Las Vegas Hasn't Been About Gambling Since 1999

[Akillies]

Las Vegas will always be known for its gambling.

But in more recent years, Vegas has become a hub for high-end shops, amazing restaurants, and incredible shows.
Here's an excerpt from a new research note from Bank of America Merrill Lynch:
Perhaps the most important dynamic overall on the demand front is the changing composition of total Las Vegas Strip revenues over the past decade. As we show in Chart 38, historically, Las Vegas was a gaming-centric market, with 61% of revenues coming from the casino category in 1990. Today, non-gaming revenue comprises around 64% of Las Vegas’ total revenue mix as a result of the market evolving over the past ten years into a more complete tourist destination with hotel, entertainment, retail, and F&B/fine dining becoming increasingly important revenue drivers.
...the Strip now has 150K hotel rooms and room supply has grown +100% over the past 20 years, so the hotel category is arguably the most important within non-gaming revenue.
This one chart shows how gambling has increasingly become an afterthought.

Read more: http://www.businessinsider.com/las-vegas-gaming-vs-non-gaming-revenue-2013-3#ixzz2N3njZYrb

 

[Fishhead]

Percentage will continue to go down with the two new north LV Strip complexes being built..............................geared for shoppers more than gamblers.

 

[CHOPTALK]

I would like to see this chart in actual dollars rather then percentage.
The percentages for gambling could be going down relative to the big picture and the dollars still going up.

I bet this is what has been happening except for 2008 till now due to the economy.

 

[studmlb55]

When I last went to LV, I can assure you my gambling revenue percentage I gave them was over 80%! $$$$

 

[Hotpizza]

This "trend" started when Vegas decided to go "family friendly". The results speak for itself, gaming revenue went down and entertainment skyrocketed. This move was perceived to draw more people to Vegas as a tourist attraction and it worked. They took the risk out of making money by gambling and took the for sure money in entertainment. The backfire is revenues which drive the business in gaming has plummeting. Hence why you see stock values in the major companies as you do.

They need to get back to "SIN" city rather than "family" city.

 

[halekulani]

lol
family?
u mean dropping money on bottle service and bitches all nite

 

[thekeyman]

This "trend" started when Vegas decided to go "family friendly". The results speak for itself, gaming revenue went down and entertainment skyrocketed. This move was perceived to draw more people to Vegas as a tourist attraction and it worked. They took the risk out of making money by gambling and took the for sure money in entertainment. The backfire is revenues which drive the business in gaming has plummeting. Hence why you see stock values in the major companies as you do.

They need to get back to "SIN" city rather than "family" city.

yea ive noticed this for a long time now myself,its all about spending money for the people there rather than people gambling.there are way too many shops and food venues then there should be in a gambling mecca like las vegas.but they made it like this cause they are way too smart to think the types of people that were starting to come out there were the gambling types so they just made it a shopping mecca and a gambling place next.

for me though i go to gamble on football and play blackjack and then get something good to eat.i really don't shop at all anymore,i just have better things to do with my money there and its to gamble it

 

[Akillies]

i read where shopping far eclipses gambling in revenue, hordes of hipsters spend their weekends shopping and clubbing

 

[5teamparlay]

It hasn't been about $1 Heineken or Corona since 1993 either, sad. Have to pay 7 bucks for a bottle of Bud some places...

 

[Mr_Mark]

Entertainment sure has grown. Club scene and shows are why lots of people go now

 

[Fishhead]

Actually, I'm finding Vegas better than ALMOST ever on many fronts..........

Decent gambling
Less smog
Less traffic
Better food



TONS of great value plays around the city involving gaming, food, and drink.

 

[quantumleap]

No wonder they feel they can get away with 6/5 blackjack. They aren't getting the revenue they once had. They figure people are going there more for the clubbing and shopping and are only gambling as an aside, rather than trying to win some of their money back.

 

[thekeyman]

Actually, I'm finding Vegas better than ALMOST ever on many fronts..........

Decent gambling
Less smog
Less traffic
Better food



TONS of great value plays around the city involving gaming, food, and drink.


let us know where they are at