{"id":218740,"date":"2022-06-24T11:34:45","date_gmt":"2022-06-24T18:34:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=218740"},"modified":"2022-06-24T12:56:06","modified_gmt":"2022-06-24T19:56:06","slug":"circa-boss-stevens-concerned-about-inflation-impact-on-casinos","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/","title":{"rendered":"Circa Owner Derek Stevens Latest Gaming Exec to Express Inflation Concerns"},"content":{"rendered":"

Downtown Las Vegas casino owner Derek Stevens is the latest gaming executive to sound a warning bell on inflation and a possible recession.<\/p>\n

\"Stevens
Circa Sports CEO Derek Stevens at the opening of Circa Sportsbook. He’s concerned about the effects of inflation on the casino industry. (Image: Getty Images)<\/figcaption><\/figure>\n

In Thursday comments before the Nevada Gaming Commission (NGC) the owner of Circa, the D, the Golden Gate, and the Downtown Las Vegas Events Center said his three casinos are starting to feel the pinch of inflationary pressures and waning consumer confidence.<\/p>\n

We\u2019ve seen the impact of inflation on slots, tables, and beverages for the last 10 weeks. The restaurant business has held up very well and hotels have been very strong and robust,\u201d Stevens told NGC. \u201cSome of that has to do with people booking their rooms and their flights out a distance. Restaurants and hotels have been strong, not just with us, but from what we\u2019ve seen in all of Las Vegas. We certainly have a growing concern in regards to some of the telltale signs that we watch.\u201d<\/p><\/blockquote>\n

He was appearing before the commission as the regulatory agency was approving the opening of a Circa<\/a> sportsbook at the Legends Bay Casino in Sparks. That venue is Reno\u2019s first new casino to debut since 1995 and is slated to open in August.<\/p>\n

Stevens Says Devil Is In Details<\/h2>\n

The April reading of the Consumer Price Index (CPI) was 8.3% — one of the highest levels in four decades, but below the March report of 8.5%.<\/p>\n

\n

However, the declines didn\u2019t last long, as the May CPI reading checked in at 8.6%, sparking concerns that neither the government nor the Federal Reserve has an adequate handle on soaring consumer prices. With travel and leisure, including casinos, considered a consumer discretionary industry, the group is highly vulnerable to inflation<\/a> and would-be visitors deciding to tighten their purse strings.<\/p>\n<\/div>\n

Stevens says some of the data points he regularly examines, including ATM usage and other spending trends, indicate patrons are already dialing back spending.<\/p>\n

\u201cFrom April to May, the average withdrawal amount was down the most I\u2019ve ever seen in my career \u201311%,\u201d Stevens said. \u201cThat\u2019s a telling sign. We noticed a significant reduction in uncarded play, and we\u2019ve seen a reduction in the general spend on some of the last-minute, spur-of-the-moment items, like extra drinks or the pull on a machine. We have some concerns about inflation, but hopefully, things turn here by the time we get to the fall.\u201d<\/p>\n

Inflation Struggle Real for Gaming Industry<\/h2>\n

Stevens is far from the only gaming executive to recently mention inflation. With second-quarter earnings season looming, rising consumer prices could be a hot-button issue on casino operators\u2019 conference calls.<\/p>\n

Some operators are seeing signs of reduced spending among cost-conscious patrons, including in the Las Vegas local demographic<\/a>. Likewise, regional casinos are among the contributors<\/a> to the industry\u2019s rebound from the coronavirus pandemic. But that strength could be tested, as gas prices remain high across the country, with no signs of near-term relief.<\/p>\n

It\u2019s possible Circa, which is the newest venue in downtown Las Vegas, sees improved spending trends when the 2022 football season starts. The property is home to the world\u2019s largest sportsbook and is known for catering to professional bettors.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Downtown Las Vegas casino owner Derek Stevens is the latest gaming executive to sound a warning bell on inflation and a possible recession. In Thursday comments before the Nevada Gaming Commission (NGC) the owner of Circa, the D, the Golden Gate, and the Downtown Las Vegas Events Center said his three casinos are starting to […]<\/p>\n","protected":false},"author":46,"featured_media":218741,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\nCirca Boss Stevens Concerned About Inflation Impact On Casinos<\/title>\n<meta name=\"description\" content=\"Circa CEO Derek Stevens says inflation is negative for casino operators.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Circa Boss Stevens Concerned About Inflation Impact On Casinos\" \/>\n<meta property=\"og:description\" content=\"Circa CEO Derek Stevens says inflation is negative for casino operators.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-24T18:34:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-24T19:56:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/\",\"url\":\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/\",\"name\":\"Circa Boss Stevens Concerned About Inflation Impact On Casinos\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg\",\"datePublished\":\"2022-06-24T18:34:45+00:00\",\"dateModified\":\"2022-06-24T19:56:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Circa CEO Derek Stevens says inflation is negative for casino operators.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Circa Sports CEO Derek Stevens at the opening of Circa Sportsbook. He's concerned about the effects of inflation on the casino industry. (Image: Getty Images)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Circa Owner Derek Stevens Latest Gaming Exec to Express Inflation Concerns\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Circa Boss Stevens Concerned About Inflation Impact On Casinos","description":"Circa CEO Derek Stevens says inflation is negative for casino operators.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/","og_locale":"en_US","og_type":"article","og_title":"Circa Boss Stevens Concerned About Inflation Impact On Casinos","og_description":"Circa CEO Derek Stevens says inflation is negative for casino operators.","og_url":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-06-24T18:34:45+00:00","article_modified_time":"2022-06-24T19:56:06+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/","url":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/","name":"Circa Boss Stevens Concerned About Inflation Impact On Casinos","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg","datePublished":"2022-06-24T18:34:45+00:00","dateModified":"2022-06-24T19:56:06+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Circa CEO Derek Stevens says inflation is negative for casino operators.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/DS.jpg","width":1280,"height":720,"caption":"Circa Sports CEO Derek Stevens at the opening of Circa Sportsbook. He's concerned about the effects of inflation on the casino industry. (Image: Getty Images)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/circa-boss-stevens-concerned-about-inflation-impact-on-casinos\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Circa Owner Derek Stevens Latest Gaming Exec to Express Inflation Concerns"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/218740"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=218740"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/218740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/218741"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=218740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=218740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=218740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}