Red Rock Resorts (RRR) Digital Efforts Aid, High Costs Persist
Zacks Investment Research | Jan 26, 2022 06:29AM ET
Red Rock Resorts (NASDAQ:RRR), Inc. MLCO have also been affected by the aftereffects.
Although Red Rock Resorts is witnessing increasing visitation by younger demographics, it is being largely negated by higher COVID-related mitigation costs (nearly $2.4 million) and carry costs associated with its closed properties (approximately $2.6 million) as of third-quarter 2021. The unprecedented nature of the crisis is likely to affect the company’s results going forward.
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Las Vegas Sands is quite confident about growth prospects in Macau and continues to invest in the same. Despite the pandemic, the company announced that it would progress with its $2.2-billion investments in Macau. Backed by these investments, the company aims to capitalize on the likely structural growth in Macau in the coming years to stay ahead of the curve in terms of quality and scale of products and amenities. It anticipates Macau to lead the recovery this year. The company also anticipates rapid vaccinations in Asia to drive growth in the days ahead. Four Seasons and Londoner will provide the company with growth opportunities.
Wynn Resorts is benefitting from improved non-gaming revenues and expansion in domestic markets. Also, focus on WynnBET bodes well. The company anticipates solid revenue generation on the back of new product features and a unique marketing campaign.
Melco Resorts has been benefitting from pent-up demand and cost-saving initiatives. MLCO has been working on Studio City Phase 2 in Macau. Going forward, the company anticipates the business to reach pre-pandemic levels as soon as travel restrictions are eased. Moreover, continued progress toward higher vaccination levels is likely to reopen the border and ramp up recovery.
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