Casino giants Caesars Entertainment and MGM Resorts International last month reported that visitors to the Las Vegas Strip have been spending more per trip, and casino revenues are inching up accordingly.
The June gaming revenues, announced in August for Nevada, showed the Strip number up 32 percent over the same month in 2010, the largest percentage increase since June 2007.
Caesars’ revenue in Las Vegas in the second quarter increased 10.3 percent over 2010, and spending per trip grew 9.2 percent. According to the Wall Street Journal, executives reported that nearly all of the nine Vegas casinos owned by Caesars were on the upswing.
MGM Resorts International also reported “consistent” gains, said CEO Jim Murren, who noted that it is the second consecutive positive quarter for the company.
The Las Vegas Convention and Visitors Authority has reported that hotel room rates are up 9.6 percent over 2010 for the first five months of this year, and occupancy rates up an average 4.2 percentage points. In addition, gaming revenues on the Strip last year rose 4 percent over 2009, to about $5.8 billion. But that was still down from the $6.8 billion Strip casinos earned in 2007.