Las Vegas Sign
The Las Vegas casino industry finally has some reason to be optimistic following positive monthly revenues, more visitors and room rate gains.
June saw an impressive increase of 32.3% in Strip gambling revenue from the previous month to end at $506.7 million (£312.6 million). Meanwhile, June also represented the 16th month in a row that both room rates and the numbers of visitors to the city have both increased. Visitors were up 7% from June last year while room rates have increased 13% in the last year from $90 (£55) up to $101 (£62).
All involved in the Nevada casino industry will be hoping that Vegas can reclaim its title as the largest gambling market in the world. Macau overtook America's Playground in terms of revenue in 2008 and, more recently, Singapore has since followed suit.
While these figures are encouraging for Sin City's workforce, it's worth noting that they are still some way behind their Chinese rivals in terms of revenue. Macau's casinos generated record monthly highs of $3 billion (£1.85 billion) in May and backed that up with revenues of $2.6 billion in June. Compare this to the Strip casinos' $506.7 million in June and you gain some perspective on where the town really is.
While these figures may dampen the optimism surrounding Nevada casinos, we all have to start somewhere and it's good to see that Vegas is finally on the comeback trail.
