Consumer Habits Changing With Las Vegas Implications

Must read

[ad_1]

Posted on: March 29, 2023, 04:13h. 

Last updated on: March 29, 2023, 04:25h.

Perhaps surprisingly, multidecade high inflation hasn’t materially affected the US gaming industry, but data confirm guests are dialing back expenditures previously allocated to amenities such as fancy restaurants, nightclubs, and poolside cabanas.

Las Vegas Strip
The Las Vegas Strip. Data confirm consumers are getting more selective with their gaming and leisure spending. (Image: Eater Vegas)

Though that trend is clearly “Las Vegas related,” it’s happening across the US, according to SevenRooms, a provider of reservation management analytics to the hotel and dining industries. The data also confirm trends some Las Vegas gaming executives highlighted last year, noting some customers are reining in spending on high-end dining and impulse spending, such as drinks or extra pulls on slot machines.

Some operators are seeing signs of reduced spending among cost-conscious patrons, including in the Las Vegas local demographic. Likewise, regional casinos are among the contributors to the industry’s rebound from the coronavirus pandemic, but that sturdiness could be tested if gas prices spike during the summer months.

SevenRooms also noted that in February, no-shows at domestic hotels hit 5%, a 0.3% increase from January, while cancellations climbed 1.3% to 14.2%. That’s a sign travelers are comparison shopping, booking multiple rooms, and canceling reservations at other properties upon finding better deals, according to the research firm.

Why it Matters to Las Vegas

The SevenRooms data is meaningful to gaming industry analysts and observers because the firm counts MGM Resorts International — the largest operator on the Strip — Tao Group and Wynn Resorts among its clients.

On recent fourth-quarter earnings conference calls, casino operators signaled strength in terms of demand and hotel occupancy in the early innings of 2023. Data confirm as much, as Nevada’s streak of at least $1 billion in monthly gross gaming revenue (GGR) hit 24 months in February.

GGR measures exactly what it implies. It doesn’t gauge the other avenues through which bettors spend money at casino resorts, nor does it reflect potentially reduced expenditures on nightclubs, restaurants, and rooms.

In other positive news for the gaming industry, data pulled from Bank of America credit card spending trends indicates that in February, consumers spent more on services than on goods. If that reverses, gaming companies could be vulnerable.

On the Other Hand …

Las Vegas has avenues for resilience against inflation and altered consumer spending habits. For example, the city is expected to see a rebound in convention and meeting business, paving the way for a more material resurgence in 2024 and 2025.

Additionally, Sin City’s 2023 events calendar is arguably as attractive as it’s ever been. That includes the NCAA West Regionals, which wrapped up last weekend, and the November F1 race.

Other signs point to operators remaining confident in Vegas booking and spending trends. It’s just one example, but if Caesars Entertainment was worried about consumer demand and the like, adding 34 dates of Weekends With Adele at Caesars Palace probably wouldn’t have happened.

[ad_2]

Source link

More articles

- Advertisement -spot_img

Latest article

teknologi baru main slot mahjong ways 2 jaminan banjir scatter dan wildlatihan slot demo starlight princess auto menang maksimal 500 jutaslot gampang maxwin terbarucara jitu menaklukan bandar slot onlinepola olympus banjir petircara ampuh menang slot gacor dengan modal kecilslot deposit dana terlengkap dengan slot terkemuka bomb bonanzacara ideal untuk maxwin slot online dengan modal besarpola kuno berhasil menembus slot olympus x500 langsung cuan besarbocoran mantan admin berikan jam efektif bermain slot online mahjong ways 1 dengan modal kecilkonspirasi kerusakan sistem slot olympus 1000 auto pecah x500 dan banjir scatterprediksi slot online situs gama69pola terbaru paling ampuh bermain slot the great ice scape lagi gampang menanginformasi akurat dengan trik pola maxwin sekali buy spin mesin slot hiphop pandacara memperkaya diri dengan bermain slot onlinemain slot dengan santai langsung jackpot profitracikan pola terbaru slot gatotkacapola maxwin lucky nekopola jitu menang membludak pada slot mahjong ways 2slot mahjong ways 2 tergacor rekomendasi orang tersakititrik hoki bermain slot onlineslot mudah maxwin terbaru starlight princess 1000trik curang slot olympus x1000pola ampuh starlight princess x1000memperkaya diri dengan bermain slot online buatan pragmatic playputaran scatter mahjong ways 2 jaminan menang maksimal terbesarpola banjir perkalian beruntun slot mahjong scatter hitamkeajaiban slot starlight princess 1000 kemenangan maksimal 100 jutaslot online extra jackpot terbaruteknik konsisten main slot mahjong ways 2 banjir wild tanpa bataspola gacor slot jitu starlight princessbocoran jam gacor slot gates of olympus x1000trik mudah jackpot dalam bermain slot starlight princesssistem kemenangan jackpot slot online mahjong ways dengan skill spin ajaibbocoran pola gacor mahjong ways2tips mabar slot mahjong ways 2 dari pgsoft ketika kerja shift malamslot gacor gates of olympus yang sedang naik daun karena mudah profit jackpot 100 jutapola keramat slot mahjong ways gampang maxwin 200 juta tiap haritrik mahjong ways tidak mudah boncosmeminta bantuan orang tua untuk menang scatter hitam slot mahjong ways 2pola viral hasilkan slot scatter hitam mahjong wayskombinasi main slot online scatter hitam paling populer di indonesiaprovider pgsoft remsi luncurkan fitur scatter hitam maxwin pada mesin slot mahjonggame super mahjong ways 2 dapatkan bonus scatter hitam dengan hadiah 100 jutaslot scatter hitam hoki pembawa berkah bagi member baru langsung kaya dalam semalamslot maxwin mahjong ways 2 penuh dengan misteri kemenangan besarakun vip slot spesial slot super mahjong ways spesial virgobet88slot gacor server jepangcara mudah jackpot bermain slot sweet bonanza terbaruakun vip slot starlight princesspola gacor mahjong ways2menang slot mahjong ways scatter hitam dengan pola legendarismenjadi pemenang slot legendaris dengan slot gates of olympuspola slot starlight princess untuk menang dalam satu kali pembelian fiturcheat slot gacor perkalian tanpa hentibonus terbatas akhir bulan mei khusus slot scatter hitam virgobet88event dobel bonus kemenangan slot olympus 1000 langsung cair tanpa ribetslot koi gate sedang membara banyak jackpot menanticara menjadi pro player dalam bermain slot onlinerahasia mesin slot server thailandsitus slot gacor gampang jackpotmenang besar slot mahjong langsung pasang nada dering mahjong ways 2 sebagai alarmmain slot mahjong ways asli dengan akun mirip demo slot mahjong waysjudi slot gacor dengan akun vipslot mahjong ways rekomendasi bang jagoslot gacor mahjong wayssistem cheat slot online auto muncul perkalian tinggi x500 khusus slot olympuspola hoki bonanza hari inimodal kecil bisa dapat jackpot di slot bonanzaprediksi petir kakek merah hari inijam gacor mendapatkan scatter hitam slot mahjonghadiah jackpot maxwin dari princess yang cantikbocoran pola gacor slot mahjong ways dari admin sidiqtongkat sakti princess pembawa rezekyadmin jarwo berikan informasi jam gacor banjir slot scatter hitam