Las Vegas is home to the country’s biggest and most profitable casinos. It won’t be long before another exciting one opens its doors to the public here. New reports have just surfaced claiming that the Fontainebleau Las Vegas will be opening to the public in late 2023.
A huge amount of attention has been placed on this property over the past few years. More details on this property have started to come out recently.
Here’s what you need to know about this casino.
More Details on the Fontainebleau Las Vegas are Coming Out
It seems as if Las Vegas welcomes an exciting new casino every couple of years. The new properties on the Las Vegas Strip tend to draw in a huge amount of attention. The most recent resort to open here was Resorts World Las Vegas. At $4.2 billion, this is the most expensive gambling venue ever built in the city.
A large amount of attention has been put on the Fontainebleau Las Vegas in recent months. Construction on this property technically began 15 years ago. For several reasons, the opening date of this venue has been pushed back.
New reports surfaced this week claiming that the Fontainebleau will be opening to the public in late 2023. Fontainebleau Development and partners Koch Real Estate Investments held a “commencement ceremony” this week. During the ceremony, these owners revealed the progress that has been made.
It wasn’t long ago that Marriott dropped its interest in opening this venue. Koch Real Estate Investments decided to take over the venue for $350 million. It is being built in the Northern area of the Las Vegas Strip, not far from where the aforementioned Resorts World Las Vegas is located.
2023 will be an exciting year for the Las Vegas casino industry. Now is a great time to look at how much money the casinos in this city have been bringing in lately.
Las Vegas Strip Revenue Breaks Records During 2021’s Q3
2020 proved to be the most difficult year in history for the city of Las Vegas. Casinos here were forced to shut down for months out of the year. Gambling revenue plummeted and a huge number of casino workers lost their jobs.
Fortunately, 2021 has been significantly more successful for this industry. Tourism to the city has been steadily increasing throughout the year. New reports from the American Gaming Association have just surfaced that show Las Vegas Strip revenue broke new records this year.
The Las Vegas Strip managed to bring in more than $2 billion in total gross gaming revenue over the year’s third quarter. This represents the most successful quarter in history for this city’s casino industry. This was largely driven by the massive surge in tourism over July, August, and September.
All of the casino companies operating in this city have experienced major revenue surges throughout 2021. A new push to legalize online casino gambling in Las Vegas is now taking place. If approved, this would likely help to bring the state a huge amount of revenue each and every year.
It will be interesting to see if the Fontainebleau Las Vegas helps to generate a huge amount of revenue for Las Vegas. We’ll be sure to offer updates on the casino industry here as the months go on.
Sports Betting Revenue Continues to Surge Around the US
The US casino industry has thrived throughout 2021. The same can certainly be said for the US sports gambling industry. Since PASPA was removed in 2018, this industry has grown tremendously and states continue to see increases in sports betting revenue.
More than half the country has a regulated sports betting industry set in place. Specific regulations toward this form of gambling vary from state to state. The states allowing online sports betting are profiting the most.
This past September proved to be a massively successful month for this industry. Illinois managed to bring in more than $44 million in total sports betting GGR. Virginia broke its own record, bringing in more than $30 million in sports gambling GGR.
Most analysts expect October to be an even more successful month for this industry. The MLB playoffs and NFL games are helping to bring in a huge amount of sports betting revenue. Expect these revenue surges to continue as the year goes on.
Are you excited to see the Fontainebleau Las Vegas open? Do you expect this property to be successful? Let us know in the comments section below.