LV Strip (Nevada gaming area)
This article needs to be updated.(November 2020) |
The LV Strip is one of the designated Nevada Gaming Control Boards reporting areas. It consists of the Las Vegas Strip casinos and many of the surrounding casinos.[1] The Strip earns roughly 50% of the gaming revenue from all sources for the state of Nevada.
For the previous 12 months ending 31 August 2009, the Las Vegas Strip earns 83.6% of the pit revenue in Clark County, and 50.6% of the gaming revenue from other sources (slot machines, sports bet, parimutuel, etc.).
Penny slot machines is the only categories of gaming devices where revenue is increasing. After decades of being the top earning game in the pit,
Since 1999, non-gaming revenue at the Strip casinos exceeds gaming revenue. In more traditional gaming areas like Downtown Las Vegas or Laughlin gaming is still the primary revenue source.
Gaming revenue of Strip casinos
Financial information is provided to show where the source of gaming revenue comes from (slots revenue, vs. pit revenue, etc.). Data is contrasted for the year ending October 2007 when revenue peaked.[2][3] The other-pit category is all the other table games like Bingo, Keno, Let it Ride, Mini-Baccarat, Pai-Gow Poker, 3-Card Poker, Caribbean Stud, Sports Book, Racing Book, and so forth.
Source | 30 Nov 2009 | 31 Oct 2007 |
---|---|---|
Twenty-One | $741,594 | $1,078,626 |
Baccarat | $891,597 | $970,726 |
Craps | $251,635 | $318,855 |
Roulette | $260,515 | $303,385 |
Other-PIT | $475,885 | $663,137 |
Poker | $85,596 | $97,114 |
Slots | $2,815,438 | $3,513,608 |
Total | $5,522,260 | $6,945,451 |
The year ending August 2009 is the first year that Baccarat has had higher revenue than Twenty One (or Blackjack). Although Baccarat is played in other areas of Nevada besides the Strip, 99.2% of the Baccarat revenue in the state is from the Strip.
Aria Casino had not yet opened in FY09.
Independent | MGM Mirage |
Caesars Entertainment Corporation
|
---|---|---|
Wynn Resorts | Bellagio | Caesars Palace |
The Venetian | MGM Grand Las Vegas | Harrah's Las Vegas |
Palace Station | Mandalay Bay Resort and Casino |
Flamingo Las Vegas |
Palms Casino Resort | Luxor Las Vegas | [[]] |
Westgate Las Vegas | Excalibur Hotel and Casino | Imperial Palace Hotel and Casino
|
Treasure Island Hotel and Casino | New York-New York Hotel & Casino |
Bally's Las Vegas
|
Gold Coast Hotel and Casino | Park MGM | Paris |
The Mirage | Planet Hollywood Resort and Casino
|
- Palazzo operated under the same license as the Venetian for this year.
$36–$72 | $12–$36 | $1–$12 |
---|---|---|
Tropicana |
Oyo Hotel & Casino | Ellis Island |
Riviera | Airport Slot Concession |
Wild Wild West |
Sahara |
Casino Royale |
Casuarina
|
Virgin Hotels Las Vegas | Slots-A-Fun |
|
Tuscany | ||
Bill's Gamblin' Hall |
||
Terrible's | ||
Circus Circus Las Vegas |
- The Nevada Gaming Commission's definition of the LV Strip reporting area includes casinos surrounding the Strip.
Category | Per Room | Revenue | Rooms | Rented | Occup |
---|---|---|---|---|---|
Strip > $72m | $156.41 | $3,797,326,096 | 25,529,460 | 24,277,794 | 95.1% |
Strip < $72m | $89.78 | $272,680,274 | 3,493,628 | 3,037,058 | 86.9% |
Rest of County | $61.47 | $618,206,516 | 12,672,369 | 10,056,881 | 79.4% |
- The gaming abstract as published only says there are 38 casinos that are in the Gaming Commission's definition of the Strip, the individual names of those casinos are not published since it is not permitted under state law.
- At least 9 of the 23 casinos currently on the over $72 million list existed before 1989. Some of the older casinos, like the Tropicana in previous years may have earned more than $72 million a year in gaming revenue, but have since dropped below that amount. The gaming commission does not adjust the $72 million from year to year.
- Outside of the Strip there are 22 licenses in the rest of the state of Nevada that earn more than $72 million per year apiece in gaming revenue. The casinos locations are: 1 in Reno, 3 in Laughlinand 13 in other parts of the Las Vegas urban area such as downtown Las Vegas, Summerlin, North Las Vegas, Henderson and Paradise.
