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High-roller play slow to return to Las Vegas
May 10, 2002 08:35 PM ET Email this article Printer friendly version
LAS VEGAS, May 10 (Reuters) - Overseas high rollers were less active in Las Vegas in March, a sign of the incomplete nature of the gambling center's recovery eight months after the hijacking attacks of Sept. 11, recent data showed.
Baccarat play, often considered a barometer for high-end gambling, dropped sharply on the Las Vegas Strip in March, with casinos winning just $15.1 million from the game, or 52.9 percent below last year's level.
By comparison, the overall gaming "win" -- the amount of money casinos kept after all bets were paid -- was down a more modest 9 percent on the Strip in March, according to data released on Thursday.
Analysts pointed out that baccarat numbers can vary widely from month to month because volume is relatively small and one or two bouts of good or bad luck can dramatically change results.
But even on a broader time frame, baccarat play on the Strip dropped 22.4 percent in the first quarter from last year, indicating high rollers are still staying away from Las Vegas.
Casino executives said the drop is most pronounced among international high rollers, in a larger trend that has seen overseas tourists staying away from the United States since the Sept. 11 air attacks on the World Trade Center and Pentagon.
"We're getting gradual improvement" in high-end play, said Jim Murren, president of MGM Mirage MGG.N , the city's biggest company that caters to high rollers. "High end was down about 15 percent in the first quarter. It's on the margin a little better than before" since then.
Likewise, International business was down about 15 percent in the first quarter, and has improved since then to down between 10 percent and 15 percent, Murren said.
He added that the decrease, while large, is still a major improvement over the fourth quarter when international visitors were down 30 percent to 40 percent.
"Visitor trends from overseas are improving, and we expect that to continue to improve throughout the year," Murren said.
May 10, 2002 08:35 PM ET Email this article Printer friendly version
LAS VEGAS, May 10 (Reuters) - Overseas high rollers were less active in Las Vegas in March, a sign of the incomplete nature of the gambling center's recovery eight months after the hijacking attacks of Sept. 11, recent data showed.
Baccarat play, often considered a barometer for high-end gambling, dropped sharply on the Las Vegas Strip in March, with casinos winning just $15.1 million from the game, or 52.9 percent below last year's level.
By comparison, the overall gaming "win" -- the amount of money casinos kept after all bets were paid -- was down a more modest 9 percent on the Strip in March, according to data released on Thursday.
Analysts pointed out that baccarat numbers can vary widely from month to month because volume is relatively small and one or two bouts of good or bad luck can dramatically change results.
But even on a broader time frame, baccarat play on the Strip dropped 22.4 percent in the first quarter from last year, indicating high rollers are still staying away from Las Vegas.
Casino executives said the drop is most pronounced among international high rollers, in a larger trend that has seen overseas tourists staying away from the United States since the Sept. 11 air attacks on the World Trade Center and Pentagon.
"We're getting gradual improvement" in high-end play, said Jim Murren, president of MGM Mirage MGG.N , the city's biggest company that caters to high rollers. "High end was down about 15 percent in the first quarter. It's on the margin a little better than before" since then.
Likewise, International business was down about 15 percent in the first quarter, and has improved since then to down between 10 percent and 15 percent, Murren said.
He added that the decrease, while large, is still a major improvement over the fourth quarter when international visitors were down 30 percent to 40 percent.
"Visitor trends from overseas are improving, and we expect that to continue to improve throughout the year," Murren said.
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