Las Vegas recorded its highest visitation numbers of all time last March, helping to drive gambling revenue 8% upward. We had 3.7 million tourists, 4% than the previous year. Despite fewer conventions, a 20.5% leap in convention attendance (with the ConExpo-Con/Agg accounting for a fifth of the total) helped drive the numbers. Hotel executives were quick to pounce, raising ADRs 21%, to $133.92 — highest since April 2008 — as occupancy hit 92%. (Occupancy metrics were higher than last year in every respect.) All these numbers have the Las Vegas Convention & Visitors Authority excited that this might be the year Vegas reaches or surpasses 40 million tourists. Only drive-in traffic was down, off 3% from last year.
Fortune favored the house, with baccarat revenue up 40% (on flat handle) and craps winnings up 36%. Mesquite continues to decline (-9%) but nearly every other jurisdiction posted higher numbers: the Strip (+11%), Downtown (12%), North Las Vegas (15%), Boulder Strip (10%), Laughlin (8%), Lake Tahoe (32%). The greater Reno area, off 10.5%, did blot the ledger somewhat. One positive, long-term augury for the Strip was a full quarter of improved slot play, taken as a sign that visitors are finally opening their pocketbooks again.
“This new [younger] demographic isn’t generally spending time on slot machines,” said Union Gaming Group analyst Robert Shore. If he’s right — and I believe he is — it only makes sense for the industry to pivot toward amenity-driven attractions like The Linq, The Cromwell, The Park and SLS Las Vegas. As for those who fear Internet gambling, it only grossed $926K … no threat to bricks and mortar.
On the subject of younger gamblers, a simplified version of craps has been invented by a dealer at Philadelphia‘s SugarHouse Casino. Called “Props & Hops,” it’s aimed at the craps player with an attenuated attention span and the uncontrollable urge to multitask. “They don’t have patience like players did in the past,” lamented inventor Thomas McCann. Hence the new, single-roll games. Until Oct. 1, they’re exclusive to SugarHouse. Congratulations to McCann and co-inventor Mark Grochala — and here’s hoping the patent trolls don’t get them.
Caesars Rock Gaming is doing such an effective job of playing upon Cleveland‘s Higbee Building and its attendant nostalgia that you kind of wonder why they want to build a generic, new casino nearby.
Jim Murren, Zen Master: “The smallest presence in Macao will no longer be the smallest presence,” from yesterday’s conference call.
The increase is notable on the ground, as it were; lots more guests.