拉斯维加斯放缓加剧，赌徒拒绝负担不起的罪城。

拉斯维加斯放缓加剧，赌徒拒绝负担不起的罪城。
Las Vegas Slowdown Deepens As Gamblers Reject Unaffordable Sin City

原始链接: https://www.zerohedge.com/markets/las-vegas-slowdown-deepens-gamblers-reject-unaffordable-sin-city

拉斯维加斯正经历持续的下滑，从夏季延续到秋季，原因是成本增加导致许多传统游客无力负担。九月份的数据显示，客流量连续第九个季度同比下降，总体下降8.8%，会议出席人数大幅下降19%。拉斯维加斯大道酒店每间可供出租客房收入（RevPAR）下降了7.9%，入住率为81.3%。总体博彩收入下降了5.5%，但潜在趋势表明，正在转向吸引高消费赌徒，因为赌博本身同比增长了11%。分析师认为，收入下降的部分原因在于百家乐的低胜率，但核心问题仍然是负担能力。尽管可能像共和党大会这样的潜在利好因素，拉斯维加斯赌场需要解决价格上涨问题，以重获更广泛的吸引力并扭转当前的疲软表现。自疫情以来，赌场股票基本上一直停滞不前。

原文

A Las Vegas downturn first emerged on our radar early this past summer and has only deepened into fall. 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

Las Vegas Tracker

Vegas trends have been lagging in 2025, with the most pressure to RevPAR

Vegas casino stocks have been sideways since the pandemic.

Perhaps the Wall Street Journal report this week about the GOP's midterm political convention potentially being held in Sin City next year could bring some tailwinds. However, casino operators still need to address the growing affordability issue in the city.

Zerohedge Pro subs can find the Vegas trends note in the usual place - there are more charts.

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拉斯维加斯放缓加剧，赌徒拒绝负担不起的罪城。 Las Vegas Slowdown Deepens As Gamblers Reject Unaffordable Sin City

拉斯维加斯放缓加剧，赌徒拒绝负担不起的罪城。
Las Vegas Slowdown Deepens As Gamblers Reject Unaffordable Sin City