Casinos around the world have always been a popular
destination for those looking to try their luck on a whole range of classic
games and casino-based experiences. However like many other industries
land-based casinos have had to evolve with the development of technology and
the demand of new and innovative services that comes with it. With a steep rise
in the number of owners who now currently use a smartphone or other
mobile-based device and with WiFi connections
increasing in speed all the time more of us have turned to this new technology
in order to shop, play and socialise. Whilst this new medium has opened up a
whole new revenue stream for many casino operators, who have been able to
translate their services to the online market, it has left many traditional
land-based casinos playing catch-up.
A little earlier this year the Nevada Gaming Control
Board revealed some rather alarming figures based on recent takings across Las Vegas. These figures
reveal a drop in the gross gaming revenue across the resort city for the third
month in a row. Slot machine takings and their volume of play on the strip were
down by 8.2% whilst table play fell a massive 24.3% overall. In May this year
the total revenue stood at $531 million which when compared to the previous years figure of $601.2 million was a significant drop of
12%. This drop was not surprising as the figures had been lessening each month
throughout the year and there is still fear that this drop will continue.
Itís scenarios like this that also have had a major
impact on the market with shares for many major casinos, such as MGM Resorts and Las Vegas Sands, also taking a hit during this period. This decrease
in revenue has resulted in a 4.5% decline in statewide
gaming revenue which had dropped to $958.1 million compared to that of its $1
billion value takings just 1 year ago.
There are many factors to take into account that could
and would have an affect on such a considerable drop
in sin city. Of course there is already hope that things will pick up slightly
when a number of new venues that are planned to open across the city welcome in
visitors in the near future. But whilst this might be a short-term solution in
order to get a bit of a revenue boost there doesnít appear to many long-term
plans in action in order to tackle this rising issue.
The main culprit, it is believed, that is having such
an impact is the evolution of the online casino market. Developers have been
able to recreate traditional casinos into new and bright virtual environments
where players can gamble till their hearts content from the comfort of their
home at any time they wish simply with a few taps here and there. Games such as
live roulette can be enjoyed on the way to work or by sitting on a
bus and each game provides you with live croupiers and dealers meaning that the
casino experience is even more immersive than ever before.