Inflation and depleted discretionary income seem finally to have caught up with the Las Vegas Strip. July’s gambling win was 2.5% from the year previous (while locals casinos slipped 3%). The diñero, especially on the Strip, is so elevated from banner year 2019 that last month’s slight decline may not be cause for worry except for those on Wall Street who can’t see beyond one quarter to the next. But a heated (overheated?) casino recovery is definitely cooling if the Strip is off its 2021 pace. In dollar terms, Strip casinos booked $773.5 million while locals ones racked up $233 million. Strip slot revenue ($391 million) dipped 4.5% despite 1.5% more coin-in while table games ($247 million) gained 9% on 6% less wagering. Baccarat was off 14%, bringing in $135.5 million on a lower hold percentage. Locals simply didn’t have as much stomach for gambling, losing $191.5 million at the slots (-3%) on lower coin-in (-4%), while table play was down 1.5%, bringing in $41.5 million (-4.5%).
Elsewhere, Downtown dove 15.5% to $60 million and North Las Vegas slipped 4% to $24.5 million. The Boulder Strip gained 3.5% to $73 million whilst Laughlin was steady at $43 million. Utah-fed Mesquite was flat at $14 million and similarly positioned Wendover hopped 4.5% to $24.5 million. Reno was down 4% to $69 million and Lake Tahoe did pretty well with the vacationers, off only 1% to $32 million. Which leaves up with the question, What ails Downtown?
Whew! That was a close call. In a now-moot lawsuit, Dream Las Vegas temporarily became the Pinball Hall of Fame‘s worst nightmare. Dream contended (successfully) that the PHOF was squatting eight feet across Dream’s property line—somebody was being mighty careless—thwarting a Dream drainage outlet “as originally designed and engineered, from being constructed.” Shopoff Realty founder Bill Shopoff said the PHOF’s owners were “innocent bystanders” and the problem had been caught in time for correction. He probably also knew he’d incur untold amounts of ill-will had be forced a teardown of the pinball mega-arcade, one of Las Vegas‘ most beloved tourist attractions. The PHOF coughed up “a small amount of land” and the errant surveyor was fined. “Everyone stood up and did what they had to do,” added Hall of Fame owner Tim Arnold, as what could have been a nasty little saga had a happy ending.
Jottings: Happy 15th anniversary to Venetian Macao, world’s largest casino and 50% ROI cashbox for Las Vegas Sands. The casino has seen some 368 million visitors—lately, not so much … New Philippines President Ferdinand Marcos Jr. has named crony Alejandro Tengco to head governmental gaming regulatory body (and casino owner) Pagcor. Given the regime’s reliance on Pagcor revenue, divestiture of its casinos will probably happen long after Hell freezes over … Former Marina Bay Sands executive Andrew MacDonald has popped up across the bay as part of the leadership team at Resorts World Sentosa. MacDonald’s one-year “retirement” from gaming looks suspiciously like a non-compete clause. Whatever the case, the Singapore market is sure to benefit from his return … Hard Rock Bristol is a hit. Its $12 million in first-month receipts not only was well ahead of what was anticipated (and incredibly strong for a regional-casino debut), the casino drew players from 49 states … Hard Rock Sioux City will keep its name but get a new set of owners. Iowa regulators have approved Churchill Downs‘ takeover of Peninsula Pacific Entertainment …
Next to Bali, the “happiest” place to vacation is Las Vegas, according to a recent survey. Factors cited included “LGBTQ+ friendliness, outdoor activities, cost of alcohol, daytime amenities, spas and wellness centers, and overall happiness of the city.” New Orleans was the only other casino magnet in the North American top five … Kudos to The Orleans for being named the most water-conservative hotel in Sin City by the Las Vegas Valley Water District. Retooling of HVAC and laundry systems is credited with the savings. “Through those little programs we’re doing we’re up to a billion gallons of water across the country that’s equivalent to 9,100 Olympic-sized swimming pools,” said Boyd Gaming spokesman David Strow. Both New York-New York and the Golden Nugget were also named as water-saving achievers … In contrast to Ohio‘s slow-footed launch of sports betting, Kansas will be raring to go on Sept. 1, when retail betting launches, followed by online wagering a week later. Already approved for deployment are Barstool Sports, BetMGM, Caesars Sportsbook, DraftKings, FanDuel and PointsBet.
Quote of the Day: “Success always demands a greater effort.”—Sir Winston Churchill