After suffering a crash in profits following the 2008 financial crisis Vegas looks to be on the way back up.
Vegas took a massive hit when the recession began in 2008, having recently invested in massive projects with no consumer demand to pay for them. MGM alone lost $2 billion on an $8.5 billion project on the Strip.
Recession in America coupled with Chinese gambling laws which allowed Macau to become a major gambling hub caused investment to move East. However, Steve Wynn, who has made a boatload of money on his Macau venture, is declaring that Vegas is back for business.
Wynn stated that occupancy in his Vegas hotels spiked by 12.6 percent last year, and that the city’s unused capacity is starting to fill up.
Investment starting to pick back up
Banking on recovering consumer demand in the US, Vegas operators are starting to recycle profits earned abroad into their domestic ventures. Despite the post-2008 catastrophe MGM is putting money into renovating its Monte Carlo property on the Strip.
And the despite the advance of online casinos in the US, people flock to Vegas for the overall entertainment experience, something that iGaming will never be able to replicate. Vegas may never recover the world’s top spot from Macau, but there is ample reason to be optimistic.