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All kinds of industries are affected by emerging technology, but fears that Las Vegas is dropping in popularity due to the convenience of online Vegas-themed slots are causing concern for more than just the casino industry.
The online betting industry has been able to implement developing technologies into their software to improve the user experience, and improving connectivity makes it possible for high-quality gaming to be enjoyed by consumers on the move.
Betting expert Jonathan Askew explains that the online betting industry offers a great level of convenience and a range of betting markets and casino games, with Vegas-themed slotsremaining as popular as ever. But how has this impacted retail casinos in Las Vegas and what knock-on, long-term effects could this have on the famous city?
Las Vegas and the Impact of Casinos
The city of Las Vegas grew from a tiny railroad town with a population of just over 2,300 in 1920 to 641,903 100 years later. The incredible growth is down to improved infrastructure, the construction of Hoover Dam, and the popularity of gambling establishments set up in the desert city.
The development of the Las Vegas Strip led to Las Vegas becoming America’s premiere gambling destination. As the casinos and hotels began to spring up, other businesses were attracted to the area that was proving popular among visitors.
The impact of the gambling industry in Las Vegas should not be underestimated as it creates work for approximately 386,000 people. However, the threat of online gaming to the retail sector could lead to long-term issues for a city that relies so heavily on its betting industry.
The Rise of Online Betting
The online betting industry has enjoyed significant growth with the market rising from a value of around $2.5 billion in 2022 to $2.5 billion in 2023.
High-quality mobile devices and improved connectivity ensure players can enjoy great online betting experiences at their own convenience, meaning expensive trips to Las Vegas might not be as tempting.
How Vegas Style Slots are Impacting Las Vegas Casinos
Declining visitor numbers to Las Vegas and less reliance on retail betting operators could have a negative impact on Las Vegas casinos. With so many of the Vegas population employed by the industry in some capacity, this could spell disaster.
Dropping visitor numbers and revenues could lead to operators changing business models and moving online to avoid overheads. Fewer visitors will also impact the hotel industry as well as all the shops and workers that rely on the tourism trade.
The sad fact of the matter is that the popularity of online gaming could make cities like Las Vegas obsolete. Much like Detroit suffered in the wake of foreign competition and other factors that affected the motor industry, Las Vegas could also suffer if it did not move with the times.
At present, Vegas still welcomes tens of millions of visitors every year and the world-famous Strip was still capable of earning gaming revenue of $8.9 billion in 2023. This goes to show that the industry isn’t dead yet, and still has plenty to offer.
Article paid for by: Bazoom Group
The news and editorial staff of the Bay Area News Group had no role in this post’s preparation.
