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Las Vegas Gambling: Casinos
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On Monday, the Las Vegas Sands Corp. (LVS) held a conference call to update the analyst community in which it offered some positive words on its business in Macau. According to some excerpts from Reuters, the company said that its second Macau casino, the Venetian Macao, is expected to recover in February after a downturn in January caused by snow storms in China and a shake-up in the region's system for bringing in big-spending gamblers. This is after a downturn during the month of January in which money gambled by mass market customers fell to $273 million in January from $290 million. During the call, Stephen Weaver, vice president of Asian operations, offered some comforting statistics in that China is attracting more valuable visitors, with an average customer spending $176 a day in January compared to $145 a day in December and that though rolling chip volume declined from $3.6 billion in December to $2.8 billion in January, the company expects the trend to reverse. The good news is that Las Vegas Sands appears to be on a better track towards being able to meet expectations of high growth in Macao. But while the situation may be fine and dandy in China, the bad news is that the going is getting tough on the Vegas Strip.
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Does Las Vegas have better casinos than Atlantic City? Well, Vegas has many more casinos than Atlantic City for sure. Everything is newer, bigger and the tables, machines are more developed in Vegas. Another good point of Vegas is the Weather. As you probably know, Atlantic City is in New Jersey. The winter is cold, snowy and rainy at this area of the country.
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Despite Las Vegas's reputation as a stronghold of crime , there's no suggestion that gamblers themselves are being cheated. The casinos don't need to cheat; they know they're certain to make money. Yes, the occasional high-roller can seriously damage the corporate balance sheet - ... Australian TV magnate Kerry Packer once won twenty consecutive hands of baccarat in twenty minutes at the Mirage , at $250,000 per hand. Overall, however, the odds are stacked in the casinos' favor. In the case of table games, each has some combination of a quantifiable "house edge" incorporated into its rules, or a set way of skimming the top off players' winnings. With slots, it's even more straightforward - they're simply programmed to pay out less than they take in, though only the casinos themselves know just how much less.
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Las Vegas, billed as The Entertainment Capital of the World, is famous for massive and lavish casino resorts, the unrestricted availability of alcoholic beverages (as is true throughout Nevada), and adult entertainment. Once officially referred to as Sin City, this image made Las Vegas a popular setting for films and television programs. The major attractions in Las Vegas are the hotels. The most famous hotels line Las Vegas Boulevard South... known as the Las Vegas Strip. Many of these hotels carry thousands of rooms and are featured on various themes. There are, of course, large casino areas in these hotels as well.
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"Interest in the go-go days of Las Vegas is at a peak," says Campiglia. "George Clooney is building a new casino that'll bring back the days of old Vegas glamour and style. Younger generations are fascinated by the Old West's casinos. These chips and tokens are stunning art from that period."
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Gambling remains the bedrock of the Las Vegas experience. At most recent count, 28 other US states had joined Nevada in offering commercial casinos, and all except two had legalized some form of gambling, but thanks to its colossal volume of business, Las Vegas still does it better than the rest. Ninety percent of visitors to the city gamble, with an average budget of $500, and in the end everything else is just frippery; it's the gambling that makes every flourish possible. The shows and restaurants, tigers and volcanoes - no matter how profitable any might be - are all just designed to make you stick around longer and spend more money on the slots and tables.
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