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No new casinos expected for another decade
After a six-year construction frenzy in Las Vegas, many casino executives say they don't expect to break ground on another major building project in Sin City for at least another 10 years, The Wall Street Journal reports.
For most of this decade, casinos undertook a debt-fueled expansion, plowing more than $30 billion into casino and hotel projects around Las Vegas, including the massive CityCenter project by MGM Mirage/Dubai World that will start opening in phases late this year. When the economy collapsed, it left the operators with dwindling revenues and lots of debt. Several entered bankruptcy-court proceedings. As a result, casino companies are steering clear of capital-intensive projects in Vegas and focusing instead on increasing profit margins through branding, marketing and customer loyalty.
That shift represents a challenge for an industry that has relied on glitzy casino and hotel openings as one of its primary draws. “It's the theme-park dilemma,” Robert LaFleur, an analyst for Susquehanna Financial Group, told the Journal. “You've got to build a new roller coaster. Everyone likes to go but you need a reason to keep them going back.”
Meantime, some Las Vegas-based casino companies, such as Wynn Resorts and Las Vegas Sands, see Asia as their primary vehicle for growth. Others, such as Harrah's, are focusing on states that are looking to expand gambling to try to increase revenue.
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