What Happens In Vegas…Isn’t Gambling Anymore Because Casinos Lost A Crapload Last Year
There’s a good chance you’ve thought about taking a trip to Sin City at some point in the last year. There are hundreds of reasons to go but gambling might not even make the top 10 reasons for a quick trip. You’re not alone.
Millions of people still visit Las Vegas every year. Vegas tourism expects to have 42 million visitors in 2016, which would be a record. But not as many are gambling anymore, which explains why Vegas casinos shit the bed in 2015.
Nevada’s casino industry lost $662 million last year, and has been in the red consistently for six years. Things hit bottom in 2009 when the industry posted a staggering loss of $6.8 billion.
It’s not that casinos don’t bring in plenty of cash. Nevada’s 271 casinos collected a hefty $24.6 billion in fiscal year 2015 (which ended June 30,) according to the state’s Gaming Control Board. That’s up from $21 billion in revenue for 2010.
The problem: Visitors are spending plenty on restaurants, booze and glitzy shows featuring Jennifer Lopez, Britney Spears and magician Criss Angel. But spending on actual gambling is way down, according to Mike Lawton, senior research analyst for the Gaming Control Board. And if people aren’t gambling as much, that means they’re not losing as much.
I sincerely hope “seeing a Criss Angel show” wasn’t on your Vegas bucket list.
[via CNN Money]