by Christopher Freeburn | October 4, 2013 12:28 pm
It could be a seismic shift in Sin City’ economy. In the city built on casinos, mega-clubs are increasingly a bigger draw.
According to a recent poll, revenue from clubs and other entertainment venues may eventually eclipse revenue from gambling in Las Vegas. The survey, conducted for a gambling group, revealed that more than a quarter of guests at casinos aren’t there to wager, the Associated Press notes.
Las Vegas has always been famous for its nightlife. Seven of the city’s clubs generate more than $25 million annually. In fact, the city is home to more a fifth of the nation’s most profitable nightclubs.
The rising profile — and profits — of mega-clubs has sparked intense competition between operators, who attempt to top each other with flashy displays and services.
Many of the hot-spots are located inside casinos, drawing visitors inside, even if they don’t plan on gambling. The city also sports restaurants headed by prominent celebrities.
Las Vegas is home to some of the country’s best known casinos, including the Las Vegas Sands (LVS) and MGM Resorts‘ (MGM) Luxor.
Land prices in the city and surrounding area have soared in recent years, recovering from a steep drop after the mortgage crisis.
Source URL: http://investorplace.com/2013/10/clubbing-threatens-gambling-as-biggest-las-vegas-money-maker/
Short URL: http://invstplc.com/1fu3DFG
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.