Las Vegas is home to many of the biggest and best casinos in the world. Interestingly, non-gambling options in LV hotels are generating more revenue than ever before. It appears that many individuals are choosing to visit this city for reasons other than gambling.
Some don’t want to admit it, but Las Vegas is changing. Now is the perfect time to look at the amount of revenue that non-gambling activities are bringing in. Let’s get into it!
Tourism Numbers in Las Vegas Are Increasing
At the start of 2019, things didn’t look great for Las Vegas. Tourism numbers were dropping and casinos were struggling to generate revenue. Fortunately, things have begun to turn around in this famous city.
More visitors have begun heading to Las Vegas. The summer months, in particular, drew in a wave of tourists. There’s still a chance that tourism numbers are going to break records here.
Hotel occupancy was at 89.3% in August. This was the highest in the city since 2007 when hotel occupancy was at 90.7%. Many analysts still believe that more than 43 million individuals will visit in 2019, setting a new record.
It now appears that many are visiting this city for reasons outside of just gambling. That’s great news for hotel-casinos in Las Vegas, many of which are beginning to invest more in their non-gambling amenities.
Revenue From Non-Gambling Hotels in LV Casinos Grows
Back in 1999, Nevada began earning more from its non-gambling amenities than it makes inside casinos. Since that year, non-gambling options in LV hotels have gotten even more popular. According to David Schwartz, a gaming research analyst with the UNLV, claims the average Las Vegas tourist spends $434.70 per day. $285.41 goes to activities outside of gambling and $142.29 goes towards gambling.
Interestingly, the largest percentage of visitors to this city are millennials. Seth Schorr, CEO of Fifth Street Gaming, claims millennials simply don’t gamble as much as the older generations. Those that choose to gamble generally enjoy social games like craps.
“The other thing that is tricky with the casino audience is there’s a perception of what a casino is,” Schorr said. “The Generation X, Z and millennials are all a little off on the betting part. They’d rather see themselves on TV or in a big Instagram or YouTube rush, sharing with their friends, not sitting by themselves playing slots. The question is how do you make it social for many in gambling without it being craps,” he said.
Some believe that Esports betting will grow extremely popular in this city. Esports grow more popular every single month. Others believe that entertainment centers that feature virtual reality and other tech innovations will help to bring in non-gambling revenue here, as well.
More Casinos Are Coming to Las Vegas
Non-gambling options in LV hotels continue to grow more popular. That doesn’t mean casino companies are choosing not to invest here, though. Several major casino projects are set to open in Las Vegas over the next few years.
One that many are excited about is Resorts World. This new casino-resort, being constructed in the northern area of the Las Vegas Strip, is expected to be a major success. It will officially open in 2020.
The new Virgin Hotel is opening up next year, as well. Virgin Hotels purchased its first Las Vegas property from Hard Rock International this year and is working to renovate and update the casino and hotel.
It’s clear that non-gambling options in LV hotels are growing more popular. This will likely continue, as millennials simply aren’t as interested in gambling as the older generations.
Stay tuned for more Las Vegas casino news over the next few weeks!