Las Vegas’ Gambling Industry Booms Despite Recession

May 11, 2023 Artyom Ustinov
The US economy has not been performing as expected in the face of the greatest inflation in the past four decades. Although the economy is not yet in recession, the concerns are growing, and the financial markets are feeling wobbly at best.
However, there’s one beacon of hope for economic growth and revival — Las Vegas. The biggest casinos have posted strong results in both occupancy and total win since the last quarter of 2022 and going into 2023, showing signs of budding life in the Mecca of gambling.

Las Vegas Strip Is Firing on All Cylinders

According to the data from Nevada Gaming Control Board, the statewide revenue from gambling hit a $14.8 billion mark, with a total increase of 11%. The leading casinos on the Strip, such as Bellagio and MGM Grand, recorded a total win of $8.29 billion last year, a 17% increase from 2021. Caesars’ chief operating officer, Anthony Carano, stated that they, too, had relatively high earnings in the third quarter of 2022. With $491 million in adjusted EBITDA, Caesars can be satisfied with how things are going so far. The occupancy of their hotels reached 94% during the summer months in 2022, further bolstering the company’s position among the absolute leaders of the industry

Bright Future Ahead for Las Vegas

As the numbers show, the dark clutches of the global pandemic have finally loosened their grip on Las Vegas. Total visitors to Sin City rose to 38.8 million last year, a 21% increase, according to the city authorities, despite the languid convention attendance. There are several key events in 2023 that are certain to boost Las Vegas’ economy. The first F1 Las Vegas Grand Prix is slated for November 16, which is one of the most anticipated Formula One events of the year. The race is conveniently taking place during the traditionally slowest weekends for Las Vegas casino resorts, heading into the Thanksgiving holidays.

Las Vegas Giants Expanding Their Business Overseas

Thanks to a strong financial outing, Las Vegas enterprises are looking to expand their business in other gambling hubs, such as Macau. Las Vegas Sands plans on investing $6.8 billion in Macau and Singapore and thus capitalising on the booming casino industries in the area. The funds stem from the sale of the Venetian casino complex in Las Vegas in 2022. Prior to the publication of these plans, the US giant reported impressive gaming revenues at Marina Bay Sands in Singapore, which rose to $477 million in the fourth quarter of 2022, almost double the value of the year prior. The company is also looking to invest about $3 billion in Marina Bay Sands over the next few years and add a new luxury hotel tower with 1,000 hotel rooms, a convention centre, and more. After renewing its license for the Macau property, Las Vegas Sands is investing $3.8 billion into its properties to further improve its market presence.
Artyom Ustinov

Artyom is Head of White Label & Turnkey Solutions and has been working in complex B2B/B2C sales, as well as business development and management consulting in iGaming for more than 18 years.

Together with the Key Account Management Team, he has helped over 100 start-ups and experienced gaming companies to launch their projects with SoftGamings.

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