Las Vegas is known as a paradise for gambling activity throughout the world. In 2019, the total revenue of the city’s casinos came in at $22 billion.
This income supports the whole operation of Las Vegas as a tourism hub.
Many other industries such as sports, culture and education are supported by the profits made via the casino industry.
However, there are recent signs that the city’s gambling revenue may be on the wane.
Here are 10 reasons why:
The Growth of Online Casinos
The success of online casinos is a strong reason why physical casinos in Las Vegas could be feeling the pinch. There is a selection of fantastic casino bonuses for new customers which act as a compelling reason for new account sign-ups.
Legislation of Gambling Across the US
Las Vegas in Nevada used to be one of the few places in the USA where it was legal to gamble in casinos. The recent process of legalization across other states has threatened Vegas’ position as the top state for gambling in the country.
Extra expenses
Las Vegas used to be known as a place where casino visitors could factor in cheaper board and lodgings while they were playing. All-you-can-eat meal deals and cheaper hotel rooms used to be part of the appeal. This is no longer the case, with VIP passes and megaresorts demanding more from visitors. The big business of the casinos needs to satisfy the board, which could mean fewer promising deals for visitors.
Parking charges
Linked to the extra expenses being figured in are supplementary parking fees and charges. The fees have been cited as a potential reason why visitor numbers have been dropping off.
A Decline in International Travel
The next decade may well see a decrease in international travel. A greater awareness of environmental factors caused by air travel is bound to have a significant impact on Las Vegas’s tourism industry. This will also play a part in how many visitors travel to the casinos.
Remote gameplay
As technology has improved in every sector of lifestyle there is less of a need to be physically present. This has been shown in every area from education and business, to entertainment and recreation. The same is true in gambling entertainment, with many players accessing the best games remotely when and how they want.
Different tastes
Younger generations of gamers are more clued into the online world than gamers who thrill after the more traditional world of physical casinos. This has threatened the outlook for bricks and mortar venues attracting new players.
Younger players tend to seek out the best deals and most attractive offers online. This opens up a contrasting view of the online and the traditional.
This has led to casino owners doing their best to maximize experiences. New technology such as augmented reality is one area some have looked at to attract a younger generation.
Global warming
Even with the best intentions and international agreements, global temperatures are expected to rise and the Nevada desert along with it. This has potentially devastating consequences. It is only natural that the place may seem a less enticing place to visit for gambling fun as the heat continues to go up.
Variety of games
Online casinos are able to provide a greater number of games than their physical counterparts. There are no physical limitations on the web, so online sites can offer gamers a huge selection of games and experiences to take part in. Even the biggest land-based mega-casinos have a physical limit of how many machines, tables and people they can fit in. Online sites have no such issue.
Lack of convenience
A significant reason why Las Vegas may see a sizable downturn in profits over the next decade comes down to convenience. Planning a trip to Vegas takes a significant amount of time, planning and money.
Travelling to the city’s casinos is expensive whichever way you look at it and takes a good deal of effort. Compared to online casinos which are improving all the time and can be played wherever and whenever Vegas casinos have a tough battle on their hands.
The convenience factor is a major one for many gamers. The fact that online betting is available all the time at no additional expense makes it an attractive deal for many.
As various factors continue to impact physical casinos, it is expected that online gaming and gambling will become even more profitable.