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Inflation cuts across nearly all aspects of American Life. Certainly food prices and energy, especially the cost of gasoline. We anticipate much higher heating bills come late fall and winter. Nonetheless, casinos are still raking it in. There may be some danger signs in the future, but they have not amounted to much so far.
In Pennsylvania, from which Casinos USA’s Podcasts originate here in the Pittsburgh suburbs, a new record has been set in terms of casino revenues. The fiscal year that runs from July 1 to June 30 for the year 2021-22 shows that Pennsylvania’s 16 casinos generated 5.04 Billion in revenue. That’s a 1.2 Billion Dollar increase.
Still there are signs of a slow down. Nevada’s gas is the second highest in the nation and traffic from California has been down 4.1% this last month. Derek Stevens who owns Circa explains that ATM withdraws in April and May were down 11%. It has been pointed out that casino promos all over the country are suddenly more attractive than they have been these past months.
Sports Betting is now legal in all but 15 states: Alabama, Alaska, California, Georgia, Hawaii, Idaho, Kentucky, Massachusetts, Minnesota, Missouri, Oklahoma, South Carolina,
Texas, Utah, and Vermont.
Yet why are the big national events and professional sports teams moving to Las Vegas;
Let’s start with 150,487 hotel rooms – which includes all rooms on the strip, downtown, local casinos with hotels and hotels without casinos. Resorts World and Circa have easily made up for the casino resorts that did not reopen after the pandemic.
Inflation and Rooms – Still good deals in terms of room costs but danger signs are more than hinting of a slowdown. Coach Fav and Janie gives several examples of the impact that inflation is having. Vegas shows are out of control and tickets now cost more than ever before. Yet the casinos are fighting this by increasing the comps.
Craps Talk: Coach Fav just cracks up over those who believe that casinos have free odds bets without a house edge so that dice will hit the chips. He goes on to explain how the odds bet in craps is the best bet in the game if not the entire casino.
Odds and Ends: Coach Fav gives a shout out to Ken, a man who threw the dice for 45 minutes at Rocky Gap Casino Resort in Western Maryland. His throwing motion and dice set were unusual. Coach Fav explains how rare a 7 free 45 minute session at the table is.
Thank you, Ken. Hope to play craps with you again.
Thanks for Listening
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