Local Las Vegas Gamblers are Bright Spot for Off-Strip Casinos – VegasSlots

Tips

  • Off-Strip
    casinos and taverns have begun rebounding, while Strip properties continue to
    grapple with the pandemic.
  • Gambling
    revenues for casinos in the suburbs of the Strip were up 10 percent in August
    compared with the same time in 2019.
  • On
    the contrary, gambling revenue for Strip properties fell 39 percent in August
    YOY.
  • Government
    stimulus checks and the holding up of the housing market are some factors that
    may be contributing to the booming local gambling market.

While Las Vegas Strip casinos continue to struggle due to
the pandemic, off-Strip ones are beginning to rebound along with taverns.

Chad Beynon, an analyst at Macquarie Capital, says locals are spending their time and money trying their luck some distance away from the heart of the Entertainment Capital of the World.

August saw casinos in the suburbs of the Strip increase
gambling revenues by 10 percent compared with the same time in 2019, a
Macquarie report published earlier in October revealed. However, gambling
revenue at properties on Las Vegas Boulevard fell 39 percent in August
year-over-year.

Beynon says many may think that “the locals market would be
cautious” because of the layoffs on the Strip, the Strip’s deceleration and the
lack of tips for the hospitality industry workers. “Yet, it’s a bright spot,”
he added.

Although 90 percent of casinos in Nevada have reopened after
more than two months of closure due to the pandemic, business is much different
from the way it used to be.

While Fitch Ratings published a report last week showing
that the Strip has a long way to recovery, off-Strip business is beginning to
boom
Source…