The table below charts mass market Strip gaming revenue (excluding baccarat) per visitor on 12-month rolling averages. According to CBRE, you can see the effect of the real estate boom and subsequent recession, but since January 2010 in particular, gaming win per visitor has fluctuated very little.

This analysis indicates that mass market gaming budgets on the Strip have been fairly stable, and have more or less returned to a historical norm (albeit slightly above). While CBRE doesn't have monthly data to smooth the trends out, the quick chart of gaming revenue and visitor trends from FY 1992 to FY 2011 shows that mass market win per visitor in FY 2010 and FY 2011 is fairly close to what it was from FY 1992 to FY 2003.

"If one assumes that wealth metrics are not going to change very much over the next couple years and gaming revenue per visitor will continue to exhibit stability, overall revenue growth on the Strip will have to come from increased visitation and/or other sources (rooms, entertainment, food and beverage, retail, etc.)," says CBRE.

The addition of luxury hotel supply over the past 20 years has helped drive up the total revenue per visitor, and individual properties will of course experience different gaming win dynamics based on the number and types of visitors they attract within their market segment, says CBRE. "The economy (among other factors) will continue to influence what visitors spend overall when they are on the Strip, but barring any significant changes in wealth metrics gaming budgets in the aggregate look likely to remain within their current range. At the same time, the data indicates that the growing appetite for non-gaming amenities has not necessarily suppressed gaming budgets, but been accretive to overall spending."

Instant Insights /

Economy Influences Vegas Gaming, Revenue Growth

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