{"id":226290,"date":"2022-08-12T18:13:41","date_gmt":"2022-08-12T23:13:41","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=226290"},"modified":"2022-08-12T18:46:10","modified_gmt":"2022-08-12T23:46:10","slug":"las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/","title":{"rendered":"Las Vegas Gaming Revenue Poised to Slump in 2023, Says Fitch"},"content":{"rendered":"

Led by Las Vegas, the US casino industry is on a record-shattering pace of revenue generation this year. But Sin City gaming revenue could retreat in 2023.<\/p>\n

\"Las
The Las Vegas Strip. Fitch Ratings expects revenue there will decline next year. (Image: Fox News<\/em>)<\/figcaption><\/figure>\n

Citing the possibility of a broader economic retrenchment, Fitch Ratings says Sin City gaming revenue will decline 10% next year. That’s before low single-digit percentage growth in 2024. The research firm points out even if Las Vegas casino and room sales fall next year, the declines won\u2019t be nearly as bad as those experienced during the global financial crisis in 2008-09.<\/p>\n

We expect a more moderate downturn relative to prior gaming cycles, helped in part by still-healthy employment rates, broader resiliency in post-pandemic leisure travel, and the ongoing recovery in convention business,\u201d<\/strong> according to Fitch.<\/p><\/blockquote>\n

The credit ratings agency adds that upcoming gaming levels, revenue per available room (RevPAR) and non-group visitation data could point to retrenchment in leisure demand. However, that assessment comes against the backdrop of the domestic casino industry generating a record $14.81 billion<\/a> in revenue in the second quarter.<\/p>\n

Las Vegas Convention Recovery Essential<\/h2>\n

An earnest rebound in convention and meetings business could provide some buffer against 2023 leisure sales declines in Las Vegas. It could also provide a runway for growth the following year.<\/p>\n

Consensus in the analyst community is that 2023 will mark a true rebound<\/a> in Las Vegas\u2019s meeting and convention business.<\/p>\n

\n

Some Sin City venues have massive amounts of convention square footage that hasn\u2019t earnestly been put to use because of the coronavirus crisis. For example, Caesars Entertainment and Wynn Resorts both have substantial convention space that has yet to be tapped, owing to the pandemic.<\/p>\n<\/div>\n

\u201cWe expect healthy group business demand growth in 2023, supported by a more normalized convention calendar and easy comparisons to the prior year,\u201d notes Fitch. \u201cForward-booking calendars for Las Vegas Strip operators are generally healthy for next year and beyond, supported by events that were postponed during the pandemic. However, group event attendance could weaken if corporations tighten spending as the economy weakens.\u201d<\/p>\n

Through May, Las Vegas convention attendance was 67% of pre-pandemic levels.<\/strong><\/p>\n

Other Las Vegas Revenue Drivers<\/h2>\n

Completion of new projects, including the Dream Hotel, Fountainbleu, and Hard Rock\u2019s enhancement of the Mirage<\/a> will bring fresh guestroom supply to Las Vegas over the next several years. Room supply in the largest domestic casino center should increase by 2% to 4% through the middle of the current decade. That is in-line with historical trends.<\/p>\n

Fitch also highlights the city\u2019s status as a booming sports destination as a potential driver of increased visitation, which would clearly benefit casino operators.<\/strong><\/p>\n

\u201cGrowth in professional sports has broadened the strong base of entertainment options in Las Vegas. The Raiders NFL franchise and related Allegiant Stadium have supported visitation, and will likely attract other major sporting events\/franchises to the market. Formula 1 added Las Vegas to its circuit for 2023, and high-profile events like the Super Bowl and NCAA March Madness are also scheduled in the medium term,\u201d concludes the research firm.<\/p>\n","protected":false},"excerpt":{"rendered":"

Led by Las Vegas, the US casino industry is on a record-shattering pace of revenue generation this year. But Sin City gaming revenue could retreat in 2023. Citing the possibility of a broader economic retrenchment, Fitch Ratings says Sin City gaming revenue will decline 10% next year. That’s before low single-digit percentage growth in 2024. […]<\/p>\n","protected":false},"author":46,"featured_media":226294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[81897,23],"acf":[],"yoast_head":"\nLas Vegas Gaming Revenue Likely To Fall In 2023, Rebound In 2024<\/title>\n<meta name=\"description\" content=\"Las Vegas in for gaming revenue decline in 2023, according to Fitch.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Gaming Revenue Likely To Fall In 2023, Rebound In 2024\" \/>\n<meta property=\"og:description\" content=\"Las Vegas in for gaming revenue decline in 2023, according to Fitch.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/\" \/>\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=\"2022-08-12T23:13:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-12T23:46:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strip-1-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\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\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/\",\"name\":\"Las Vegas Gaming Revenue Likely To Fall In 2023, Rebound In 2024\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strip-1-scaled.jpg\",\"datePublished\":\"2022-08-12T23:13:41+00:00\",\"dateModified\":\"2022-08-12T23:46:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Las Vegas in for gaming revenue decline in 2023, according to Fitch.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-gaming-revenue-likely-to-fall-in-2023-rebound-in-2024\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strip-1-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/Strip-1-scaled.jpg\",\"width\":2560,\"height\":1440,\"caption\":\"The Las Vegas Strip. Fitch Ratings expects revenue there will decline next year. 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