Las Vegas Hasn't Been About Gambling Since 1999

Las Vegas will always be known for its gambling.

But in more recent years, Vegas has become a hub for high-end shops, amazing restaurants, and incredible shows.

Here's an excerpt from a new research note from Bank of America Merrill Lynch:

Perhaps the most important dynamic overall on the demand front is the changing composition of total Las Vegas Strip revenues over the past decade. As we show in Chart 38, historically, Las Vegas was a gaming-centric market, with 61% of revenues coming from the casino category in 1990. Today, non-gaming revenue comprises around 64% of Las Vegas’ total revenue mix as a result of the market evolving over the past ten years into a more complete tourist destination with hotel, entertainment, retail, and F&B/fine dining becoming increasingly important revenue drivers.
...the Strip now has 150K hotel rooms and room supply has grown +100% over the past 20 years, so the hotel category is arguably the most important within non-gaming revenue.

This one chart shows how gambling has increasingly become an afterthought.