MGM - Formula 1's Move to Las Vegas Is a Boon for Casino Companies
If you thought fight nights were big in Las Vegas, then you're in for a surprise when Formula 1 rolls into town in November 2023. Last week, Liberty Media 's (NASDAQ: FWONA) Formula 1 racing series announced a deal with the City of Las Vegas to run a race down the Las Vegas Strip starting next year, and it's going to bring an influx of money.
For casinos that line The Strip -- like MGM Resorts (NYSE: MGM) , Caesars Entertainment (NASDAQ: CZR) , and Wynn Resorts (NASDAQ: WYNN) -- this will be another reason to be bullish on growth, especially if the race falls on Thanksgiving weekend, as has been reported. This is typically a soft spot on the calendar in Las Vegas and could suddenly become the most lucrative weekend of the year for casino stocks .
The planned route of the Las Vegas Formula 1 circuit. Image source: Formula 1.
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Formula 1's Move to Las Vegas Is a Boon for Casino Companies