Source link : https://las-vegas-news.com/caesars-exec-affords-principle-on-gamblers-inventory-market-as-discuss-of-recession-grows/
LAS VEGAS (KLAS) — Analysts are on guard for indicators that casinos are about to fall on laborious instances. However the chief of Caesars Leisure says he likes the best way the corporate is positioned “going forward into a period of economic softness.”
And if he is proper, it’d clarify a part of why casinos generally appear to be recession-proof.
“We all live in a world where what’s happening in the stock market and on CNBC is the, kind of the echo chamber we live in,” Tom Reeg, Caesars chief govt officer, defined as traders peppered him from totally different angles in regards to the financial system and what’s forward.
“I think that the bulk of our customers, the bulk of U.S. consumers, are not stock owners,” he mentioned. “You know, what they see right now is gas prices are lower, people on CNBC are frightened, rich people are losing money. That is not a terrible combination for them.”
FILE – A person takes photos of Caesars Palace resort and on line casino in Las Vegas, Jan. 12, 2015. (AP Picture/John Locher, File)
The steadiness sheet seemed fairly good on Tuesday as Caesars reported first-quarter revenues of $2.79 billion, barely greater than a yr in the past. The corporate’s Las Vegas resorts posted simply over $1 billion in revenues, down 1.9% in comparison with Q1 of 2024. Earnings for your entire firm have been up 4.1%.
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Author : LasVegasNews
Publish date : 2025-04-30 02:11:00
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