Copyright dailymail
One of Las Vegas's largest casino and resort operators said that 90,000 hotel rooms went unbooked across its eight strip properties throughout Sin City's summer tourism lull. The admission came from Caesars Entertainment CEO Thomas Reeg on a Tuesday earnings call, though he did try to soften the blow by saying the company knew the summer would not be kind. 'We told you on the last call [three months earlier] that Vegas was going to be a soft summer. It was a soft summer,' he said. He explained that the company's average daily rate - how much revenue a hotel earns per occupied room per night - was down 6 percent in the third quarter ending on September 30. Furthermore, occupancy sagged to 92 percent, a big decline from last year's 97 percent, said Caesars President and COO Anthony Carano. As bookings sagged, there were also signs that gamblers were able to get an edge over the house. Reeg reluctantly told investors that 'hold' - industry jargon for how much the casino keeps after paying out winners - was down 6 percentage points in the third quarter. 'On a year-over-year basis, it impacted us a little over $30 million,' Reeg said. 'July was the worst month of the quarter.' Overall, Caesars revenue in Las Vegas — which accounts for about a third of its business — dropped 9.8 percent from a year ago. Shares in the company have dropped over 10 percent since market close on Tuesday and are down nearly 40 percent since the start of 2025. This is the latest sign that Americans, and even would-be international visitors, are increasingly abandoning Las Vegas because of how prohibitively expensive it has become. Many casino operators have sought to stop the damage by offering one-time discounts to lure customers. Caesars has a deal expiring December 31 where customers can spend $300 and get a two-night stay at Harrah's, The LINQ, the Flamingo, the Horseshoe or Planet Hollywood with all taxes and resort fees included. On top of that, they will get a $200 food and beverage credit that can be used at any Caesar's property in the city. Still, tourist traps remain. One was uncovered by the Daily Mail over the summer at Caesar's Palace, the company's most iconic property on Las Vegas Boulevard. The Bacchanal Buffet, which sits on the casino floor directly across the pools, charges $90 for 90 minutes of unlimited food, the most expensive in Las Vegas. Daily Mail reporter Ruth Bashinsky said the buffet hall was crowded and chaotic, while adding that the quality of the food was sorely lacking. Natalie Nguyễn, 21, and David Hoang, 22, were visiting Las Vegas from Houston and told the Daily Mail they agreed the food was disappointing. ‘It was like you have lobster but it is not good lobster,’ Nguyen said. ‘The tacos - same thing. They had all these tacos but it was meh. I liked the snow crabs but it got tiring very quickly.’ For Hoang, the hamburger sliders were a big disappointment. ‘Honestly, they tasted weird. I would not eat them again if I come back. The texture was a little off. It had a weird bitter taste to it. It wasn’t for my palate.’ Buffets used to be a cheap way to get some calories in Las Vegas. In 1990, Circus Circus had a dinner buffet for $3.89 per person. The cheapest buffet is still at Circus Circus, though it's $25 a person for brunch and dinner nowadays.
