Since its recovery from the Covid pandemic, the Las Vegas strip has been on a pretty big upward climb. It has hosted the Super Bowl, the NFL draft, a Formula One race, multiple Taylor Swift shows, and its usual array of boxing, concerts, and other world-class events.
In recent months, however, signs have emerged that demand is falling. Casinos have been a little more generous with their deals, prices have fallen, and there has been some weakness in gaming revenue.
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These wobbles are relatively minor, since overall, the city has been doing incredibly well, and major events still produce a boom for the entire Strip.
With that said, when it’s not time for a major event, the north Strip has not performed as well as the south and central parts of the Las Vegas Strip.
The Strat, at the northernmost part of the Strip, has struggled and offers very low-priced rooms. This is also true at Circus Circus and the brand new Fontainebleau.
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Resorts World Las Vegas, which opened during the pandemic, has struggled at times, too. It’s a massive and beautiful property that’s arguably the nicest resort casino on the Strip, but its location has been a drawback.
Now, as Las Vegas heads into the summer season, which has traditionally been slower due to very high temperatures, Resorts World Las Vegas has taken a drastic step that should be very popular.
Image source: Shutterstock
Resorts World drops all fees
Resorts World Las Vegas (RWLV) has struggled to bring customers to the north Strip. It’s a beautiful property that offers multiple hotels, incredible restaurants, a best-on-the-Strip food hall, and stunning pools.
It also offers a massive gaming space with pretty much every slot machine in current circulation and a diverse lineup of table games.
RWLV has suffered because of its location, however. The north Strip lacks the density of the central and south parts of Las Vegas Boulevard.
That means people need a reason to visit, and RWLV has decided to give them one this summer. The property has been using the tagline “All resort, no fees.”
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It shares more information on its website.
“We have just what you’re looking for — no resort fees and all the fun. Featuring exquisite dining venues, a 5.5-acre stunning pool deck, nonstop entertainment, and personalized treatments at Awana Spa, we have everything you need to make your stay unforgettable,” it posted.
RWLV has also dropped all parking fees through the end of August.
Las Vegas may have pushed too hard
This move comes at a time where Las Vegas may be showing some weakness. Sales and gaming revenue remain strong, but the numbers are coming back to earth.
“Visitation to Southern Nevada in March plunged 7.8% from a year ago, one of the steepest year-over-year drops since the coronavirus pandemic,” the Las Vegas Convention and Visitors Authority reported. The LVCVA reported 3.4 million visitors for the month, and executives said it’s unclear whether evolving federal government policies rippling through international and domestic markets are responsible for the decline,” shared the Las Vegas Review-Journal.
Caesars Entertainment CEO Tom Reeg said during an April earnings call that he did not see any weakness in the market.
“If we were to start to see softness, we have levers that we can pull, obviously that you saw as we came out of the pandemic, where we were able to outperform peers in the market by tapping into our database. We have that option in the case where the economy would soften, we could go deeper into our database, but I want to make clear, we’re not having to do any of that at this point,” he said.
It’s possible that the downturn has not hurt Caesars, but has more deeply impacted operators with only a single casino on the Strip.
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MGM Resorts International CEO Bill Hornbuckle also said results in Las Vegas have been strong, but noted that some people are booking later.
“While it may be coming in later based on obviously the overall economic condition of people’s mindset in the world, it is still coming to Las Vegas, and we’re still the beneficiary of it,” he added.
