In June, gambling revenue in Las Vegas increased for the first time in 2019. Reports are now surfacing that tourism in Las Vegas is also booming right now. It’s fantastic news for what is still the country’s biggest and most popular gambling destination.
Tourism numbers are looking great here. Hotel-casinos in this city are set to break records. Let’s look at how much revenue has increased here and why tourism is surging right now.
Las Vegas Gambling Revenue Surges in June
As we’ve mentioned already, Las Vegas has been struggling to bring in gambling revenue this year. For the first five months of 2019, casino and sports betting revenue in this city dropped. Things finally took a turn in June.
That month, gambling revenue in Las Vegas rose by a significant 17.7%. Interestingly, Baccarat helped to bring in the most money. Revenue from this popular game rose by 19.5% in June.
It was a major relief for gambling operators in this city. The US gambling industry has never been more competitive. Many states including New Jersey and New York are currently working to expand their casino and sports betting markets.
Even Illinois is adding more gambling venues. Not long ago, the state’s Governor signed a new bill to add five more casinos to the state, including one in Chicago. The fact that revenue is increasing in Vegas proves that this city remains the biggest gambling hub in the United States.
Tourism in Las Vegas Set to Break Records
We’ve now passed the year’s halfway mark. According to the Las Vegas Gaming Control Board, tourism in Las Vegas has increased substantially over the past six months. In fact, this city’s tourism numbers are close to setting new records.
Hotel occupancy in Las Vegas is at 89.3%. This is the highest since 2007, where hotel occupancy was at an astonishing 90.7%. Based on the current trend, Las Vegas’ tourism could pass what it was in 2018, where visitation totaled 42.1 million people. Some analysts even predict it will beat 2017’s record of 42.9 million.
There is also a major increase in convention attendance in this city. The Las Vegas Convention and Visitors Authority show that more than 3.5 million individuals visited Las Vegas for conventions over the first six months of 2019. That represents a 1.1% increase from the same time period in 2018.
Of course, an increase in tourism doesn’t always represent an increase in gambling revenue. We’ve seen that in Macau, where tourism is up, yet casino earnings continue to fall. June proved to be a successful month for Las Vegas and hope is that this trend continues for the rest of the year.
Major Companies Continue to Invest in Las Vegas
There’s more to just gambling in Las Vegas. This city is also home to some of the best entertainment options in the US. A number of gaming and non-gaming companies have continued to invest in new attractions here, including Madison Square Garden Co.
MSG is currently working to construct the brand new Las Vegas Sphere. This massive 17,500 seat venue is rumored to become the “city’s top entertainment venue.” It can host musicians, comedians, and conventions.
Online casino gambling is also growing extremely popular in Las Vegas. Unfortunately, lawmakers in this state have not regulated the internet casino gaming industry. There are, however, a large number of amazing online casinos in Nevada available to players right now. Most offer safe payment options and more games than the top land-based casinos!
Several of the top hotel-casinos in Las Vegas are also expanding. The Wynn, one of the most popular hotels on the Strip, is working on building Wynn West, a 2,000 to 3,000 room hotel.
Companies operating here have to pleased to see tourism and gambling revenue increase. Do you think this will continue for the rest of 2019? Stay tuned for more Las Vegas news over the next few weeks!