Wednesday, June 20, 2018|2 a.m.
Las Vegas and gambling might seem synonymous in the general public consciousness, however the reality is a bit more nuanced.
It ends up that “gaming” now accounts for only a third of hotel and gambling establishment income.
Most of money made on the Strip– about 52 percent– originates from food and beverage as Las Vegas evolves to keep up with changing tastes and aims to remain a location for Southern California visitors. Shopping, conventions and entertainment make up the rest.
Those were the conclusions shared by speakers today at the Las Vegas conference of the National Association of Property Editors, an event of the nation’s property press.
“Las Vegas is continuously reinventing itself to keep Southern Californians coming,” stated Daniel Lesser, chief executive of LW Hospitality Advisors, a New York-based consultant to hotels, resorts and gambling establishments.
Lesser stated Las Vegas now seeks to be known as the world’s biggest dining establishment town and a home entertainment venue in addition to for its casinos.
It’s not that betting income has declined, added Richard “Boz” Bosworth, who partnered with Virgin Atlantic founder Richard Branson and other financiers just recently to buy the Acid rock Hotel. Instead, cash produced by restaurants, bars, entertainment and convention business has actually surpassed the video gaming component after more than a years of improvement.
Hotels now generate specialists in bar and dining establishment style, said Manny Dominguez, a principal at Cooper Carry, a nationwide architectural and style company. Lobbies are developed to welcome individuals to remain and consume, while bars are becoming more attractive.
“Definitely, you want people to use your home as much as possible,” added Bosworth, the basic partner in the group that plans to convert the Hard Rock into a new Virgin Hotel by 2019.
The Virgin Hotels Las Vegas, the latest of almost a dozen planned lodgings using the Virgin brand, is an example of how casinos are progressing, he stated.
The renowned Acid rock, located about a mile off the Strip, was known for its high-energy lifestyle and was an early adaptor of the swimming pool celebration, Bosworth said.
But after its rebranding as a Virgin Hotel, it will have 6 brand-new restaurants, six new bars, 2 nightclubs, and hotel rooms will be “softened” to appeal more to a female customers.
“Organisation in Las Vegas today is different than in 2002,” Bosworth said. “Virgin will generate the sizzle the Hard Rock began 23 years ago. However it requires upgrading.”