These seven trending gaming industry stories will impact your casino revenue strategy.1. TripAdvisor Ranks Wynn, Encore Las Vegas As Top Two US Casinos
TripAdvisor ranked the top 50 US casinos after parsing data from nearly 361,000 reviews.
Wynn Las Vegas and the neighboring Encore took the top two spots. Beyond these two, however, Sin City did not dominate the top 50. In fact only ten Las Vegas properties made the list.
The president of MGM Springfield said that tough competition from Connecticut’s two tribal casinos is partly to blame for MGM Springfield falling short of its revenue projections in its first year in operation.
“This market has some really strong competitors that have been in the market for 20-plus years,” said Mike Mathis, head of the gambling and entertainment complex. “So I think we underestimated that level of loyalty and what it would take for those customers to give us a shot.”
The Hard Rock Hotel & Casino in Las Vegas will shut down for approximately eight months next year as the Las Vegas property undergoes renovations. It will also be rebranded as Virgin Hotel Las Vegas.
In the 13 years since the first casino opened its doors, the state of Pennsylvania has grown into the country’s second-largest gambling market, trailing only Nevada.
In fiscal year 2018/2019 PA revenue reports, gaming revenue set a new high watermark at just over $3.3 billion. That represents a 1.84% increase over FY2017/2018.
Crown Resorts, the Australian casino operator with integrated resorts in Melbourne, Perth, and Sydney as well as high-end casino clubs in London, said high-roller sales dropped more than 26% the last 12 months.
Crown credits the decline to the ongoing US-China trade war that is threatening global economies and reining in leisure spending.
The MSG Sphere, slated to open in 2021, is the latest attraction being developed in Las Vegas that has little to nothing to do with casino gambling. It will cost between $1.2 billion and $1.7 billion, and the venue, once complete, is expected to be busier than Madison Square Garden in New York
After a 50-page feasibility study, the Illinois Gaming Board has determined that the idea of building Chicago's first-ever casino is just not feasible.
While the study concluded that a Chicago casino "has the potential to become the highest grossing casino in Illinois," the cost of operating the casino paired with an anticipated effective tax rate of approximately 72% means that expenses could exceed casino revenue.
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