Las Vegas Jobs, Gaming Begin to Recover
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It seems as though the economies of Las Vegas and Nevada may finally be recovering, as evidenced by new information about the local tourism and gaming industries, which mainly drive the area.
The Las Vegas Convention and Visitors Authority recently reported that the number of visitors increased by 4.3 percent during September when compared to last year, which is the first yearly increase the city has seen since May 2008. Overall, more than 3 million people came to Las Vegas during September, up from 2.9 million visitors during the same time last year.
Another plus, convention attendance has increased by 12.2 percent, even though there were 95 fewer conventions in Las Vegas during September when compared to last year. This is the first time the city has seen an increase in convention attendance since July 2008.
Despite the fact that gaming revenues declined by 9 percent during September, casinos throughout Nevada brought in $911.1 million, making for the first time since March that the gaming win exceeded $900 million.
According to an article by the Las Vegas Review Journal, a recent gaming report found that revenues decreased for the 21st straight month in a row. However, a few bits of good news were included in that report:
- Gaming revenues reached $506.4 million on the strip, which is only a 3.58 percent decrease from last year, making for the lowest monthly decline in 15 months.
- High-end players, including international customers who spend a lot, spent $835.4 million, a 46.2 percent increase from last year. Of that, casinos kept $98.5 million, which is a 30.4 percent increase.
- The amount of money gambled on slot machines throughout the state decreased by 6.9 percent, accounting for the first time this year that figure was below double digits.
High-end play has increased in many prominent casinos during September, including the MGM Mirage, which had its third-best quarter ever for international marketing, and the Bellagio, which had one of its best-ever quarters for baccarat wagering. Gaming officials have stated that recovery of the Chinese and Hong Kong economies, as well as a weak dollar, have helped increase international visitation.
The gaming situation in Las Vegas could continue to get even better as the $8.5 billion CityCenter is slated to open by the end of the year.