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Fewer people are visiting Las Vegas but they are gambling about the same, according expanded visitor statistics from the Las Vegas Convention and Visitors Authority.

The average gambling budget last year was $527.05, about the same as 2017 but short of the over $600 of 2016.

Fewer newcomers are coming to Las Vegas with only 18 percent of visitors being first-timers compared to 21 percent in 2017 and 27 percent in 2016. And repeat visitors are coming less frequently, making just 1.5 visits last year, the lowest number in five years. They are also staying for shorter periods at 3.4 nights per visit, though that reverts to what was the norm in 2015 and 2016.

By Steve Norton
CEO, Norton Management

Developer Gets OK to Build Luxury Majestic Las Vegas Near Strip

My comment:

A non-casino, deluxe hotel next to the new Las Vegas Convention Center expansion is good news for the convention and trade show events coming to the Strip in Las Vegas. But, I can't see any way that a 720

By Steve Norton
CEO, Norton Management

The New Gold Rush: Illinois Lawmakers Are Growing Worried as Neighbors Move to Expand Gambling

My comment:

Illinois should be concerned what the impact of gaming expansion in neighboring states might have on their own industry, but they should look first at how they helped destroy their own casino riverboat industry.

I was in Illinois to help draft the application of the first riverboat company, and later came back on weekends from my Nevada COO job to help the Gaming Commission prepare their casino rules and regulations, and then open the first Illinois casino in Alton. The original tax was 20% on casino win and $3 for each admission.

The new MGM casino in Springfield, Massachusetts, is the primary reason for the fiscal first-half 6.3 percent EBITDA decline, Foxwoods said.

EBITDA fell 21.6 percent in the second quarter as net revenues fell 6.9 percent and margins fell 3 points to 15.7 percent. This was partially offset by a 3.6 percent decline in operating costs.

Table drop fell 11.1 percent to $241.186 million in the quarter and slot handle 7.2 percent to $1.280 billion. Table hold rose 0.66 points to 18.3 percent.

RevPAR fell 5 percent in the quarter to $85. Occupancy rate was 90.5 percent, down 0.9 points.