Las Vegas has been on a wild roller coaster ride over the past two years. New casino companies have worked to expand in the city, including the New York City-based investment trust, Vici Properties. Today, we’ll talk about the growth of Vici properties in Las Vegas.
Things have been going very well for the county’s top casino hub. There is reason to believe that 2022 will be another hugely successful year for this industry.
Here’s what you need to know!
Reports on the Growth of Vici Properties in Las Vegas Surface
Prior to March of 2020, everything seemed to be going perfectly in Las Vegas. Tourism rates were high and casino revenue was steadily growing. The pandemic took a devastating toll on the city, causing casinos to shut down and forcing a huge number of residents here to lose their jobs.
Things have completely turned around in 2021 and revenue figures here have been hugely impressive. As a result, many different companies are now looking to break into Las Vegas. That includes Vici Properties, which has been steadily increasing its presence in Sin City over the past year.
The Nevada Independent recently released a report on the growth of Vici Properties in Las Vegas. The report details how Vici Properties now owns some of the biggest and most lucrative properties in the city. That includes The Venetian, Caesars Palace, and MGM Grand. VICI CEO Ed Pitoniak and President John Payne spoke to the media about the company’s expansion over the weekend.
“Our mission since we started the company was to diversify our casino tenant base,” Payne said. “We also wanted to diversify where our real estate is located. Not only do we have numerous tenants and will continue to add to our roster, but we’re buying real estate all over the United States.”
Things appear to be going very well for Las Vegas and the companies operating here. Let’s look ahead to how this city might fare throughout 2022.
Las Vegas Will Continue to Thrive in 2022
At the start of 2021, gaming analysts seemed torn on how Las Vegas would perform throughout the year. Some felt that travel would remain stagnant and casinos would struggle to bring in tourists. Others believed that many would be eager to visit fun destinations like Las Vegas after more than a year of intense lockdowns around the country.
The latter proved to be correct. Tourism into Las Vegas has been steadily increasing throughout the year. The casinos here have also posted record-breaking revenue figures on several occasions in 2021.
Analysts are once again debating how the casino industry in Las Vegas will fare in 2022. Most agree this will be another very successful year for the city’s casinos. The intense health restrictions set in place in 2020 have been removed.
The opening of new casinos, including Resorts World Las Vegas, is also likely to draw in more visitors next year. A huge number of major musical acts are making their way to the city. That includes several residencies inside the city’s top resorts.
The entire US gambling industry is faring well right now. Let’s take a quick look at how the country’s sports betting market could expand next year.
More States Prepare to Launch Legal Sports Betting Options
Nearly all major casino hubs have seen large revenue increases over 2021. The same can be said for most of the country’s regulated sports betting markets. Several states launched their first regulated sportsbooks this year and most have seen impressive revenue figures.
It seems likely that several more states will launch their first regulated sports betting options in 2022. California is one of those states. Lawmakers in the state continue negotiating with tribal groups and all signs point to a vote to legalize sports betting appearing on the ballots next November.
A huge amount of attention has been placed on Massachusetts’ path to legalize sports betting. Those hoping to see sports gambling legalized in 2021 seem out of luck. Fortunately, it is looking very likely that this form of gambling will gain full approval next year.
As more states begin to regulate sports betting, revenue from this industry increases. This is proving very beneficial for many US casino companies right now. We’ll be sure to continue reporting on the growth of sports betting as the months go on.
Are you surprised to see the growth of Vici Properties in Las Vegas? How do you think major casino hubs will fare next year? Let us know in the comments section below.