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A Post-Covid Landscape Las Vegas: A Post-Covid Landscape Analysis and Research into Customer Behavior in a Covid and Post-Covid Environment November 2020 Version 1.3 Copyright 2020 The Denstone Group. All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, write to The Denstone Group, addressed “Attention: Permissions” at the email: [email protected] © 2020 The Denstone Group 1 Contents Author and Contributor Biographies Tables and Charts Executive Summary Page 8 1 Introduction 2 Historical Overview 9 9 2.1 The 1950s 10 2.2 The 1960s 11 2.3 The 1970s 11 2.4 The 1980s 13 2.5 The 1990s 14 2.6 The 21st Century 19 2.7 Conclusions 3 Las Vegas and Covid 19 21 3.1 Reopening 21 3.2 Operator Response 23 25 4 Industry Observations 4.1 From your experience, how is the current Covid situation different to past crises in Las 25 Vegas? 4.2 What steps have you seen in business planning to account for pre-vaccine and post 25 vaccine scenarios? 26 4.3 Where do you perceive that the largest changes will be in post-Covid Las Vegas? 4.4 Have you seen a change in the customer profile since the reopening of resorts and 27 what do you believe the customer profile will be in 2021? 4.5 From a leadership perspective, what steps would you personally take to ensure the 28 future success and prosperity of both resorts individually and Las Vegas in general? 29 4.6 Conclusions 31 5 Customer Behavior and Attitudes in a Post-Covid Landscape 31 5.1 Sample Characteristics 34 5.2 Behavioral Responses 37 5.3 Attitudinal Responses 40 5.4 Conclusions 42 6 Segmentation Analysis 42 6.1 Covid Psychographics Analysis 43 6.2 Demographic and Visitation Analysis 44 6.3 Behavior Based Analysis 45 6.4 Conclusions 48 7 Research Conclusions 8 Recommendations 53 53 8.1 Phase I - Las Vegas during the Covid Crisis 54 8.2 Phase II - A Post-Covid Las Vegas References 57 Appendices I Segmented Profiles 58 © 2020 The Denstone Group 2 Author and Contributor Biographies Oliver Lovat FRICS Lovat is CEO of the Denstone Group, a strategic development consultancy with a focus in customer- facing, asset backed businesses. He has undertaken over 100 development projects across Europe and America. Based in Las Vegas, Lovat is visiting Faculty at City, University of London Business School and is a thought leader in the fields of strategy and resort development. He writes for Gambling Insider, Global Gaming Business and Gaming America magazines. He has also presented at The UNLV Education Series, G2E, ICE, International Casino Conference and has led the marketing track at The World Gaming Executive Summit. He is Vice President at The Economic Club of Las Vegas. Lovat is a Fellow of the Royal Institution of Chartered Surveyors. He holds a BA (Hons) Social Science, Politics and International Relations, MSc in Real Estate Investment and an MBA where his thesis researched Strategic Competitive Advantage in Las Vegas Casino Resorts. David G. Schwartz Dr Schwartz is a leading gaming historian, professor and the Associate Vice Provost for Faculty Affairs at the University of Nevada, Las Vegas. He studies gambling and casinos, video games, popular culture, Las Vegas, tourism, and higher education. He is also executive director of the Far West Popular Culture Association. Dr Schwartz has written several books, including; At the Sands, Grandissimo: The First Emperor of Las Vegas, Roll the Bones: The History of Gambling, and Boardwalk Playground: The Making, Unmaking, & Remaking of Atlantic City. Born in Atlantic City, New Jersey, Dr Schwartz earned his bachelor’s degree (a double major in anthropology and history) as well as his master’s degree from the University of Pennsylvania before receiving his doctorate in US History from UCLA. Chris White White is a 20+ year commercial development professional with focus on hospitality, entertainment, attractions, and gaming. Through his consulting company, Blanc Canvass, Chris serves as the COO of Brooklyn Bowl and has executed numerous engagements across the Las Vegas market working with Caesars, Golden Entertainment, The Cosmopolitan and VICI Properties, among others. While Director of Resort Development with Caesars Entertainment, Chris led the conceptual development and financing for The Linq promenade and High Roller observation wheel. Originally from New York, White held finance positions in distressed debt investment with John A. Levin & Co. and within the global technology investment banking team at Lehman Brothers. He is © 2020 The Denstone Group 3 an honors graduate of the Stern School of Business at New York University where he received a BS in Finance