Las Vegas is being forced to evolve at a rate never seen before. With new health regulations set in place, the casinos here are constantly changing. New reports indicate we could see many more cashless casinos in the city soon.
Many believe that going cashless will be much safer for the city in the long run. Some claim it could have some unintended consequences. Now is a great time to talk about what casinos in Las Vegas are planning right now.
Let’s get into it!
Gaming Revenue in Nevada is Still Faltering
Nevada’s losing streak continues. Since March, the state’s various gambling properties have been seeing revenue dips. This trend isn’t slowing down and the state once again saw a major year-on-year dip in gambling revenue for the month of January.
Not many analysts are surprised at this fact. Back in January of 2020, the casino industry in Nevada was still going strong. It wasn’t until March of last year that state officials ordered the gambling venues in Nevada to close their doors.
In January, the casinos in this state won just $761.85 million. That represents an astounding 26.58% decrease when compared to January of 2020. This marks the 11th-straight month that Nevada’s gambling revenue has been on a decline.
Things are not completely bleak here, though. Nevada is slowly beginning to see an increase in tourism and more casinos here are choosing to resume 24/7 operations. As a result, several major casino companies here recently saw a jump in their stock prices.
Safety remains a huge issue in Nevada. The casinos in Las Vegas are trying to balance a fun and welcoming environment while ensuring things are as safe as possible for guests. As a result, these properties are constantly evolving in new ways.
There are new things being planned here all the time. Many now feel we’ll see more cashless options becoming available in the near future.
Cashless Casinos in Las Vegas Will Soon Become More Common
Las Vegas is still home to many of the biggest casino-resorts on the planet. Despite the difficulties lately, these venues continue to operate and some are beginning to see increases in revenue. Safety remains a troubling issue for these venues amid the global health crisis.
Some of the casinos in Las Vegas have recently chosen to go cashless. That includes the D Casino & Hotel in Downtown Las Vegas. More properties here are realizing that it is more convenient for players and helps to make things safer.
It now appears we could see even more cashless casinos in Las Vegas soon. Sightline Payments, a Las Vegas-backed tech company, wants to help make this happen. Company officials believe this is long overdue and will help to make things considerably safer in the long run.
“You can go to almost any casino in the country and, if you want to play blackjack or play a slot machine, you’re going to be using cash,” said Omer Sattar, executive vice president of Sightline. “In your everyday life, however, you use electronic payment options for almost everything. In the next 36 months, we believe you’ll see 60-70% of the U.S. casino industry offering some form of cashless. They (casinos) were saying they needed to open and that many of their consumers were no longer comfortable using cash. Contactless payments have skyrocketed all around the world because consumers are wanting to touch less paper.”
Casinos have several reasons to be concerned about going cashless. The most obvious are concerns about security. Ultimately, the pros outweigh the cons when making the move to a cashless payment system.
Many are excited to see this change being made. It seemed inevitable that casinos would go cashless. It now seems to be coming faster than some predicted. We’ll be sure to offer updates over the next few months!
Will Macau End Up Helping US Casino Companies?
Macau, one of the biggest gambling hubs in the world, was one of the first places to order mass casino shutdowns. Unlike many US cities, however, the casinos here were given permission to reopen within just a few weeks. Many were surprised to see this move.
Some of the biggest US casino companies own and operate casino-resorts in Macau. That includes MGM Resorts, Wynn Resorts, and Las Vegas Sands. These properties were hopeful that Macau would prove to be a valuable source of revenue while the US casino industry was shut down.
This didn’t prove to be the case. Macau’s casinos were open, yet the city continued implementing intense travel restrictions to and from Mainland China. This devastated the city’s tourism industry.
Things are finally beginning to turn around here. Macau recently lifted its mandatory quarantine rule with Mainland China. This will likely end up resulting in a massive surge of tourism and gambling revenue in Macau.
Hope is that US casino companies benefit from these new rules. Casino revenue in the US is still very low right now. Macau could end up being the saving grace for the biggest casino operators in the United States.
Do you expect to see more cashless casinos in Las Vegas? Let us know in the comments section below!