During This Week in Gambling’s edition, we hear Caesars Entertainment CEO Tom Reeg’s comments about how there’s a new clientele in Sin City.
Las Vegas is always changing, and coming out of the pandemic it seems no city bounced back stronger. It's no longer just a destination to do some gambling, see a show, and grab a cheap bite to eat.
Sin City now boasts world-class cuisine and entertainment, and all of this is leading to higher paying customers, and you can bet that’s music to gambling companies’ ears.
“Back in our parents' day, it was a very different market, low value, you get steak and lobster for a couple of bucks,” said Reeg. “Now you're talking about one of the best food and beverage scenes in the world."
Not only that, but professional sports teams now call the city home. The Vegas Golden Knights, an NHL expansion team, were followed by the relocation of the NFL's Oakland Raiders to a stadium just off The Strip. Now, the Oakland A's baseball team is also headed to town, and there's even a Formula 1 race this fall.
"You see the Raiders come to town. You see Formula 1... The people that come to see those... tend to be a better average customer,” said Reeg. “And better customers mean more money to spend.”
The growth of these big events in Las Vegas not only means more visitors filling up hotel rooms, but they also draw a higher level of clientele.
“So, you’re brining in higher-value customers, and we’re already full, so you’re kicking out the lowest end,” said Reeg. “I see no reason that needs to stop…”