There’s currently an ongoing battle to win a coveted New York casino license, with real estate colossus ‘Related Companies’ joining forces with Las Vegas gambling behemoth Wynn Resorts to pitch their bid.
Another developer (SL Green Realty Corporation) has proposed a Caesars Palace location in Times Square, with this arguably one of the most ambitious projects in play.
Many of these projects involve some influence from Las Vegas, which remains the heart and soul of the nation’s brick-and-mortar gambling hub and retains a romantic allure that has lasted for generations.
But why has the incredible allure of Las Vegas never faded, and is this likely to continue indefinitely given the popularity of the best high roller online casinos and other virtual substitutes for the glitz and glamour of Vegas?Let’s find out!
How Vegas Even Survived the Impact of Covid-19
While the coronavirus pandemic and state lockdowns saw many casinos close their doors through 2020 and the formative part of 2021, Las Vegas has rebounded quicker than most in terms of demand and prosperity.
To this end, Internet searches for Las Vegas travel jumped by 7% in August, building on previous gains of 5% and 3% in July and June respectively.
With further momentum thought to have built through September, it’s little wonder that demand and the Strip’s gross gaming revenues (GGR) have continued to peak while other states and hospitality sectors have struggled to recover post-Covid.
Current GGR forecasts for the Strip peaked at $631 million in August, with this representing a year-on-year increase of 1%. Annual GGR is expected to top $8.2 billion in 2022, with this 15% up on 2021 and a staggering 24% higher than pre-Covid levels in 2019.
So, although overall Las Vegas visitation remains around 9% lower than 2019 levels, spending continues to increase and is some 40% ahead of the activity recorded through 2019 and before the pandemic reshape the social and economic landscape in the US.
Even visitation numbers are expected to increase markedly in the near-term, with several marquee events and conventions (alongside high profile sporting events including the Super Bowl LVIII) scheduled to take place in the next couple of years.
The sheer scale and volume of such events highlight the unique appeal of Las Vegas and the wider state of Nevada, while suggesting that this extends beyond the realm of land-based gambling and Sin City’s hedonistic reputation.
Future Growth and Revenues – How Las Vegas Goes from Strength to Strength
To provide further context around the wider appeal of Las Vegas as an iconic popular venue, the city will host a Formula One race in November 2023.
This will prove to be an epic money-making exercise for Strip operators and the city as a whole, with MGM currency structuring ticket prices and a selection of room packages that could peak at a staggering $100,000.
In terms of the perennially strong and popular casino sector in Las Vegas, this continues to grow and entertain new resort locations.
To this end, Clark County commissioners recently gave billionaire Tilman Fertitta the green light to develop a new, towering hotel-casino on the coveted Strip.
The initial plans made scope for a 43-story, 2,420-room project in the world’s most famous and packed casino corridors, while it’s being proposed as an up-scale report that will sit at the southeast corner of Las Vegas Boulevard and Harmon Avenue.
The complex would include restaurants, convention space, spas and a wedding chapel, along with a 2,500-seat theatre, lavish suits and even VIP salons.
These features would sit alongside a dedicated lounge for high-stakes gamblers, while the casino resort itself would add to Fertitta’s portfolio and the popular ‘Golden Nugget’ operation in downtown Vegas.
However, owning a resort on the Strip is a much bigger deal all together, while it would afford the ambitious tycoon a foothold in the heartland of America’s casino capital.
This will also cash in on the recent activity and interest in Las Vegas, which shows no sign of abating anytime soon!
The Last Word
As we can see, Vegas has recovered quickly and impressively from the devastating impact of the coronavirus pandemic, with relevant travel related Internet searches, spending levels and GGR soaring even when compared with 2019 levels.
This has much to do with the history and unique appeal of Las Vegas, which is renowned as the gambling capital in the US and has remained true to its identity even as the country and world around it has continued to change.
But can it retain this status and reputation in an age of online gambling?
Well, it’s relatively safe for now, with just six US states having legalised online casino gambling and others facing opposition to bills that have been put to senators.
The constant introduction of new casinos, restaurants and activities keeps the city fresh and exciting, and is what keeps patrons coming back for more every single year.
What’s more, Vegas’ appeal transcends the casino gambling space, and remains a huge and attractive draw for events and conventions from all around the world!