Don't Count Las Vegas Out
In the following video, Fool contributor Matt Thalman discusses a few metrics indicating that Las Vegas is experiencing a growing number of tourists. On a monthly basis, the gambling mecca of the U.S. is seeing about 3.3 million visitors. Higher foot traffic allows the hotel operators to charge higher room rates, and the city is experiencing higher revenue gaming. The average daily rate for hotel rooms in Las Vegas is up 2.9% year to date, and gaming revenue has increased by 4.7% for the strip casinos.
While all the major casino operators will benefit from a recovering Las Vegas, this market probably won't produce any massive growth for the industry anytime soon. Double-digit growth rates will still probably only be seen in Macau, but since MGM Resorts and Caesars Entertainment control such a large portion of the hotel rooms and casino floor space in Las Vegas, news that the city is recovering should help.
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The article Don't Count Las Vegas Out originally appeared on Fool.com.Fool contributor Matt Thalman owns shares of MGM Resorts International and Las Vegas Sands. Check back Monday through Friday as Matt explains what caused the Dow's winners and losers of the day, and every Saturday for a weekly recap. Follow Matt on Twitter: @mthalman5513.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.