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Hotel room rates in Las Vegas are up 300% on average from last year’s level for Super Bowl weekend with the big game being held at Allegiant Stadium just off the Las Vegas Strip. Notably, hotel room rates at MGM Resorts (NYSE:MGM) Strip properties and Caesars Entertainment (NASDAQ:CZR) properties are also much higher than they were during the F1 races in November.
Las Vegas is hosting the Super Bowl for the first time in history, and all signs indicate it is going to be a great weekend overall for the city, per Bank of America. That could mean a boost for other companies with Las Vegas properties other than MGM and Caesars such as Wynn Resorts (WYNN), Golden Entertainment (GDEN), Genting Group, Red Rock Resorts (RRR), Red Rock Resorts (RRR), and Boyd Gaming (BYD). To a much lesser degree, Hilton Worldwide (HLT), Hyatt Hotels (HY) and Marriott Hotels (MAR) will see a boost.
In terms of local betting, BofA thinks Caesars Sportsbook and BetMGM (MGM) (OTCPK:GMVHF) will see a surge from their Vegas locations. Caesars is noted to have a very high online sports betting share in Nevada, and BetMGM is expected to attract attention through the launch of their new app in Nevada, which includes new parlay offerings and integration with BetMGM Rewards.
Wynn Resorts (WYNN) will also be a clear winner due a full-house of high-end guests over the weekend, while the Venetian has already been seeing extra traffic and higher room rates due its close proximity to the Sphere concert venue. The Venetian and Palazzo casino-hotel properties are held by VICI Properties (VICI) and Apollo Global Management (APO) under a triple net lease agreement.
Analysts have also suggested a strong weekend for Penn Entertainment (PENN) and Disney’s (DIS) ESPN Bet, which is believed to have one of the highest percentages of female bettors and has been very active with Taylor Swift and Travis Kelce prop bets. DraftKings (DKNG) and Flutter Entertainment’s (FLUT) FanDuel do not have licenses in Nevada, but are expected to have a huge betting weekend across the U.S.