“Reeg believes that these events are bringing in kind of a higher-tier clientele, if you will, that’s replacing maybe lower tiers or mid-tiers, and that’s what’s adding to the sustainability of these gaming revenue numbers,” Michael Lawton, a senior economic analyst with the Nevada Gaming Control Board, said earlier this month. With the draw of stars like Taylor Swift and K-pop sensation BTS playing in Allegiant Stadium, the new home of the Raiders NFL football team since 2020, casinos can apparently afford to be picky with the kind of gamblers they want.

It would be the second time the Bay Area city opposite San Francisco lost a professional sports team to Las Vegas.

Las Vegas is awash in revenue, allowing it to even finance a Major League Baseball stadium, after officials clinched a deal with Oakland Athletics owner John Fisher. “I see no reason that that needs to stop or would stop.”Ĭasinos in the city raked in a record $8.3 billion in revenue from card games, slot machines, and other forms of table betting like roulette last year, even as the number of visitors failed to reach the 2019 pre-pandemic levels. “You’re kicking out the lowest end,” explained Caesars Entertainment CEO Tom Reeg during a call with analysts this month.

More from Fortune: 5 side hustles where you may earn over $20,000 per year-all while working from home Looking to make extra cash? This CD has a 5.15% APY right now Buying a house? Here's how much to save This is how much money you need to earn annually to comfortably buy a $600,000 homeĪccording to the Wall Street Journal, the industry believes it has so many gamblers coming to the Strip to lose their money that if can afford to weed out the undesirables by lowering the odds and shrinking the payoff. Las Vegas casinos are stacking the deck, figuratively speaking, in a bid to cater more exclusively to high rollers amid a flood of visitors to the gaming mecca.

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