Casinos need people. Without people inside gambling, eating, drinking, and both spending and losing money, casinos have no real reason to exist.
That's why, in most cases, casino operators like Caesars Entertainment (CZR) -) and MGM Resorts International (MGM) -) do everything possible to get not just high-rollers, but more modest players to visit their properties.
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It's not uncommon for a modest gambler (someone who might risk losing $300-$400 in a single day) to be deluged with offers trying to get them to visit both Las Vegas and regional casinos. In a given week, for example, Caesars might email offers for free rooms in Las Vegas and send deals for free (or very reduced) airfare to some of its regional properties.
When you know that people gamble, it makes sense to do anything you can to get them to pick your property. That should be true on the Las Vegas Strip where there's an enormous amount of competition for players, but one long-standing perk designed to bring in players has slowly disappeared.
Now, another two big-name resort casinos will make the unpopular change on August 29.
Image source: MSG Sphere Las Vegas
Venetian, Palazzo drop free parking
Free parking used to be table stakes on the Strip. Offering it to just anyone, however, has become a dying tradition. Most resorts -- including the ones operated by Caesars and MGM -- offer free parking to higher-tier loyalty members.
Some resorts offer guests staying there free parking or include it in a resort fee, while others make exceptions for Nevada residents. Venetian and Palazzo will have among the strictest parking policies on the Strip when their rules change for non-guests on August 29 and guests on Sept. 5.
"Rates begin at $15 for up to four hours then $18 hourly up to 24 hours, Monday through Thursday, and $23 per day Friday through Sunday, according to the new policy. Valet parking is still $35 daily," the Las Vegas Review-Journal reported. "Loyalty cardholders with at least a premier status will receive free self-parking and the casino will offer three free hours free to Nevada residents who present a valid Nevada driver’s license."
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Blame James Dolan and the Sphere
The Sphere at The Venetian Resort might be the reason for the new parking charges. The spectacular $2.2 billion (and counting) venue is a huge globe-shaped concert venue that's wrapped in LED screens. That allows for impressive shows, like the one that drew thousands of people to the area on the 4th of July.
Formerly owned by Madison Square Garden Entertainment, Sphere Entertainment (SPHR) -) was spun off as its own company when the project went hundreds of millions of dollars over budget. U2 will open the venue this fall and be its first residency, with the Eagles expected to be its next tenant.
So far, however, the Sphere's biggest success has been in drawing non-paying crowds to watch its exterior display. The Venetian can monetize that by charging for parking (while Sphere Entertainment can maybe sell popcorn to the thousands of people watching its free shows).
Whether Sphere succeeds as a concert venue remains a major question, but it has succeeded as a free attraction. That could mean more people visiting Venetian, which has put added stress on its parking garages. Charging for parking could alleviate that and force some people to look for the dwindling free options left on the Las Vegas Strip.
