According to statistics, Las Vegas gambling faced a fallback in 2015. However, according to positive opinions this result could be regarded as good news indeed. How? Despite the fact that the number of visitors has increased in ‘The Gambling Capital of the Wold’ by 2.5 percent last year compared to 2014, gambling revenue has stayed static.
Image source: the Guardian
So does record number of visitors – 42.3 million in 2015 – and stagnant gambling revenue has hidden advantages? Definitely.
The key solution – already uncovered by casino managements – is in the non-gambling market which has more increasing popularity among tourists than different casino games.
Nothing to be done – since you cannot force customers to take their bets if they aren’t interested – just to take advantages of the current situation, as there are optimistic attitudes already towards this shift. Las Vegas Sands and MGM Resorts consider this situation as a good opportunity to diversify business plans.
They know that entertaining venues, hotels and restaurants in Las Vegas are expanding at more rapid steps than casino games. People fly to Vegas for conferences rather than spending coins at slot machines. To put it into numbers, more than 21.000 conventions and meetings were organized during 2015.
With this in mind, MGM Resorts International has already started to go with the flow and expand the convention space. As a matter of fact, the casino has more properties and hotel rooms than any other company in Las Vegas. MGM Resort just completed an upgrade to the Mandalay Bay Convention Center in January, which now has over two million square feet of total meeting space.
According to online gambling news, Las Vegas Sands revealed its intention to join a group building an outdoor stadium – worth $1.2 billion – located east of the Strip. The property will presumably be the home of the University of Nevada, the NCAA football team of Las Vegas. The stadium will also be used for hosting other events such as concerts or conventions.
This makes us to conclude that Las Vegas Sands is also determined to benefit from the newly appeared trends in terms of Las Vegas gambling.
Las Vegas gambling world losing its charm, casinos will definitely find the way to merge the two fields- gaming, and non gaming industry – to bring back the constant increase of the casino revenues.