact negatively and casinos generated a record revenues of US $328.8 million.

Gaming & Leisure

Revenue was up by 12.8 percent to US $355.2 million for Q1 2023. In 2022, the company acquired 59 properties across 18 states.

We are on track to general record results for 2023. Our first quarter financial growth reflects our long-term expansion and diversification. We expect to continue to benefit results over the balance of this year and beyond.” Peter Carlina, Chairman and Chief Executive – Gaming and Leisure Properties

Gambling revenue by country

Gambling wins by operators contribute to the success of their results. SiGMA Corporate News takes a look at the top 10 countries for gambling revenue based on visitors to land-based casinos.

Macau tops the list of revenue based of spend per head.  Macau’s tourist business for example, has struggled in the last few years due to the restrictions in travel becuase of the COVID-19 pandemic. No matter what, the Macau remains on top of the list.  Australia ranks highly in terms of losses and revenue. The country has more slot machines than most other countries and a population of 22 million people.

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STOP PRESS:  SiGMA Americas – World iGaming Festival will take place in Sao Paolo from 14 -18 June.