Caesars Vegas Properties Expects Sold Out Weekends for 'Foreseeable Future'
Occupancy at Caesars Entertainment Inc. properties in Las Vegas is bouncing back in a big way, the company's CEO announced on an earnings call this week.
In the first quarter of 2021, Caesars' Las Vegas properties were booked at 63% capacity, with weekends at 85% occupancy. In March, total occupancy increased to 77% and by April, total occupancy was at 84% and are sold out for the "foreseeable future," MarketWatch reported.
CEO Tom Reeg also noted in a press release that the high demand is aligned with the increase in people vaccinated around the country.
"Our first-quarter results improved significantly versus the fourth quarter of 2020 as the pace of vaccinations across the country accelerated and consumers started to resume more normal behavior," Reeg said. "We are excited to see the dramatic improvement in operating efficiencies throughout our enterprise which we believe are sustainable going forward."
The hospitality group owns several properties on the Vegas strip, including Planet Hollywood, Paris Las Vegas, and Harrah's.
"Vegas second half of the year is jammed," Caesars Entertainment CEO Tom Reeg emphasized when discussing people traveling for work.."You basically sat out a year and a half, by the time business gets here. So we think the group story's going to be a very good story when the doors open starting in June."
Nevada Gov. Steve Sisolak announced his aim to have the state fully reopened at 100% capacity starting June 1, although certain restrictions like wearing face masks in public will remain, according to the Las Vegas Review-Journal. Vegas will resume hosting conventions in June, as well.
Las Vegas is already slowly coming back to life as Cirque du Soleil announced that shows will resume in June in Las Vegas and casino floors at various resorts have returned to 100% capacity.