Red Rock Resorts, which is majority owned by billionaire brothers Frank and Lorenzo Fertitta, has 10 off-Strip properties in Nevada. Go to any local bar with video poker, look at the parking lot, it’s unbelievable,” says Krackomberger, who founded his own sports betting app KrackWins.
(Vegas is also home to a lot of retirees who were not affected by layoffs.)įor now, locals still have money to spend and, it seems, they’re spending it at off-Strip casinos and taverns. Beynon believes the local gambling market is doing well compared to the Strip due to three forces that are keeping local consumer sentiment high: the housing market is holding up, government stimulus checks, and big employers like Wynn Resorts, Las Vegas Sands and Red Rock Resorts paid their employees while on furlough. The off-Strip action is heating up, especially compared to the second quarter when local gambling revenue was down 75%. Regional casinos should experience a full recovery by 2023. Regional casinos across the U.S., on the other hand, will only see a 10% year over year decline in gaming revenue in the third quarter and a 15% decline in Q4, Fitch estimates.
