Home REITs NFL Brings Las Vegas Strip, Caesars, MGM Big News

NFL Brings Las Vegas Strip, Caesars, MGM Big News

by WOOWinvest
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Controversial Las Vegas Strip Casino Operator May Make a Big Change

Las Vegas has gone from sin city to sports city. Las Vegas, which once banned major sporting events, has become the epicenter of the sports world.

Basically, if you need to treat your sporting event as a big event, take it to the Las Vegas Strip, or at least get close to that famous road, and the eyes of the world will be on you.

When America, everything changed in Las Vegas. Supreme Court legalizes sports betting as a state issue.

This allows more states to increase sports betting, and instead of making Las Vegas less unique, it actually helps make sports betting more mainstream.

The revelation of what was once widely used but not legal has brought a new luster to Las Vegas.

That brings NHL expansion team the Las Vegas Golden Knights to the city, where they often play to sold-out crowds.

It now appears — though not quite done — that the Oakland Athletics may one day (soon) call the Las Vegas Strip home.

And, in addition to T-Mobile Arena, where the Golden Knights are located, two other NBA-quality arena projects are currently under construction.

Las Vegas will also host Formula 1 in 2023, has just served as the home of the NFL draft, and will host the upcoming Super Bowl.

The biggest event to hit the city — NFL predecessor Oakland, now the Las Vegas Raiders — has been the crown jewel of the city’s sports scene, and new data shows the team’s economic drivers The force was greater than expected.

Raiders draw traffic to MGM, Caesars, Striptease

While the Golden Knights have played 41 home games, hockey isn’t tie football at all.

Every Las Vegas Raiders home game draws traffic to a strip casino run by Caesars Entertainment CZR, MGM Resorts International (MGM) – Get the MGM Resorts International reportWynn Resort (WYNN) – Get the Wynn Resorts, Limited reportand other operators.

Because there are only 17 NFL games played each season, every game is a big event.

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Raiders fans are leaving from Oakland, and fans of opposing teams are also going because going to Las Vegas is a destination.

That pushed up the value of Raiders tickets on the secondary market, according to the Las Vegas Review-Journal.

According to ticketing technology company Logitix, “On the secondary market, the average Raiders home game ticket at Allegiant Stadium is $595.”

“It was followed by the Miami Dolphins ($387), Los Angeles Chargers ($361), Los Angeles Rams ($359) and Kansas City Chiefs ($354),”

The high demand in the secondary market, where tickets are resold, shows that tourists are willing to pay premium prices to see games in Las Vegas.

Sports become the calling card of Las Vegas

MGM Resorts International CEO Bill Hornbuckle made it clear during the company’s first-quarter earnings call that he sees sports as a revenue/customer driver across the Strip.

“Last weekend, we also had the NFL draft, which activated the entire Las Vegas Strip,” he said.

“Next March, we’ll also have a major sporting event with the NCAA men’s basketball regionals, and the first Formula 1 race on the Las Vegas Strip in November 2023. Of course, we’ll have the NCAA men’s basketball game in November 2023. host the Super Bowl in May.”

Hornbuckle is very excited about the impact of sporting events on the city’s recovery.

“All these mega events show the incredible progress the city has made as an entertainment and sports destination,” he added.

The CEO said he thinks the momentum will grow as the city becomes more of a sports hub.

“Now in sports, with all the things I mentioned before, the notable Formula 1 is coming, every weekend we have races or events in the South, and the growth standard for these properties is the teens,” he said. .

“So it’s all inherently future that we have right now, so we’re also very excited about that and what’s going on in Las Vegas,”

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