LAS VEGAS (KLAS) — With latest openings of high-profile eating places going through the Las Vegas Strip, executives at Caesars Leisure predict a superb yr forward. Investments in Las Vegas are paying off.
Speak surrounding the corporate’s efficiency usually veers away from the previous reliables on the Strip, however Flamingo Las Vegas, Caesars Palace and even Planet Hollywood had been matters of dialog throughout Tuesday’s fourth quarter/year-end earnings name.
And the Flamingo, specifically, was within the highlight.
“We opened Gordon Ramsay’s Burger and Pinky’s at Flamingo, activating the Strip frontage at Flamingo for the first time since we’ve owned Caesars,” Chief Govt Officer Tom Reeg stated.
Anthony Carano, Caesars president and chief working officer, stated, “We’re getting ready to open a brand new pool at Flamingo that’ll be one of the nicest resort pools on the Strip.”
At Caesars Palace, new high-limit gaming areas are paying off for the corporate. “That came out beautiful and it’s had great response from our customers in there as well,” Carano stated.
“We opened Carmella’s at Planet Hollywood,” Reeg stated, speaking up the brand new manufacturers and the latest renovations at resort towers at Paris Las Vegas and Caesars Palace. “There’s a number of food and beverage product that’s come online. We’ve still got returns from our hotel product. We have an anniversary, the opening of the balcony rooms at Versailles. So we feel very good about what 2025 looks like.”
On the Flamingo, Gordon Ramsay Burger opened in January, about six weeks after the debut of Pinky’s by Vanderpump. In between, Carmella Italian Restaurant & Lounge opened at Planet Hollywood on Dec. 29.
Caesars Leisure reported web income of $2.8 billion within the fourth quarter, and $11.2 billion for all of 2024. Each numbers had been down — however simply barely — from the earlier yr. Las Vegas resorts produced about half of the corporate’s income.
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“In Las Vegas, we posted roughly flat year-over-year results despite a tough comparison vs. last year’s inaugural Las Vegas Grand Prix F1 race,” Carano stated. Advantages from the Tremendous Bowl, which helped Las Vegas in 2024, moved to New Orleans this yr as the sport was performed within the Caesars Superdome. The stadium is simply 4 blocks away from the Caesars New Orleans Resort & On line casino.
A document win on slot machines helped enhance numbers within the fourth quarter, in addition to growing iGaming enterprise. “We’ve been seeing the slot business grow for a couple years now at our Strip properties,” Carano stated.
A few transactions — closings on the World Collection of Poker model and the LINQ Promenade purchasing plaza — additionally factored in as 2024 ended.
“During the fourth quarter, we used the WSOP and Promenade sale proceeds to permanently reduce debt by $500 million in addition to repurchasing $50 million of our common stock,” Bret Yunker, Caesars chief monetary officer, stated.
In Las Vegas, Caesars operates Caesars Palace, the Flamingo, Harrah’s Las Vegas, Horseshoe Las Vegas, Paris Las Vegas, Planet Hollywood Resort & On line casino, The Cromwell, Nobu Resort and The LINQ.
Buyers requested if Caesars was contemplating promoting any properties in Las Vegas, a dialog that often facilities round Planet Hollywood.
“We’re a public company. Everything’s for sale every day,” Reeg stated.
He stated there have been inquiries, however described the scenario as “nothing imminent or even highly likely.”
Reeg stated, “That’s after a couple years where nobody was making calls at all, so that’s a step in the right direction.”
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