The following applies primarily, but not exclusively to MGM Resorts International and Caesars Entertainment
who collectively own 20 Las Vegas Strip properties.
Las Vegas was built on a foundation different than other cities - casino gaming, world class entertainment, buffets, sports betting, inexpensive rooms, free drinks and beginning in 1989, unique architecture. Many of those features are now available elsewhere.
The corporate response to the previously non existent competition has been to increase the cost of everything, eliminate or reduce what Vegas had become known for and, because corporate greed has neither sensitivity nor boundaries, fabricate new and often hidden revenue streams.
Everyone is now familiar with the ill-defined and ever rising 'resort fee' and increased parking fees (charging to patronize a business). But are you familiar with the live entertainment tax (LET)? How about the concession and franchise fee (CNF) or the Automatic Gratuity (originally to assure appropriate tipping from large groups but now sometimes applied to parties of any size)?
Free attractions it seems are now viewed as a drag on individual resort's bottom line, but collectively they've always contributed to drawing what are now over 42 million visitors annually.
The perception that every square foot of real estate should generate revenue has resulted in removal of many of the free attractions that enticed visitors to Vegas in the first place.
It wasn't that long ago visitors were treated to the Pirate Battles at Treasure Island, the MGM Lion Habitat, Rio casino's 'Show in the Sky', the Dragon at Excalibur or the Luxor 'Nile River' (the original free attraction, the Mirage Volcano, will soon join the list).
All this despite gambling revenue reaching record levels three consecutive years ($8.3 billion in 2022).
An additional cause for concern is the direction of new construction. Aria and Cosmopolitan, though beautiful, evoke thoughts of other large cities. Park MGM is not Monte Carlo and a giant guitar will never replace an erupting volcano.
It seems Las Vegas, once a unique paradise of value, where the average person could afford to be treated like a celebrity while enjoying sights and diversions unrivaled in the world, has lost that vision in its myopic attention to the quarterly balance sheet
Be careful what you wish for Las Vegas, the slow erosion of what made this city unlike any other might just make it like many others.
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It should be noted that not all casino ownership subscribes to the aforementioned. In 1995 after reaching the point where 80% of all casino profits were at the Strip, the four original casinos Downtown recognized the power of collective attraction, combining to construct the Fremont Street Experience (and there are still many local casino that still treat patrons with old Las Vegas style).
* automatic gratuity is considered a compulsory fee and as such becomes restaurant revenue that may or may not be distributed completely to its employees