Baccarat boost Asia footprint for Las Vegas operators

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HVS International Inc. says Las Vegas is well positioned for growth with the opening of new properties and an increase in baccarat revenue. This is "an area of businesses capitalizing on Asian marketing opportunities."

However, Las Vegas benefits from an increase in Chinese tourists visiting the U.S. and "will have to continue adjusting its language, products and services to suit the Chinese market," said HVS, a consulting and services firm focused on the hospitality, gaming and leisure industries.

The total number of Chinese tourists visiting the U.S. rose 23 percent to 1.81 million, according to data from the National Travel and Tourism Administration. Chinese tourists accounted for 2.6 percent of the number of visitors in 2013.

According to the Las Vegas Visitor Profile Study 2013, published by the Las Vegas Convention and Visitors Bureau, the proportion of Las Vegas tourists identifying themselves as Asian or Asian American increased from 2% in 2009 to 12% in 2013.

HVS said gaming operators with operations in Asia and Las Vegas "are cross-marketing because they can benefit from lower tax rates in Las Vegas compared to Asian markets."

"Strong baccarat play is likely to disproportionately benefit operators with established Asian sourcing channels such as MGM Resorts International, Wynn Resorts Inc and Las Vegas Sands Inc," HVS added.

The three companies have business in Macau. Las Vegas Sands also owns Marina Bay Sands in Singapore. Table games are the dominant form of casino gaming in Asia, and baccarat is the most popular game.

In its 2013 annual report, Las Vegas Sands wrote: "Based on our experience in Macau, baka is the preferred table game for both VIP and popular games."

Macau's VIP baccarat accounted for 63.7% of total game revenue (GGR) in the first quarter of 2014, down from 66% in 2013.

The main property, located in Streep, Las Vegas, has been identified as one with an annual gaming revenue of more than $72 million and is "clearly benefiting from and influenced by high-end baccarat play," HVS said. The Nevada Gaming Commission does not name the property, but according to the consulting firm, there are 23 casinos in the segment as of 2013.

"Baccarat sales over the past four years have reached 48.2% in 2013 from 43.5% of table game sales in 2011," HVS highlighted, referring to the 23 biggest-grossing properties in Las Vegas.

But the downturn in the luxury baccarat will affect earnings. Among the main properties in the Las Vegas Strip, gaming revenue fell 8.9% in the first four months to $998 million, according to figures from the Nevada Gaming Commission.

Baccarat, which accounts for 70% of the declining sector, was the biggest component in the first four months of the year, when Las Vegas Strip's table game sales fell 14.2% year over year to $428.7 million.

One possible impetus for Las Vegas is that HVS has the potential for Asian operators like Genting to enter the market. 안전 슬롯사이트

The company, which operates exclusively casinos in Malaysia's domestic market, expects to begin construction of the $4 billion resort World Las Vegas with final approval from Nevada gaming regulators.

Andrew Klebanow, a partner at Global Market Advisors LLC (GMA), told GGRAcia that the experience of Asian companies and their large customer base could energize the U.S. gaming industry.

"Don't underestimate the databases these Asian game companies have and what they can offer customers in different locations. Genting currently has an international database within all of its assets," Klebanow told us.