Clubbing Threatens Gambling as Biggest Las Vegas Money-Maker

by Christopher Freeburn | October 4, 2013 12:28 pm

Clubbing Threatens Gambling as Biggest Las Vegas Money-Maker

lasvegas 300x158 Clubbing Threatens Gambling as Biggest Las Vegas Money Maker[1]It could be a seismic shift in Sin City’ economy. In the city built on casinos, mega-clubs are increasingly a bigger draw[2].

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[3].

Las Vegas is home to some of the country’s best known casinos, including the Las Vegas Sands (LVS[4]) and MGM Resorts‘ (MGM[5]) Luxor.

Land prices in the city and surrounding area have soared in recent years[6], recovering from a steep drop after the mortgage crisis.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/12/lasvegas.jpg
  2. mega-clubs are increasingly a bigger draw: http://bigstory.ap.org/article/vegas-clubbing-almost-popular-gambling-0
  3. restaurants headed by prominent celebrities: http://investorplace.com/2013/05/david-beckham-opening-las-vegas-restaurant-with-famous-chef/
  4. LVS: http://studio-5.financialcontent.com/investplace/quote?Symbol=LVS
  5. MGM: http://studio-5.financialcontent.com/investplace/quote?Symbol=MGM
  6. have soared in recent years: http://investorplace.com/2013/03/where-land-prices-are-going-through-the-roof/

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