Here's Why You're Losing More Often in Vegas Casinos
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Las Vegas casinos are costing gamblers more and making it harder to win. The Wall Street Journal reports that blackjack payouts have gone down, roulette wheels aren't as sure a bet as before, and gaming overall costs more now. It turns out there's a reason for these changes—companies are hoping Vegas can become more of a high-end vacation destination. The Journal quotes Tom Reeg, the chief executive of Caesars Entertainment, who recently told financial analysts, "You're bringing in higher-value customers, and we're already full. So, you're kicking out the lowest end. I see no reason that that needs to stop or would stop." As Fortune notes: Gambling traffic on the Strip went up, and more people are losing money, so casino owners can filter out people with less money if the odds of winning—and payouts to winners—go down.
Still, for committed gamblers, Las Vegas casinos may remain the best bet. As the Las Vegas Review-Journal reported earlier this month, the Strip is "by far the most successful gaming market by revenue in the country," with New Jersey's Atlantic City a distant second. Per the Journal, just visiting Vegas at all costs more now, but that hasn't dampened consumer spending in general. Casinos raked in $8.3 billion in revenue in 2022, easily topping revenue from the pre-pandemic era. Lodging is more profitable, too, but as the Street reported in January, pricing for hotels run by Caesars Entertainment, Wynn Resorts, MGM Resorts, and Treasure Island has led to a class-action lawsuit alleging they colluded in price fixing and violated the Sherman Antitrust Act. (Read more Las Vegas stories.)
