The latest monthly report by Jefferies about foot traffic in land-based U.S. casinos has an ominous twist. Foot traffic in April 2022 was down 8 percent month-over-month, and a full 32 percent from April 2021, which is better than from March’s 29.1 percent decline versus 2019. The report speculated it may have been the result of rising Covid cases, but the price of fuel had to be factored in as well. No matter whether you drive or fly to a casino, prices have increased substantially recently. Visitation levels remain materially below pre-pandemic levels, though operators have indicated spend per visit has been meaningfully higher. While Jefferies expects the foot traffic to improve in the summer, “some macro headwinds may challenge certain markets.” The Las Vegas market saw similar declines but Jefferies believes that will reverse once international travel and meetings and conventions return to normal levels.