In an effort to evaluate performance and as a follow up to our YouTube, we compare how the quarter measured up to previous management commentary and guidance.
OVERALL: WORSE - Despite high hold, Las Vegas looked surprisingly weak with cash ADR and spend per trip struggling.
Here is the report card evaluating actual results against management's previous assertions.
- LAS VEGAS
- INTERNATIONAL BUSINESS STRENGTH
- SAME: international segment continues to be strong
- CUSTOMER SPEND
- WORSE: spend per trip fell 1.7% YoY. CZR mentioned previously that they were cautiously optimistic on customer spending in 2012; they continue to hold that view going forward.
- IMPROVED RATE ENVIRONMENT
- WORSE: cash ADR was worse than expected
- MORE CUSTOMER TRIPS
- SAME: on a consolidated basis, customer trips increased 1.4% YoY, in-line with CZR's outlook on seeing more customer trips overall.
- WEAK LA/MS REGION OUTLOOK
- BETTER: revenues rose 6% YoY while customer trips rose in 1Q.
- TIMING OF NEW OPENINGS
- SAME: Horseshoe Cincinnati and Linq projects remain on track