📌 Key Facts

• Declining Tourism: Las Vegas has seen a 12% drop in visitors this July compared to last year, affecting overall occupancy rates on the Strip which fell by 7%. This decline has raised concerns among casino owners about the future of tourism in the city.
• Shift to Electronic Gaming: In response to the decrease in tourism, the Golden Gate Casino is replacing live dealers with electronic table games (ETG). Derek Stevens highlights this shift as a way to modernize the gaming experience and attract a younger demographic who are more comfortable with digital gaming.
• Economic Factors: Stevens pointed out that the current economic conditions, particularly higher interest rates, disproportionately impact lower-end markets while high-end markets continue to thrive. He anticipates that as interest rates decrease, overall market conditions will improve, potentially broadening the customer base for Las Vegas.
• Evolution of Gaming Preferences: The shift from traditional gaming to ETGs reflects changing consumer behaviors post-pandemic. Stevens noted that slots are evolving into social experiences, similar to table games, encouraging a more interactive environment for players.
• Strategic Changes at Golden Gate: To counteract the decline in tourism and reinvent customer attraction, Golden Gate Casino is focusing on new gaming technologies. Stevens asserts that this strategy aims to rejuvenate the casino's appeal and drive more traffic, especially as they relocate dealers to other casino properties.

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