Las Vegas is known as the gambling capital of the world, and gambling has played a significant role in its economy for decades. However, the city has diversified its economy over the years, and gambling revenue is no longer the sole driver of its economy.
According to the Las Vegas Convention and Visitors Authority, gambling revenue accounted for about 34% of the total revenue generated in 2019, with the remainder coming from other sources such as hotels, restaurants, entertainment, and retail. In recent years, the city has been actively promoting itself as a destination for conventions, trade shows, and other events, which has helped to diversify its economy and reduce its reliance on gambling revenue.
That being said, the gambling industry is still a significant contributor to Las Vegas’s economy, and any significant downturn in that sector could have a substantial impact on the city’s overall economic health. However, with the city’s focus on diversification, it is less vulnerable to fluctuations in gambling revenue than it was in the past.
Both Caesars Entertainment and MGM have already made significant investments in online sports betting and casino gaming, and they are continuing to expand their offerings in this area to capitalize on the growing demand for online gambling.
Caesars Entertainment, for example, has launched an online sports betting platform called Caesars Sportsbook and an online casino platform called Caesars Casino. The company has also entered into partnerships with major sports leagues like the NFL, NHL, and MLB to offer exclusive betting options and promotions to customers. Additionally, Caesars is investing heavily in technology and marketing to enhance its online offerings and attract new customers.
Similarly, MGM Resorts International has launched an online sports betting and gaming platform called BetMGM. The company has also entered into partnerships with major sports leagues like the NBA and MLB, and it has expanded its online offerings to include virtual sports and live dealer games. MGM is also investing in technology and marketing to enhance its online presence and capture a larger share of the growing online gambling market.
Both Caesars and MGM are betting on the continued growth of the online gambling market and are positioning themselves to be major players in this space. By offering a comprehensive range of online sports betting and casino gaming options, they are hoping to attract a broad customer base and increase their revenue from online gambling.