Wynn just posted a 12.3% ADR jump in Las Vegas while its Macau margins quietly compressed and Boston slipped backward. The Q1 earnings look like a jackpot until you decompose which properties are actually generating returns for the equity holder.
MGM just posted its first Las Vegas revenue growth in three quarters and somehow still watched profits shrink. If you think that's just a Vegas problem, you haven't been paying attention to what's happening to operating margins across the entire industry.
MGM posted $4.5 billion in record quarterly revenue and the Las Vegas Strip finally grew again after 18 months. But Strip EBITDAR fell 8% while occupancy slipped and RevPAR declined, which means the machine is running hotter and earning less... and that pattern should sound familiar to anyone who's managed a hotel through a cost cycle.
