Wynn and MGM CEOs confident on US gaming despite inflation; Sands’ boss says Macau to return stronger than ever

July 15, 2022 World Casino & Hotel Industry Updates

The CEOs of Wynn Resorts, Sands and MGM Resorts International said they were optimistic about the future of Las Vegas and international gaming in spite of rising inflationary pressures in the US and Covid restrictions in other parts of the world. Craig Billings (Wynn), Robert Goldstein (Sands) and Bill Hornbuckle (MGM) made the remarks in the context of the CNBC Evolve Global Summit, held on Wednesday.

The US industry and inflation
“Is there a recession around the corner? Time to tell. You wouldn’t know by looking at this place last night, or what we’ve experienced over the last couple of quarters,” Hornbuckle told host Contessa Brewer in regards to the US. “But I’m extremely optimistic about the space, about the experience economy, and where we belong in it. I’m very positive, generally speaking.”

Billings agreed with this take, while explaining the importance of continued investing during the Covid period, which is now allowing Wynn to reap the fruits of those efforts. However, the landscape is different for Goldstein’s Sands, which finalized the sale of its Vegas properties earlier this year and is now Asia-bound, with its Macau properties at the forefront. The company is now seeking to leverage its presence in that city and in Singapore, and “maybe again in the U.S. at some point.”