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Inflation or other economic hardships may cause people to cut their wires, cut food supplies, and take vacations. That means the ongoing economic crisis, if it continues, should hurt CAesars Entertainment (CZR) - Get Caesars Entertainment Inc Report and rivals MGM Resorts International (MGM) - Get MGM Resorts International Report, and Wynn Resorts (WYNN) - Find Wynn Resorts, Restricted Report.
Caesars CEO Tom Reeg has a different perspective and shared his thoughts during a call for his company's first quarter of revenue.
"There's something special about tourism and entertainment if you like, you walk down here and see groups of people who have never been out with each other for a long time enjoying themselves," he said. "So there it is, there is a social element in this that I do not know how much we enjoyed this until it was gone. And that, I think, is an important driver of what we have to go here."
Caesars CEO Trolls Investors (Play)
Reeg thinks economic conditions do not always reflect the way people act. He made it clear that he did not yet realize that the economy would suffer in his company's business.
"I know that as investors sit here today crouching under their desks waiting for the next shoe to go down in inflation or the economy. We've been living with inflation for about a year now, and we haven't seen a real impact on sport. Spend," he said.
Reeg pointed out that the Caesars are not the only ones experiencing strong results despite the economic crisis. He said the industry as a whole.
"We just reported a quarter where GDP fell, one and a half points? And this business, not our business, the casino business, in particular, is doing well," he said.
The CEO has admitted that his company's current information may not reflect what is happening going forward, but he is clearly optimistic.
