From ski resorts to movie theaters to amusement parks, the leisure business is only interested in big spenders.
The head of Caesar’s Entertainment, which owns a number of casinos and hotels on the Las Vegas Strip, made a revealing comment on a call with Wall Street analysts this month. “You’re bringing in higher-value customers, and we’re already full,” said CEO Tom Reeg, according to“You’re kicking out the lowest end. I see no reason that needs to stop or would stop.”
Las Vegas is leaving its everyman reputation behind. Fewer people visited in 2022 than in 2019, but gambling revenue rose by more than 25 percent. Hotels rooms, concerts, and restaurants have also gotten more expensive. And blackjack losses—that is, revenue from the game—neared $1 billion last year, the highest number since 2007, despite a reduced number of tables. Minimum bets have gone up; payouts for winning hands have gone down. Truly, for a loser Las Vegas is the meanest town on Earth.
. But the gentrification of casinos is part of a larger trend, in which whole segments of the leisure, hospitality, and consumer goods industries have recalibrated to serve a smaller, richer clientele., also in the Wall Street Journal, recounts the theme-park operator’s effort to justify higher prices with family-focused attractions, tastier food, VIP lounges with air conditioning, and better “streetmosphere,” including trees and sitting areas.
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