North Strip
The North Strip is the unofficial name of the first mile of Las Vegas Blvd. just outside the Las Vegas City Limits, corresponding to
The North Strip was planned to be rebuilt as an upscale gambling district comparable to center Strip. Billions of dollars were invested in land speculation. The former
Many new resorts
The Triple Five Group was in the process of trying to assemble 27.3 acres (110,000 m2) of North Strip land just south of the Riviera Casino. By April 2008, they had acquired 13.7 acres (55,000 m2) at a cost of $380 million. They applied to the FAA for height clearance for eight 572' towers.
Another project announced was the construction of a Marriott Marquis on land currently occupied by a Residence Inn and a Courtyard Inn belonging to Marriott corporation.
The
Casino revenue in fiction
In the movie
Distribution of total revenue of Strip casinos high to low
The Nevada Gaming Commission (NGC) publishes annual information about total revenue including gaming, hotel rooms, food & beverage, and attractions. If the casinos are numbered with #1 being the highest grossing casino then the following show the total revenue, for the period 1 July 2008 through 30 June 2009.
TOTAL REVENUE (GAMING + etc.)
- $759,063,730 is revenue for casino #6
- $571,415,161 is average of casino #10 and #11
- $390,381,914 is revenue for casino #12
- $266,022,372 is revenue for casino #18
- $246,291,317 is average of casinos #20 and #21
The NGC does not publish data for individual casinos. But based on the size, age, and relative luxury of the casinos an analyst can guess the top six.
- Venetian & Palazzo operated under one license
- Wynn Casino (Encore had not opened yet)
- Caesars Palace
- Bellagio
- MGM Grand Hotel
- Mandalay Bay & THE Hotel operated under one license
Harrah's Entertainment Corporation only reports aggregate numbers for regions, but their flagship property, Caesar's Palace, is clearly the biggest moneymaker in their portfolio. Harrah's earns 54% of their revenue from the casinos, unlike MGM-Mirage which earns 38% of their revenue (before promotional allowances) from the casino floor.
Company | 2009 | 2008 | 2007 | 2006 |
Harrah's | $2,698.00 | $3,254.30 | $3,626.70 | $3,267.20 |
MGM | $4,656.87 | $5,889.08 | $6,473.79 | $6,227.77 |
Both companies are experiencing 20% drops for Calendar Year 2009 vs 2008. MGM-MIRAGE sold their Strip casino Treasure Island in 2009. The revenue from TI for a portion of 2009 is not included in the total. Revenue reported by MGM-Mirage for the year ending 31 December 2004 for top Las Vegas casinos owned at this time. Mandalay Bay, Luxor, Excalibur, Circus Circus, and Monte Carlo were acquired at a later date.
MGM Casino | # | Revenue from 2009 | Revenue from 2004 |
---|---|---|---|
Bellagio | 1 | $1,064,729 | $1,068,517 |
MGM Grand LV | 2 | $976,261 | $860,778 |
Mandalay Bay | 3 | $725,129 | |
The Mirage | 4 | $624,132 | $566,276 |
Luxor | 5 | $344,722 | |
Excalibur | 6 | $265,076 | |
New York-New York | 7 | $250,055 | $337,198 |
Monte Carlo | 8 | $206,377 | |
Circus Circus | 9 | $200,385 | |
Total | $4,656,866 |
Change in revenue
The revenue for the Strip is contrasted with that of the state of Nevada. Gaming Revenue went flat for 3.5 years from July 2000 through January 2004, partly because of the downturn after 9/11. For the four years from January 2004 to January 2008 gaming revenue increased by a third. During this time, the only new casino to open on the Strip was Wynn Resort, and a new hotel tower opened on Mandalay Bay. Several dozen new casinos were planned. Finally, when the Palazzo casino opened in January 2008, gaming revenue was starting to fall. The Palazzo was followed by Palms Place, Trump Tower, Wynn Encore, The Cannery, The M Resort, and the yet to open MGM City Center and Fontainebleau. Also numerous new condominiums, and hotel towers were added to existing casinos.
Data through 30 July 2009 | |
---|---|
In fiscal year 1990 (1 July 1989- 30 June 1990), the Commission reported a total of 13 casinos on the Strip that earned more than $72 million per year in gaming revenue. The first modern
In 2008 Cash sales of Food and Beverage come fairly close to covering the raw cost of sales, and the departmental expenses. In 1990 both food and beverage were sold at a loss. Complimentary food and beverage is shown as well (everything relative to the raw cost of sales).
