Las Vegas Is no Longer a Casino Town
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The Las Vegas Strip has been the heart of gambling in the U.S. for decades. Over the last 20 years, resorts have focused more on non-gaming activities like hotels, restaurants, entertainment, and shopping. Investors are buying gambling stocks like MGM Resorts, Caesars Resort and Wynn Resorting.
Wynn Resorts, MGM and Caesars break down their numbers into casino, food and beverage, hotel, and other sources of revenue. The casino only makes up about a quarter of the revenue generated on the Las Vegas Strip. Hotel stays are a huge piece of that. Food and beverages and entertainment are booming.
The casino floor accounts for 75% of revenue at most resorts outside Las Vegas. Regional casinos have fewer hotel rooms and don't have the same entertainment draw as Las Las.
Gambling revenue in Las Vegas has been a good proxy for how companies are performing on the Las Las Strip. Today, there's a lot more going on in Vegas that has a bigger impact on bottom line. Casino companies aren't as reliant on gamblers and high rollers as they once were.
