Posted by Dr Fro 10:06 PM
"Gambling impresario Steve Wynn has finally delivered. "

Perhaps most striking about Wynn Las Vegas is that the traditional casino layout has been scuttled. The casino is no longer centerstage, dominating a visitor's attention and wallet. Many of the high-end restaurants and upscale shops such as Louis Vuitton and a Ferrari-Maserati dealership can be reached without traversing the casino floor.

The most notable change in Vegas lately is how casinos no longer view rooms, restaurants, and other entertainment as loss leaders to get people in the casino. Rather, they are now very profitable (maybe similiarly profitable per square foot) as the casino itself. Rooms go for >$250, restaurants will get > $100 per couple and shows like the Blue Man Group will take $100 per person for a quick 1.5 hour show.

I think there are a few factors leading to this. First, for a while there, Vegas was considered a cheap vacation due to all the free and discounted stuff. If you had the discipline to avoid the tables and machines, Vegas lost money on you. It is kinda like when I go to EatZi's, load up on freebies and leave without buying anything. The other factor is the step changes in information technology that allow the casinos to track a wealth of information on players, which in turn allows them to only comp the players that earn it rather than effectively comping everyone through free/cheap stuff.

I like the new Vegas better.

2 Comment(s):

Posted by  Anonymous, at 3:29 AM, April 29, 2005  

I have a buddy at Harrah's corporate office. He tells me slots are 80% of all their revenue. Ridiculous, I know. But I find it hard to believe that Wynn has reduced the number of slots in his new hotel.

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Posted by  Johnnymac, at 8:57 AM, April 29, 2005  

You are correct. It is amazing how slot junkies can just sit in front of a machine and mindlessly push buttons all day with such terrible odds, but they do. I myself might find a nickel slot machine to pass the time while waiting for a poker table - $5 there goes a long way - but playing multiple dollars and lines on every spin like "serious" slot players do just seems crazy to me. But they most certainly do it and that's why slots are so profitable.

I agree, no way he's reduced the number of slots - sounds to me like he's just made the casino more "distinct" from the rest of the property and emphasized the shops and other attractions more than they usually are. Sort of like Bellagio but with more ways to avoid the casino if you so choose.

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