In 1990 Room Sales only slightly exceeded departmental expenses and complimentary rooms. In 2008 room sales far exceed expenses and comps. Amounts are shown in millions of dollars. The statistics are contrasted with those of Downtown Las Vegas where cash sales are still not much higher than the departmental expenses plus the cost of the comped rooms.
Hotel / casino development construction bulletin
The Las Vegas Convention Center website posts a monthly update to the planned construction for the Las Vegas metropolitan area for the future.[5] In the four years between 2003 and 2007 there was a cumulative addition of 1,444 rooms to Las Vegas. The major openings were Wynn Las Vegas and THE Hotel at Mandalay Bay, which were offset by the implosion of several resorts like New Frontier, The Stardust, Bourbon Street, and Castaways. During the same four years visitor volume increased by 3.66 million or 10.3% and gaming revenue in Clark county increased by $3 billion or 38.8%. On many weekends there was insufficient room supply to meet demand. However, once the new rooms opened the recession hit.
Name of Property | Location | Completion | Cost (Millions) |
Convention (Sq Ft) |
Timeshares | Rooms |
---|---|---|---|---|---|---|
TOTAL 2008: | $6,642 | 209,644 | 1,268 | 8,661 | ||
TOTAL 2009: | $11,606 | 557,622 | 1,121 | 8,627 | ||
TOTAL 2010: | $3,925 | 226,000 | 400 | 3,993 | ||
TOTAL 2011: | 107 | |||||
TOTAL 2012: | 97 |
Name of Property | Location | Completion | Cost (Millions) |
Convention (Sq Ft) |
Timeshares | Rooms |
---|---|---|---|---|---|---|
The Palazzo Resort Hotel Casino |
3339 Las Vegas Blvd S | 17-Jan-08 | $1,900 | 3,066 | ||
MGM Grand Hotel & Casino expansion |
3799 Las Vegas Blvd South | 25-Jan-08 | 92,000 | |||
Marriott's Grand Chateau phase 2 |
75 E Harmon Ave | 29-Feb-08 | 200 | |||
Nevada Palace closure | 5255 Boulder Highway | 29-Feb-08 | -104 | |||
Odgen House closed for redeveloping |
651 Ogden Ave | 29-Feb-08 | -101 | |||
Trump International Hotel and Tower Las Vegas |
2000 Fashion Show Dr | 31-Mar-08 | $600 | 2,460 | 1,282 | |
Palms Place | 4321 West Flamingo | 31-Mar-08 | $650 | 2,500 | 400 | |
MonteLago Village Resort expansion |
30 Strada Di Villaggio | 10-Apr-08 | 3,829 | |||
Homewood Suites by Hilton | 230 Hidden Well Rd | 8-May-08 | 1,500 | 147 | ||
World Mark III, The Club | 5275 W. Tropicana Ave. | 15-May-08 | 208 | |||
Microtel Inn & Suites phase 2 |
55 E. Robindale Rd. | 13-Jun-08 | 1,000 | 35 | ||
South Point Hotel expansion |
9777 S. Las Vegas Blvd | 28-Jul-08 | $95 | 10,000 | 807 | |
Tahiti Village Vacation Club phase 2 |
7200 Las Vegas Blvd South | 15-Aug-08 | $135 | 510 | -- | |
Staybridge Suites | 5735 Dean Martin Drive | 27-Aug-08 | 118 | |||
Eastside Cannery (Site of Nevada Palace) |
5255 Boulder Hwy | 28-Aug-08 | $250 | 20,000 | 307 | |
Bluegreen Club #36 | 372 E. Tropicana | 28-Aug-08 | 350 | 120 | ||
Aliante Station Casino and Hotel | 215 & Aliante Pkwy | 11-Nov-08 | $662 | 14,000 | 202 | |
Hampton Inn Las Vegas North | Speedway 2852 E. Craig Rd. | 15-Dec-08 | 650 | 96 | ||
element Las Vegas Summerlin | 10555 Discovery Drive | 18-Dec-08 | $25 | 441 | 123 | |
Hampton Inn & Suites Las Vegas Airport |
6575 S. Eastern Ave. | 18-Dec-08 | $25 | 1,264 | 129 | |
Encore Las Vegas | 3131 Las Vegas Blvd S | 22-Dec-08 | $2,300 | 60,000 | 2,034 | |
TOTAL 2008: | $6,642 | 209,644 | 1,268 | 8,661 | ||
