Last fall, I talked to Forbes about the economic struggles in Las Vegas during the Covid-19 pandemic. As a professional sports gambler and long-time resident of Vegas, I’ve seen how convention and event cancellations have affected my city.
The “sin” in Sin City isn’t enough to drive the economic recovery in Vegas. Gambling only accounts for 27% of the revenue at the Strip resorts. It’s the conventions, hotel stays, food and beverage sales that drive 58% of the revenue per the Nevada Gaming Control Board. While hotel occupancy and gaming is rebounding, mid-week business is still in a rut. For the Las Vegas Sands properties, revenue was down 82% in Q3 from the same time in 2019. To help counteract the losses, they are considering the sale of three of their properties – the Venetian, the Palazzo and the Sands Expo and Convention Center. And they aren’t the only properties suffering.
Click here to read the whole article to learn how other Las Vegas Strip resorts are handling the economic recovery.
Sports betting has been my life’s work for two decades, and I love that I call Las Vegas home. Visit my About Me page to learn more about my back story and how I got into sports betting.