When you picture Las Vegas you will probably think of the bright lights and the many casinos and gambling tables it has to offer. Caesars Palace, the Flamingo and Stardust might come to mind too, some of Vegas’ most famous old casinos where the masses of the US would flock to play roulette or chance their kids’ college fund on the craps table in its early days.
These are all instances of a bygone era for the strip, it’s now more interested in events and hospitality than gambling. An example of this is that in 1977 gaming and gambling made up over 60% of the overall revenue taken in by the casino’s and resorts. Fast forward 30 years and that has nearly halved with just 34% of revenue coming from gaming in 2017. Whilst this still represents roughly $3.4 billion in 2017 against $600 million in 1977, $600 million in 1977 had about the same purchasing power as $2.5 billion so the increase isn’t particularly impressive.