From me On Twitter Re: Vegas future bookings dropping and casino stocks tanking.

I put this out onTwitter today but I thought it might be a good idea to reproduce it here.

Honestly I don't think the bad gaming odds have much to do with Vegas attendance dropping. As much as people like me gripe about it we're old men hollering at clouds. Most of the general public wouldn't know good blackjack rules from bad ones. Same for slot holds etc.

I think the real reason people are cooling on Vegas lately are all of the fees. Resort fees, parking fees, CTF fees, service fees, entertainment fees, booking fees, etc. Vegas was long considered a value destination by most, then it changed to faux luxury.

Granted, some people like that stuff, high-end liquors, being overcharged for middle-of-the-road alcohol, "gourmet" food that's just about the same as you can get at home (sans the celebrity chef of course) Night clubs, they'll even pay for it.

The reason for this is that people feel they're getting SOMETHING for their money. An experience, a nice pair of shoes, a decent meal, some wine, a drink. Even pools are popular despite high prices because they're FUN.

But all these fees are different. You pay something and you get nothing in return. Wi-fi? Local calls? Access to the Fitness facility? All those things used to be free. Same with parking. Now they're not and people are choosing to spend their entertainment dollars elsewhere.

Gambling as a draw faded away a LONG time ago. You can gamble in a casino near your home, even in Texas. What Vegas sold was an EXPERIENCE. They're not doing that any more, at least on the Strip. Now they're selling the experience as a white good and people are running away.

The biggest way to bring the crowds back is to drop/greatly reduce the fees, bring back some of the value and experience and people will return. Keep going the way they are going and it's going to get much worse before it gets better.