The Decline of the Usual Suspect
Las Vegas is going through some big changes. This change will not involve a casino either. Gaming has been declining over the last few years. Back in 2014, Vegas saw a record number of over 41 million people coming to visit. You would think this would be enough to bring in more gamers. It is not.
Gaming has seen a rapid decrease in the last few years. The last time Las Vegas saw any kind of growth was back in 2007. It has been ten years and it is beginning to show its colors.
MGM welcomes its new partner in crime
The new kid in town is going to be a multi-purpose arena. It is a 20,000 seat place. This arena is poised to bring in some very big business. It is also set to take over where gaming has left off. Vegas cannot count on gaming to bring in the bug bucks anymore. There was a time when it could, but these days are gone. Gaming just does not attract the people or excitement it used to.
This arena will be in connection with the strip. Live performances are what is bringing in the money now. Las Vegas has to keep up with what the public wants. It is going to be somewhere in between Frank Sinatra Drive and the New York-New York Hotel and Casino. This arena is poised to be bigger than the other two. The MGM Grand currently holds about 15,000 people. The Mandalay Bay Center holds about 12,000 right now.
Every big act in the world has played at these two places. A-listers like Britney Spears, Madonna and Beyonce have all graced the stage at one or both of these places. This new multi-purpose arena is set to take over. This arena is going to be a big-ticket place for stars like Madonna and Britney to come and perform.
What will it include?
It is going to include VIP seating. The other two places have this too, but this arena will be offering more incentives with the VIP areas. There will be luxury seating, club seating. With this type of seating, special guests of stars like Madonna and Briteny will be treated even more special.
This is not just about concerts either. Entertainment ranging from rock shows to sports will be front and center here in this arena. This will be a place to book events where other people cannot get in.
The complete and total cost for this will be about $350 million. This arena has an expected date of completion by sometime this year, if not before.
Reaching out to everyone on the planet
This place is going to bring in more people and entertainment than you could ever hope to imagine. This new arena will take what the other two have done so far, only taking things one or two steps further.
In the next 5 years, Vegas is hoping to cap off an annual visit from over 45 million people or more. Growth will be increased at an alarming rate. Las Vegas is trying to cash in. They are getting rid of what is not working anymore and building on what is working for them.
Britney Spears is already a resident at the Vegas strip. She will be there until the end of this year. There are rumors she may even extend her contract for at least another two years. Now, this is only a rumor. None of the Britney fans, like myself, should go quoting this piece of information until it becomes true. Keep your eyes and ears peeled, though.
Is the gaming decline for the better?
When you look back on three years, gaming only made up a total revenue of 1/3 the amount Las Vegas pulls in. This is the lowest it has been in the history of Las Vegas. Vegas fared better during the recession and that is saying something.
Gaming will still be there, for those who like to gamble. It will be there in a different way. It used to be that gaming was the pull that got people to come and visit. Now it is the performance artist and other acts that drive the business. Gaming is now seen as a subsequent benefactor. MGM is still the leader in the casino and resorts district. It is just viewed in a different way.
People are changing. Vegas in changing. This may end up being a good thing in the long-term after all.