LAS VEGAS | There’s never a dull moment in the entertainment capital of the world, which lives up to its nickname. Once best known for its casinos and wild activities, Las Vegas is constantly evolving. The southern Nevada destination is more eager than ever to diversify its offerings.
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The share of gambling in total hotel revenue has been declining for seven years. Revenues from various entertainment sources such as shows, accommodation and meals continue to rise.
In this regard, the increase in costs is notorious in bars and restaurants, where you need ever deeper pockets and sometimes a calculator to avoid surprises before receiving the bill. According to 2022 data from the Nevada Gaming Control Board (NGCB), an occupied room generates, on average, nearly $160 in food and beverages per day.
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Full coffers
In 2022, operations in the “strip” sector generated sales of $17.28 billion. Overall, accommodation revenue was higher than gambling revenue. According to official financial data from the Nevada Gaming Commission, lodging accounted for 30.3% of profits, up 3.6% from 2015.
Photo AFP
Make no mistake. Gambling is still very popular with hotel companies that are quietly reducing the size of their casinos. However, their revenue fell by more than $600 million compared to 2015. However, this trend is not changing as slot machines are still the most popular. They generate 82% of sales.
However, the marketing of Las Vegas, the epicenter of gambling in the United States, is no longer focused on gambling. All over the city we see advertisements for loyalty programs, luxury restaurants and their renowned chefs. , featured shows and upcoming events at T-Mobile Arena and the magnificent Allegiant Stadium.
From parties to massages…therapeutic
They also advertise their therapeutic services and bathing facilities such as swimming pools and spas as facilities. In their new strategies, they organize their hotels by category, from regular accommodation to luxury. Of course with the right price range.
The MGM Park Hotel on Las Vegas Boulevard. Photo AFP
In seven years, the average price of a room in the Las Vegas Boulevard area has increased $20, from $151 to $171. However, the number of available rooms, which is now around 150,000, and the number of overnight stays have increased, particularly due to the increase in events and large conferences. The equation is simple. More visitors, more money, therefore more income. This means that there will be around a billion US dollars more in the till in 2022 compared to 2015.
It just goes to show that it’s no longer just gambling south of the Silver State.
