Las Vegas Casinos Continue to Struggle, Push Statewide Gaming Revenue Down 1.8 Percent
Posted on: May 29, 2019, 08:39h.
Last updated on: May 29, 2019, 08:59h.
Las Vegas casinos are struggling through the first four months of the year, and the Strip’s reduced gross gaming revenue (GGR) is hurting the industry statewide.
Data released this week by the Nevada Gaming Control Board (NGCB) reveals that GGR on the Strip declined 3.5 percent in April to $481.8 million. As a result, casino win across the state was down 1.8 percent compared to the same month a year ago, with total revenue coming in at $936.5 million.
There were some market bright sports. Downtown Las Vegas casinos continued their strong streak with a 2.1 percent GGR increase to $61.7 million. Reno jumped 3.2 percent to $48.9 million. Mesquite was up four percent.
Other markets that experienced revenue declines included Laughlin (-2.7 percent), Sparks (-3.3 percent), and South Lake Tahoe (-12.5 percent).
Sportsbooks won $21.6 million across the state last month, up 33 percent compared to April 2018.
Sin City Problems
The Las Vegas Strip has now reported gaming revenue decreases in each of the first four months of 2019. Analysts have cited baccarat volume declines in previous months, but that culprit can’t be blamed in April.
The table game generated a 5.6 percent win increase last month. However, other table games fell more than 13 percent.
There are concerns that Las Vegas is simply becoming too expensive for many. Rising resort fees and the elimination of free parking is upping the cost per day for guests.
A Casino.org reader recently said he’s been visiting to Las Vegas for more than a decade on golf trips, but explained his group is now opting to stay off the Strip.
The cost keeps going up,” he said. “New last year was parking. Add the resort fees, and I’m looking at $50 a person per day just for fees.”
David Schwartz — executive director of UNLV’s Center for Gaming Research – opined last summer, “There are fears that Las Vegas has finally pushed its luck too far. For nearly all Americans, there are now places to gamble that are much closer than Las Vegas, which is why the city’s resorts have reinvented themselves as places to eat, drink, shop, and occasionally gamble.”
Visitor Volume
Schwartz and other gaming industry observers have statistics to back up their opinions. Along with reduced gross gaming revenue, the Las Vegas Convention and Visitors Authority (LVCVA) reports that overall visitor volume to Sin City was down 1.4 percent in March, and is flat for the year.
Convention attendance is up 1.5 percent January through March, but general tourism is down.
While Strip guests pay as much as $45 a day in resort fees, downtown casinos offer reduced rates for the “amenities” such as in-room Wi-Fi, local calling, and boarding pass printing. The Palazzo and Venetian each charge $45 a day, and MGM and Caesars’ marquee properties such as Mandalay Bay and Caesars Palace tack on $39 per 24 hours.
However, downtown, The D is just $25, and the M Resort in Henderson is just $22.
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Last Comments ( 5 )
The above is correct! Worked and lived in Vegas for 28 years. It was great! Now it is terrible. Moved out 4 years ago, just in time. Went for a visit last month. Never again. It is a cesspool of vagrants, etc. TOO EXPENSIVE!
I ran away to live in Las Vegas at the age of 15. For the last 20 years Las Vegas has been home. Honestly it’s boring as Hell now unless you like dozens of security guards micromanaging you. You can’t have any fun in Vegas anymore. The prices are through the roof on everything. Even locals are treated like garbage. The truth is that they want Vegas to collapse so they can bring in their little army of commies from California. Google and other tech companies have started buying up land. Oh and as for the Stephen Paddock shooting well you guessed it he links back to Silicon Valley. Steve Wynn casino owner and registered Republican mysteriously accused of rape right as Prince Al weed is released from “jail” where he was being held in Saudi Arabi for corruption. The prince was educated at me lol college in Silicon Valley, he is a major investor in tourism real estate and citi bank aka citi center aka mgms and Steve Wynn’s major competitor. More recently they banned escort magazines and cards from being handed out on the strip. So just to recap NO SEX, NO FOOD, NO PARKING, Economy is in the toilet, army of tech giants moving in, gentrified ghetto, no affordable housing, hassled by security, it’s beginning to look a lot like commiefornia.
I've been to Vegas a few times but the place has lost it's atmosphere over the years, it use to feel genuine and fun and now it is just no different than going to a local casino in your state, boring modernistic experience. We have tons of Casinos in WA state so why go to Vegas? I have recently visited Reno but ended up in Carson City and found it a far more interesting place to go regardless of price it is just a better experience overall. Far more natural and fun area, better things to do outside of the Casino and the distance was short enough to end up driving there instead of flying which was a great experience all on it's own.
Exactly what the gentleman above said. Resort fees, parking fees, what were free basic room fees. I was just reading a report on the net saying that Vegas might de-emphsize gambling, and work toward an identity were there is good food, shopping, shopping, and "occasional" gambling. Yeah, like people are going to drive out to the middle of nowhere, where the heat mugs you everytime you stop outside, for a $12 burger. Benjamin Siegel's bullet ridden corpse is starting to spin. Say hello to the potentially biggest crackhouse in the world. I'm 71, been to Vegas lots. There was a fountain that continuously flowed bloody marys, and generous comps to even the occasional players, if they stuck with one hotel casino. The mob skimmed, but they were pikers compared to the corporate greed that now permeates sin town.
I am approaching my 69th birthday and happily retired. I have visited Las Vegas 29 times in my lifetime. Most recent was December 2017. I along with my brother-in-law would rent a car and do the strip and downtown also with a trip to Sam’s Town. WeI have decided that because of all the ridiculous fees and the price to eat is crazy too that Las Vegas is no longer a desired destination for us. We live in Illinois and I have Hollywood Casino less than 2 miles from me. Give me back the Dunes,Stardust,Frontier,Silver Slipper,Rivera. Etc. When the mob ran Vegas you could practically eat for free. LOL. Good Luck Las Vegas - You won’t be seeing my money anytime soon!