Comfort Inn & Suites | 475 Marks St. | 1-Jan-09 | 127 | |||
M Resort, Spa, and Casino | 12300 Las Vegas Blvd South | 1-Mar-09 | $1,000 | 60,000 | 390 | |
Cabana Suites (formerly Odgen House) |
651 Ogden Ave | 4-May-09 | $6 | 64 | ||
The Grandview at Las Vegas tower 4 |
9940 Las Vegas Blvd S | 17-May-09 | 400 | |||
Marriott TownePlace Suites | 1471 Paseo Verde | 17-Jun-09 | 112 | |||
Caesars Palace expansion | 3570 Las Vegas Blvd S | 13-Jul-09 | 110,000 | |||
Hard Rock Hotel expansion and redevelopment |
4455 Paradise Road | 31-Jul-09 | $750 | 60,000 | 490 | |
Marriott Spring Hill Suites Henderson/Green Valley |
1481 Paseo Verde | 1-Sep-09 | 120 | |||
Marvin Garden closure | 5125 S. Swenson Rd. | 30-Sep-09 | -250 | |||
Airport Inn & Suites closure | 5100 Paradise Rd. | 30-Sep-09 | -100 | |||
Marriott Spring Hill Suites Las Vegas Convention Center |
2989 Paradise Rd | 14-Oct-09 | 4,522 | 299 | ||
Golden Nugget expansion | 129 E. Fremont St | 20-Nov-09 | $150 | 500 | ||
CityCenter (MGM Mirage) | 67 acres (270,000 m2) on west side of LVB | $8,500 | ||||
Vdara Hotel & Spa | 2600 W. Harmon Ave | 1-Dec-09 | 10,000 | 1,495 | ||
Mandarin Oriental | 3752 Las Vegas Blvd | 4-Dec-09 | 12,000 | 392 | ||
ARIA Resort & Casino | 3730 Las Vegas Blvd | 16-Dec-09 | 300,000 | 4,004 | ||
Planet Hollywood Towers by Westgate |
3667 Las Vegas Blvd South | 28-Dec-09 | $1,200 | 721 | 480 | |
Holiday Inn Las Vegas | 4055 Palos Verdes St. | 28-Dec-09 | 1,100 | 129 | ||
Hard Rock Hotel expansion and redevelopment |
4455 Paradise Road | 28-Dec-09 | 375 | |||
TOTAL 2009: | $11,606 | 557,622 | 1,121 | 8,627 |
Since so much was constructed in 2008 and 2009 there is very little planned for the near future.
Name of Property | Location | Completion | Cost (Millions) |
Convention (Sq Ft) |
Timeshares | Rooms |
---|---|---|---|---|---|---|
Planet Hollywood Towers by Westgate | 3667 Las Vegas Blvd South | Q1 2010 | 35,000 | 0 | ||
La Quinta Inn & Suites | Las Vegas Airport South 6560 Surrey | May-10 | 4,000 | 140 | ||
Marriott SpringHill Suites | Craig& Frehner | Jun-10 | 96 | |||
Wingate by Wyndham | 315 W. Warm Springs | Mid 2010 | 209 | |||
The Grandview at Las Vegas tower 6 | 9940 Las Vegas Blvd S | Jul-10 | 400 | |||
Hampton Inn & Suites | SE corner of Sunset Rd. & Grier Dr. | Fall 2010 | $25 | 2,500 | 150 | |
The Cosmopolitan Resort & Casino | 3708 Las Vegas Blvd S | Late 2010 | $3,900 | 167,000 | 2,998 | |
The Harmon Hotel & Spa (CityCenter) | Within CityCenter development | Late 2010 | 17,500 | 400 | ||
TOTAL 2010: | $3,925 | 226,000 | 400 | 3,993 | ||
Marriott Courtyard | Tropicana & 215 | Sep-11 | 107 | |||
TOTAL 2011: | 107 | |||||
Marriott SpringHill Suites | Tropicana & 215 | Nov-12 | 97 | |||
TOTAL 2012: | 97 |
Because the timeline is unknown the report omits the
References
- ^ "February 2009 Nevada Gaming Revenues and Collections" (PDF). Nevada Gaming Control Board (Press release). 2009-04-07. Archived from the original (PDF) on 2012-02-17. Retrieved 2009-05-03.
- ^ "GAMING REVENUE REPORT Aug 2009" (PDF). Archived from the original (PDF) on 2010-05-28. Retrieved 2009-10-22.
- ^ "GAMING REVENUE REPORT Oct 2007" (PDF). Archived from the original (PDF) on 2009-06-15. Retrieved 2009-10-22.
- ^ "MGM MIRAGE AND KERZNER INTERNATIONAL TO DEVELOP MULTI-BILLION DOLLAR LAS VEGAS RESORT".
- ^ "Planned Construction as 4 Nov 2009" (PDF).