{"id":14470,"date":"2026-01-28T11:49:58","date_gmt":"2026-01-28T11:49:58","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=14470"},"modified":"2026-01-28T13:56:18","modified_gmt":"2026-01-28T13:56:18","slug":"gaming-industry-q4-earnings-season-kicks-off-wednesday","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/gaming-industry-q4-earnings-season-kicks-off-wednesday\/","title":{"rendered":"Gaming Industry Q4 Earnings Season Kicks Off Wednesday"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2026\/01\/gambling-industry-earnings.jpg\" alt=\"gambling industry earnings\" width=\"300\" class=\"alignright size-full wp-image-14471\" title=\"Gaming Industry Q4 Earnings Season Kicks Off Wednesday\" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Bank of America expects Las Vegas Sands results to stay soft into early 2026, with hotel revenue still under pressure.<\/li>\n<li>Regional and local casinos look more resilient, while online sports betting remains active.<\/li>\n<li>Macau\u2019s performance is solid for now, though tougher comparisons later in the year are making investors cautious.<\/li>\n<\/ul>\n<p>In the context of <strong><a href=\"https:\/\/www.legitgambling.com\/news\/las-vegas-sands-corp-optimistic-about-staying-competitive-in-asia\/\">Las Vegas Sands<\/a><\/strong> getting ready to release the first major fourth-quarter earnings report on Wednesday, January 28, 2026, Bank of America is painting a mixed picture across the industry. <\/p>\n<p>Bank of America analyst <strong>Shaun Kelley<\/strong> said, <\/p>\n<blockquote><p>We are modestly below the Street for Las Vegas, in line for Asia, and see a mixed bag for regionals<\/p><\/blockquote>\n<p>Kelley also pointed to a soft finish to the year, arguing that December data disappointed across online gaming, Las Vegas room revenue, and regional casinos. Nonetheless, the analyst believes local and regional markets could take advantage of fiscal stimuli and improved consumer conditions.<\/p>\n<p>Bank of America estimates that <strong>fourth-quarter earnings for the sector came in about 1% below consensus overall<\/strong> and roughly 2% below expectations for MGM Resorts International. <\/p>\n<p>Gaming revenue held up, while hotel performance continued to lag, with revenue per available room or visitation staying \u201c<em>weak at -6%\/-5%, respectively<\/em>\u201d. Plus, Strip revenue per room dropped 12% in the last month of 2025, a figure that is worse than November\u2019s decline. <\/p>\n<p>Kelley still expects the first quarter to remain somewhat soft, even with the ConAgg convention, before comparisons ease later in the year.<\/p>\n<h2>Better Outlook for Casinos<\/h2>\n<p>The outlook is brighter for casinos that rely more on local customers. Kelley said Bank of America\u2019s estimates for that segment are about 2% above consensus, supported by data showing steady local demand. <\/p>\n<p>Q4 regional estimates sit 1% above consensus, with help from <strong>MGM<\/strong> and <strong>Boyd Gaming<\/strong>, with <strong>Penn Entertainment<\/strong> possibly feeling pressure from new competition in Louisiana. In parallel, same-store gaming revenue went up 4% YoY in October, then dipped into negative territory in November and December.<\/p>\n<p>Online gaming keeps drawing attention, with Kelley explaining that 2026 has kicked off similarly to the way 2025 ended, with sports betting at the heart of investor talks. <\/p>\n<p>In this regard, Bank of America is ahead of consensus on <strong>DraftKings<\/strong> but below it for <a href=\"https:\/\/www.legitgambling.com\/news\/fanduel-gives-up-nevada-license-after-prediction-market-app-launch\/\"><strong>FanDuel<\/strong><\/a>. Strong hold helped results, but softer betting handle in December and January has revived concerns.<\/p>\n<p>In Macau, Bank of America\u2019s fourth-quarter adjusted earnings estimates are in line with the Street, with revenue rising 15% year over year, partially driven by MGM China.<\/p>\n<p>For Marina Bay Sands, Kelley\u2019s estimate of $705 million is 2% above consensus, helped by Formula 1 shifting into the fourth quarter. He values Las Vegas Sands at $70 per share, based on about 13 times 2026 EBITDAR, citing a slower recovery and higher capital spending as reasons for caution.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Bank of America expects Las Vegas Sands results to stay soft into early 2026, with hotel revenue still under pressure. Regional and local casinos look more resilient, while online sports betting remains active. Macau\u2019s performance is solid for now, though tougher comparisons later in the year are making investors cautious. In the context of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-14470","post","type-post","status-publish","format-standard","hentry","category-casino","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gaming Industry Q4 Earnings Season Kicks Off Wednesday<\/title>\n<meta name=\"description\" content=\"Bank of America speaks of a mixed start to the new year in terms of gaming, with weak Las Vegas trends balanced by steadier regional results and Asia\u2019s stability.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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