Las Vegas Struggles to Find Momentum

Las Vegas Struggles to Find Momentum

15 Dec 2011 | 07:13 Author: Seth Shafer

While gambling revenues have stabilized in Las Vegas the city is still struggling to regain the momentum it once held as the world's top gambling destination, with first Macau and now Singapore set to overtake it.

While gambling revenues have stabilized in Las Vegas the city is still struggling to regain the momentum it once held as the world's top gambling destination, with first Macau and now Singapore set to overtake it.

Macau continues to go from strength to strength, setting new records nearly every month in 2011 for total gambling revenues as the pent-up demand in China for gambling games such as Baccarat continues to stream into the former Portugese colony island.

The casino market only opened in Singapore in 2009 but business has been very good for the two casinos in Singapore, which could by the end of the year surpass the $5.8 billion in gambling revenue the Las Vegas Strip took in for 2010.

As far as gambling numbers for Las Vegas, 2011 has seen some progress as far as convention traffic growing and room occupancy rates rising but gambling dollars into the city still haven't recovered from the lingering recession in the US.

Most analysts project that gambling revenue for 2011 will show a slight 2-5% gain, although monthly numbers continue to be overly influenced for some casinos by the results of high-stakes baccarat play, which can b substantial enough to swing some overall results from a small gain to a small loss on a monthly basis.

Vegas continues to suffer from the effects of the US property boom and subsequent bust, with the market oversaturated from the building frnezy of the mid 2000s that saw many casinos expand and new mega-properties open their doors.

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