and Economics. Brent Pirosch Pirosch is the Director of Gaming Consulting for CBRE’s Global Gaming Group in Las Vegas. Pirosch has been working in the industry for 20 years, with management experience in finance, marketing, sales, casino operations, human resources, and hotel operations. He has co-authored several widely read and respected forecasts for the Las Vegas Strip and completed gaming and retail consulting assignments in a variety of jurisdictions around the world, including studies in the major U.S. markets of Las Vegas, Atlantic City and the Gulf Coast and most regional US markets. He has compiled research and in international jurisdictions of Macau, Singapore, Hungary, Morocco, Spain, and Belize. Pirosch holds a BS in Hotel Administration from Cornell University. Josh Swissman Swissman is a founding partner of The Strategy Organization, a modern gaming and hospitality consulting firm. Prior to that, he served as Chief Marketing Officer with Station Casinos. Earlier in his career, Swissman advanced through leadership roles in Marketing with MGM Resorts International, in roles expanding beyond traditional boundaries to lead strategic initiatives that ultimately had an impact organization wide; increasing revenue, decreasing costs, leveraging scale and improving capabilities. He is an active committee member of the United Way of Southern Nevada Marketing Committee, Member of the UNLV Hospitality International Advisory Board, Las Vegas Chamber of Commerce Leadership Las Vegas Gaming & Tourism Committee member and the Vice-Chair of the Clark County School District School-Community Partnership Program Advisory Council. Swissman earned his MBA from the University of Nevada, Las Vegas and his Bachelor’s degree from the University of California, Los Angeles. © 2020 The Denstone Group 4 Tables and Charts Table 2.1: Selected Las Vegas Tourism Statistics 1980-1989. LVCVA Table 2.2: Selected Las Vegas Tourism Statistics 1990-1999. LVCVA Table 2.3: Selected Las Vegas Visitation Statistics 2000-2019. LVCVA Table 2.4: Las Vegas Tourist Behavior Statistics, Transport and Lodging 2000-2019. LVCVA Table 2.5: Selected Las Vegas Visitor Demographics 2000-2019. LVCVA Table 2.6: Las Vegas Gaming Revenues 2000-2019. LVCVA Table 3.1: 2020 Las Vegas Visitor Data. LVCVA Table 6.1: Full Sample Analysis, “I plan to stay in a hotel on The Strip or Downtown” Table 6.2: Segments Translated to Market Size, Visitation Behavior and Spend Chart 2.1 Gaming Revenue/Win. Las Vegas Strip vs Atlantic City 1979-2000 Chart 5.1: Respondent Age Chart 5.2: Respondent Location Chart 5.3: When I come to Las Vegas, excluding travel, I typically spend: Chart 5.4: How many times have you visited Las Vegas? Chart 5.5: When I visit Las Vegas' casino resorts, I mainly come: Chart 5.6: Which of these did you usually do in a pre-Covid Las Vegas? Chart 5.7: Which of these properties do you usually stay at? Chart 5.8: Post-Covid Tourism and Gaming Scenarios Chart 5.9: Post-Covid Activity Scenarios Chart 5.10: Post-Covid Entertainment Scenarios Chart 5.11: Post-Covid nightclub/day-club Scenarios Chart 5.12: I would me more likely to stay at a property if it were closed to the public for walk-in entry Chart 5.13: I would pay a premium, if every guest was given a Covid test before they were allowed to stay at a property Chart 5.14: I would be more likely to stay in a resort if it were invitation only Chart 5.15: I would be more likely to visit a casino resort if all visitors to that property had a temperature check on entering a property Chart 5.16: I expect people to be wearing masks and social distancing even when there is a vaccine Chart 5.17: Smoking should be totally banned in casinos Chart 5.18: I would avoid a bar or restaurant if it were busy Chart 6.3: Segments Translated to Market Size, Visitation Behavior and Spend © 2020 The Denstone Group 5 Executive Summary • In January 2020, Las Vegas was preparing for the next phase of its history as a premier global integrated entertainment, sporting and business hub. Covid-19 has challenged the future of the city. • We believe that 2021 will prove an inflection point to future Las Vegas. After every crisis there has been winners and losers and this time is no different. History and analysis instruct us that there is a clear pathway for business success – and a well-worn road to decline. • Las Vegas’ time of greatest challenge was the early 1980s, with the triple crises of economic recession, the development of Atlantic City (as the second US jurisdiction to allow gaming) and the tragic fires in The MGM Grand and Las Vegas Hilton.
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