So why is it that the age of the mega-casino is coming to a close? In a recent interview with the Las Vegas Review-Journal, MGM Resorts International CEO, Jim Murren, slammed the brakes on new casino construction saying:
t’s not my expectation during my career here that we will build another casino resort in Las Vegas. I don’t see the value proposition, the need and the business case that could be made.
Murren took pains to point out that MGM isn’t going to be building and/or improving its properties on the Strip, he just wants everyone to know that gambling isn’t going to be a huge part of that equation. The company will be tailoring most of its new construction towards Vegas’ new demographic, young, active and not all that interested in gambling.
The era of expanding casino floors is over. The evolution of the casino floor will be to shrink them. We’re going to create more modular, dynamic spaces that will include multiple utilities for social interaction. You don’t come here to play slots. You come here for the one-of-a-kind experiences.
Murren is right on the money when he says people aren’t visiting Vegas to play slots, why should they? In the US, casino gambling is available in practically every state and is easily accessible online everywhere on the planet.
At the same time, the gambling public still craves that Vegas experience and it’s up to casino affiliates and operators to provide it to them. In short, the number of gamblers in the United States (and the rest of the world) is still growing, they’re just not heading to Vegas to get their fix anymore.
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