We previously noted that the days of cheap room rates and discounted buffets to lure gamblers are long gone, replaced by steep markups on even the smallest of items. For many working-class Americans, Vegas has become unaffordable, and the latest data from Goldman analysts show the Strip slowdown persisted through September. 

"Las Vegas trends remain lackluster," Goldman analyst Lizzie Dove wrote in a note citing a series of data points, including visitation and gambling metrics, that marked the ninth consecutive quarter of year-over-year visitation declines and continued softness across the Strip in September.

Here are the key Vegas trends to focus on:

Visitation: Down -8.8% y/y in September, following -7% in August and -12% in July. Convention attendance was especially weak (-19% y/y) due to the calendar shift of Oracle CloudWorld to October. Overall visitation fell -10% y/y.

Hotel Metrics: Las Vegas Strip RevPAR fell -7.9% y/y, driven by ADR -1.5% and occupancy down 570 bps to 81.3%. Weakness was sharper mid-week.

Gaming Revenue (GGR): Strip GGR declined -5.5% y/y to $688mn, largely due to a very low baccarat hold (8.5%) versus the two-year average of 16.3%. Adjusting for hold, GGR would have actually grown +2.2% y/y.

Despite falling visitation, gambling trends increased 11% y/y, suggesting operators are attracting higher-spending, gaming-focused visitors over general leisure tourists

Las Vegas Gaming Stats