In a world where gambling has been legalized in many states, including online sports betting, can Vegas still hold up as being the epicenter of American gambling?
With the Strip alone measuring 6.8km in length, south of the city, tourists and locals have a whole range of options at their fingertips.
Places like Fontainebleau, the Excalibur, Caesars Palace, and the Bellagio have become synonymous with the location, with each seeing huge numbers of people who are ready to gamble walk through their doors each week.
But as times are changing in the United States, and the gambling market is heating up, can Las Vegas keep its crown?
How Las Vegas became the center of American gambling
Las Vegas started to rise in the gambling space from the year 1931 as Nevada became the first state in the country to legalize gambling.
It was when a downtown club was awarded a three-month gaming license that the trajectory of the state began to rapidly change.
Soon after, other casinos gained licenses, and the first resort on the Vegas strip, El Rancho Vegas, opened a decade later in 1941. In the 50s, the place became synonymous with gambling and being carefree.
In 2003, the Las Vegas Convention and Visitors Authority wished to promote the destination as being a place for adult freedom and empowerment, so it created the campaign ‘What Happens Here, Only Happens Here.’ This started the saying, ‘What Happens in Vegas, Stays in Vegas.’
The changing landscape of gambling in America
At one point, Nevada had a near-monopoly on legal gambling in the United States, with visitors coming from all over to be able to sit at a blackjack table legally.
Now, though, the landscape has changed significantly, and the area’s competition is all around.
When the Supreme Court legalized sports betting in 2018, over 35 states have now introduced this form of gambling, meaning the market has opened up exponentially. The rise in online sports betting and gambling has propelled this even further, too.
Vegas today: Is it reinventing itself in this digital age?
Vegas has started to reinvent itself as it aims to keep up with the changing tides of the gambling industry. While it has long been known for its glamorous shows and performances, the area has shifted its focus to entertainment.
Tourist attractions have been created that focus solely on entertainment, with no connection to gambling at all, including the Las Vegas Sphere.
As for the casinos, they are aiming to curate memorable experiences and entice crowds as they bring together entertainment and gambling into one place.
Contactless gaming and AI integrations have also started to creep onto the strip, representing a desire to keep up with changing technologies.
Which other states are leading the charge in casino gambling?
The American Gaming Association, which is a national trade group for the casino industry, shared a ‘State of the States’ report last year that highlighted the most recent figures in the industry.
According to AGA, in 2023, the total nationwide consumer spending on commercial casino gaming and sports betting had increased by 10.3% to a massive $66.66 billion, which marked the third consecutive year of record revenue for the sector.
Despite concerns about a growing decline, the Las Vegas Strip, in Nevada, was identified as leading the charge, showing that the state is still the biggest player in the market. The total revenue was marked as $8.83 billion.
In second place is Atlantic City in New Jersey, which remained in the same spot in comparison to the previous rankings and brought in $2.86 billion.
Chicagoland, in Illinois/Indiana, is a market that has risen in the rankings as it has overtaken Baltimore-Washington DC as the third-largest for land-based casino gaming in 2023. The area amounted to $2.19 billion, and it was during this time that a new casino was opened in downtown Chicago.
In fourth position is Baltimore-Washington DC, in Maryland/West Virginia, with this totaling revenue of $2.08 billion. The Gulf Coast, Mississippi, was next on the list in fifth place at $1.59 billion.
Although Las Vegas is still proving to be the most dominant when looking at the statistics, there are other markets which are gaining traction. In 2023, Resorts World New York City casino in Queens regained its status as the most lucrative commercial casino-resort outside of Nevada, surpassing the MGM National Harbor in Maryland by total annual casino gaming revenue.
It’s New York which appears to be on the brink of big changes too as some of the biggest developers in the country are battling for the chance to build the state’s next casino. A number of locations have been proposed, with eight bidders all in the running for what could be an incredibly lucrative gaming license.
With states continuing to expand their casino operations, could Las Vegas start to feel the pressure in the coming years?
Featured Image: AI-generated via Ideogram
