Part 6/14:

Between 2015 and 2018, major operators like MGM and Caesars amassed staggering debt—$13.8 billion and $15.3 billion respectively—while revenues struggled to keep pace. The debt servicing costs began to choke the industry. By 2019, early warning signs appeared as revenue growth stagnated, especially as the anticipated influx of high-rolling Asian gamblers slowed unexpectedly. The pandemic from 2020 to 2022 further decimated cash flows, forcing casinos to dip into emergency loans and credit lines to stay afloat.