Las Vegas Strip casino operators are hoping the Chinese New Year will cause lagging baccarat play to rebound.
Baccarat, which is very popular among Asian guests, suffered a 14 percent decline to about $1.3 billion in Nevada last year, largely due to China cracking down on its citizens taking expensive gambling trips to Las Vegas, coupled with a downturn in many Asian economies.
Many gaming analysts expect the decline to continue, but say the Chinese New Year might lessen the fall. Many Chinese live outside of China, in Singapore, Canada, and other locations, and still enjoy visiting Las Vegas.
Union Gaming Securities Principal Bill Lerner said he expects Baccarat play to continue to decline during the Chinese New Year, but said those who come often spend more on retail shopping, dining, and entertainment than they have in the past, which helps make up for the loss in Baccarat revenues.
Lerner estimates tourists coming from China account for between 5 percent and 10 percent of gaming revenues in Nevada, with as much as 70 percent of all Chinese tourists planning a stay in Las Vegas while traveling abroad.
Many Las Vegas Casinos are expecting a boost in Chinese visitation during the upcoming Chinese New Year celebration and have prepared Chinese-themed entertainment and decorative styling to help encourage them to stay longer, spend more, and gamble more, particularly at the Baccarat tables.
