Now that Wynn Resorts (Nasdaq: WYNN) and Las Vegas Sands (NYSE: LVS) have reported earnings for the second quarter, the next big name to report will be MGM Resorts (NYSE: MGM). The Las Vegas-centric company had mixed earnings in the first quarter; its rooms, restaurants, and clubs were full, but gamblers stayed with competitors.

So what will the second quarter provide? Gambling is on the rise in Las Vegas compared to last year, and if MGM can get back to growing casino revenue, then rising room rates and expensive bottles at poolside cabanas won’t have to make up the slack. Here's how the three public gaming companies' casino revenues stack up so far in 2011.

Casinos

Casino Revenue Change Q1 2011

Casino Revenue Change Q2 2011

Las Vegas Strip (0.4%) 13.6%*
Wynn Resorts 39.2% 35.1%
Las Vegas Sands (46.5%) 2.1%
MGM Resorts (4.6%) N/A

Source: Company reports. *April and May growth vs. 2010. Las Vegas Strip revenue is only available for April and May. N/A = not applicable because MGM hasn't reported yet.

Wynn Resorts is obviously taking share in Las Vegas, and it appears that the high end of the market is very strong. MGM plays in the high-end market with the Bellagio, but most of its casinos cater more to a mass-market audience than big baccarat players. That makes this quarter an interesting one for the company.

MGM needs some serious deleveraging in the near future, given its $12.3 billion in long-term debt. With less exposure to Asia than Las Vegas Sands, Wynn Resorts, or Melco Crown (Nasdaq: MPEL), the company will have to rely on Las Vegas to provide the cash flow. When MGM reports earnings on Monday, we’ll see just how far Las Vegas has come.

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