Do Strip Casinos Earn Most of Their Revenue from Gambling?
Do Las Vegas Strip casinos earn most of their revenue from gambling? That is a great question that was recently asked. The Las Vegas Strip has been the heart of US gambling for decades. But gambling is no longer the heart of the Las Vegas Strip. Over the last 30 years, casino profits have slowly shifted to nongambling sources. From the 1950’s until the early 1990’s about 75% of casino revenues were earned from gambling. This came from table games such as blackjack, roulette, and baccarat. Of course much of the revenue also came from slots and video poker.
That’s why the more you played, the more you would be compensated. Many guests used to be compensated for their rooms, meals, drinks, and shows. The more you played, the more you were compensated. Dunes invented this in the 1960’s with their special guest card. Today, the Strips revenue streams have flipped. Now nongambling sources account for about 75% of revenue. This is according to the most recent quarterly earnings reports from MGM Resorts Las Vegas, Caesars Las Vegas, and Wynn Las Vegas. Now to get free rooms you have to do some serious high rolling.
Steve Wynn is considered mostly responsible for this trend. He decided that instead of it being about cheap buffets and shows, he decided it could be more like Monte Carlo. In 1989 he opened The Mirage which offered its guests the best of everything. Dining at his Kokomo’s restaurant, they ate world class steak and seafood while surrounded by banana trees and waterfalls in The Mirage’s indoor rainforest.
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