These seven trending gaming industry stories will impact your casino revenue strategy.
1. Las Vegas Sands Doubles Down On Expansion Plans
Las Vegas Sands has no plans to jump into the casino acquisition market. Instead, the company’s focus is on renovations and expansions to its existing resorts in Macau and Singapore. Combined, these two properties provided the Las Vegas-based gaming giant approximately 85 percent of its total quarterly revenue stream.
In Macau, $2 billion is being spent to build The Londoner at the Sands Cotai Central complex. The spend will overhaul the 370-room St. Regis Tower and 290-suite Four Seasons Tower into a West End-themed property. In Singapore, $3.3 billion is being spent to expand Marina Bay Sands.
2. See How States Measure Up In Gaming Spending
Every wonder how much an average American adult spends on casino and lottery tickets per year? According to this report, $261. Dig further and you’ll see that gambling spending is not so neatly and evenly spread out. In Nevada, it’s closer to $5k per adult, while in Hawaii, it’s $0.
3. $200k For A Weekend In This Vegas Suite
The Palms Casino Resort in Las Vegas has gone all in with its newly unveiled Sky Villa, a 9,000 square-foot space featuring six original works as well as custom furniture and textiles. At $200,000 for a two-night stay, the suite is touted as one of the world's most expensive hotel accommodations.
The two-story villa is part of a $690 million overhaul of the Palms Casino Resort that started in 2017 and is nearing completion
4. The Drew Delays By Two Years
The Drew, which has sat unfinished on the Las Vegas Strip for more than a decade, will need at least another three years until the casino resort welcomes its first guests.
According to Bloomberg, Steven Witkoff, the New York City-based developer, is delaying the $3.1 billion project completion target to 2022 while he solidifies the final construction budget.
When finished, The Drew will feature 3,780 guestrooms, more than 550,000 square feet of convention space, and multiple retail, spa, nightlife, pool, and culinary attractions.
5. Atlantic City Shows Positive Signs
Despite two seemingly contradictory reports released this month from state regulators that showed monthly gaming revenue continued to increase significantly while annual gross operating profits declined, experts are expressing cautious optimism for the future of Atlantic City. Competition has led to increased spending on the amenities and casinos also reported growth in areas of hotel occupancy and average room rates, among other areas.
6. California Gears Up For Two New Casinos
This year, Northern California will welcome two popular casino brands. Harrah’s Northern California is slated to open later in April and Hard Rock Sacramento at Fire Mountain is expected to welcome its first patrons this fall.
7. Japan Approves Rules For Casino Resorts
Japanese Prime Minister Shinzo Abe’s cabinet approved regulations for gambling resorts, the first of which could open in Osaka as soon as 2024 and provide a new source of tax revenue. The regulations specify the size of the hotels, conference facilities and exhibition centers that must be part of the property.the Hotel Revenue Strategy Leaders Group on LinkedIn