Truist Securities analyst Barry Jonas recently took a tour of Las Vegas‘ C-suites, meeting with executives of seven companies. He concluded that “Despite market sentiment, operators remain generally positive.” Both the Las Vegas Strip and the recently declining locals market were both deemed “healthy,” while crucial convention business was seen as returning to pre-Covid-19 levels (with prices to match, we might add). Strong product from manufacturers is reported to be propelling higher demand from operators, even in advance of Global Gaming Expo.

Inflation? What inflation? That remained the prevailing sentiment. Or, as Jonas put it, “While downtown operator Circa recently noted seeing some decline in casino revenue from increased gas prices inflation, our meetings noted no impact on Strip visitation and customer spend. One operator notes a possibility of seeing some inflation pressure on margins given rising costs with potential wallet shift from gaming to lower margin non-gaming.” If there’s a dark lining to the silver cloud it’s operators’ reversion to a mentality that gaming is recession-resistant (disproven after the Great Crash of 2008) “with variable cost and pricing structures ability to mitigate revenue declines.”

Nevada gambling revenues continued to climb in May, up 6% from last year, hitting $1.3 billion. The results were bifurcated, with tourist-dominated markets up and locals ones somewhat down. The Las Vegas Strip was the most obvious beneficiary, jumping 11.5% to $731.5 million, although Downtown also glittered to the tune of +5% and $79 million. Strip slot revenue vaulted 36% to $391 million on 34% more coin-in. Baccarat win rebounded dramatically—144%—to $131.5 million, despite only 10% greater wagering, while other table games rose 19% to $209 million on 21% larger betting. Numbers like those made up for the rest of the county. North Las Vegas waned 5% to $25.5 million and Laughlin slipped 3% to $47 million. At least the Boulder Strip was flat at $88.5 million while miscellaneous Clark County dipped a point to $140 million. Utah-fed border markets Mesquite ($15 million) and Wendover ($23.5 million) were flat and up 4.5%, respectively. Reno stumbled 4.5% to $63 million while Lake Tahoe wasn’t favored by the sunbirds, drawing $17.5 million for a 14% dive.

Given that Oakland is well and truly fed up with the sorry Oakland Athletics, and with their pinchpenny ways, relocation to Las Vegas may be just what the doctor ordered. However, the manner in which the exit ramp is being greased is somewhat offensive, if not unethical. We’ve long said that MLB Commissioner Rob Manfred has had his thumb on the scale in favor of Sin City. Well, he’s gone from just a thumb to putting his whole fist on the scale, by dint of offering to waive the mandatory relocation fee if the A’s move to Vegas—and Vegas only. That’s hundreds of millions of dollars saved by miserly A’s management and a lot of diñero that won’t be disbursed among other franchises.

According to Baz Luhrmann‘s new biopic Elvis, the protagonist (uncanny Austin Butler) was a falling angel, self-styled Colonel Tom Parker (Tom Hanks) was Satan and Hell is Las Vegas. Such is the narrative trajectory of this epic, which ends with Elvis Presley as an obese, pill-popping slave to a degenerate gambler’s spending habits. Luhrmann (who directed, co-wrote and co-produced the film) also addresses the elephant in the room, Presley’s appropriation and mainstreaming of African American music, positing Presley as the spiritual love child of a union between Black sexuality and spirituality, hence the shuddering—and much fixated-upon groin from which Elvis’ celebrity supposedly sprang. Having his cake and eating it too, Luhrmann also portrays Presley as a trailblazing civil rights icon, whose closest confidant is B.B. King. It’s a bit much, and the issues of Presley and racial politics are handled much more deftly (and humorously) in the stage musical All Shook Up! The latter has also played Vegas a couple of times and is highly recommended.