Report Notes Increasing Importance of Baccarat and Beverages in - 8 News NOW

Report Notes Increasing Importance of Baccarat and Beverages in Las Vegas

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LAS VEGAS -- A new report suggested that gaming revenue in Southern Nevada is on track to show "very solid improvement" compared to the past four years and that visitor volume is holding steady.

The mid-year report from the Colliers International Gaming Group and the UNLV Center for Gaming Research also stated that the improved cash flow is translating to more construction and renovation on the Las Vegas Strip and downtown.

"Increased employment on the gaming sector should positively impact the retail market," the report stated. "The office market should likewise see improvement with increased employment, but might also benefit from the potential for resort operators to move their back offices from their own properties to speculative office projects."

Gaming win through May among properties with nonrestricted gaming licenses stood at slightly more than $4 billion in Clark County, a 1.9 percent increase over the first five months of 2012.

Baccarat was singled out as a major force, with its share of table game revenue having climbed from roughly 21.5 percent in 2004 to nearly 44 percent by the end of last year. The card game is particularly popular among Asian high rollers.

"As overall gaming revenue remains flat to negative, Asian high-end play has been a lifeline for the casinos that have been able to attract it," the report stated.

But Colliers and UNLV also reported that visitors are spending less than they did before the latest recession and that their spending patterns have changed. Beverage revenue, which is tied to nightclubs, is up nearly 30 percent over pre-recession highs and restaurant revenue also is stronger than it was before the recession.

The flip side is that both gaming and room revenue have not caught up to their pre-recession peaks.

"This shift in revenue patterns demonstrates that retail customers, which make up the vast bulk of the visitors to Las Vegas, are looking beyond gaming," the report stated.

"Much of the first half of 2013 has been spent waiting for the impact of already opened non-gaming amenities and anticipating adjustments to the projects that will open in late 2013 and 2014. Those operators who have not announced significant changes to their product will be challenged to stay relevant in the coming flood of new major and minor developments."

 

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