In a surprising turn of events, two iconic Las Vegas casinos, The Mirage and Tropicana, have announced their upcoming closures. While this news may come as a shock to many in the industry, analysts are predicting that these closures may actually benefit rival casinos, particularly Caesars Entertainment and MGM Resorts International.
The Mirage, which opened its doors in 1989 and was once owned by Steve Wynn, is set to close in the coming months. The Tropicana, a staple on the Las Vegas Strip since 1957, will also be shutting down its operations. Both closures are reportedly due to declining revenue and the changing landscape of the casino industry.
Despite the sadness that may come with the closures of these beloved establishments, analysts are pointing to the potential benefits for other casinos in the area. Caesars Entertainment, which owns several properties on the Strip including Caesars Palace and Harrah’s, is expected to see an increase in traffic and revenue as visitors look for new places to gamble and stay.
MGM Resorts International, another major player in the Las Vegas casino scene, is also expected to benefit from the closures. With popular properties such as the Bellagio and Mandalay Bay, MGM is well-positioned to attract customers who may have previously frequented The Mirage and Tropicana.
Additionally, analysts believe that the closures of these two casinos may lead to a more concentrated market for the remaining players, allowing them to potentially increase prices and profit margins. This could be a boon for both Caesars and MGM as they look to recover from the financial losses incurred during the pandemic.
While the closures of The Mirage and Tropicana may mark the end of an era for Las Vegas, it seems that they may also pave the way for new opportunities and growth for other casinos on the Strip. Only time will tell what the future holds for this ever-evolving industry.
