Making Money on the New Vegas

In Vegas, they say there is no such thing as a sure bet, but one thing can always be counted on — the continual reinvention of the city.

Just a few miles off the Strip — away from the thrills and lights and glitz — is a 200,000-square-foot development called Area15. It promises to be an experiential mix of art and retail that is unlike anything Las Vegas has ever seen. One-third of its space will be Meow Wolf, the darling of alternative entertainment from an artists’ cooperative with backing from “Game of Thrones” creator George R.R. Martin. When it opens later this year, the Vegas outpost will feature the same quirky, out-of-this-world experience that has thrilled audiences in Santa Fe, New Mexico, since its opening in 2016. In a perfect fusion of creativity and counterculture, the immersive venue transports audiences to far-off realms through cosmic storytelling, surreal worlds, secret portals and psychedelic imagery.

“Meow Wolf is perfect for a place that wants to reinvent itself,” says Didi Bethurum, VP of marketing at Meow Wolf. “The old Vegas will stay strong, flourish and evolve, and this is just like the frosting on the top. This is going to be a new type of great time that leaves you thinking and inspired.”

As Vegas readies itself to see a greater share of younger visitors (ones who may not be OK to sit and game their day away), the city will offer even more engaging entertainment options and attractions. At the Urban Chamber of Commerce’s 2019 State of the Chamber address, Las Vegas Convention and Visitors Authority (LVCVA) CEO and President Steve Hill announced that millennials view destinations in a completely different manner from previous generations. “What millennials look for [is] authenticity in an experience. Something that is personalized, the ability to share that experience,” he said. “They want something that is unique.”

Even the city’s beloved slogan, “What happens here, stays here” got a revamp in January to energize a younger crowd looking for an expanding set of options. “What happens here, only happens here” seems to have hit that target on the cusp of openings that are sure to attract, delight and enthrall a new generation. One such anticipated opening is the MSG Sphere at The Venetian Resort, a “reimagining of what is possible for live events and the arts,” originally set to arrive in 2021 but now looking to 2023.

Big Las Vegas Strip casinos are also renewing their offerings as gambling proceeds become a smaller percentage of annual revenue, which has fallen roughly 10% since 2012. Like so many properties on the Strip, MGM Resorts, which operates iconic destinations from The Mirage to Mandalay Bay, is set to ace this costume change. “In the last few years, MGM Resorts has repositioned itself from being a hospitality and gaming company to a global entertainment brand as Las Vegas continues to evolve and guest expectations change,” says Stacy Hamilton, executive director of public relations at the company. “We believe, and we know our visitors believe, that every moment of their getaway is entertainment — whether that be the hotel they choose, the spa they visit, the restaurant they choose for dinner, or of course a more traditional show.” One of their hottest new experiences includes The Mayfair Supper Club at Bellagio, which Hamilton says, “defies the typical dinner service with not only live music, but immersive, full-scale productions on stage and throughout the restaurant that make guests feel the show all around them.”

In addition to these new arts and entertainment opportunities is another jackpot for Vegas visitors — a slew of new professional sports options. Kelly Messina, senior director of leisure sales at the LVCVA, explains, “Sports are definitely an asset in promoting travel to Las Vegas, whether visitors are coming here specifically to see a game or adding it to their itinerary. While Las Vegas has a long sports history, until recently it’s been mostly with events (NASCAR, National Finals Rodeo/PBR Built Ford Tough World Finals, NBA Summer League, championship boxing and UFC, etc.) rather than our own pro teams. That has been changing since 2017 with the addition of the Vegas Golden Knights, Las Vegas Aces, Las Vegas Lights FC, and this fall, the Las Vegas Raiders, joining our longtime Triple-A baseball team, the Las Vegas Aviators.”

In addition to the city’s long-beloved assets, these compelling new elements make advisors even more crucial to attracting visitors to the city. In helping clients navigate the sea of options available, advisors can build better trips that inspire visitors to share their fun with others and come back to the city for more.

And, while Las Vegas is an easy sell, it isn’t always an easy destination for clients to book. Messina explains, “People think, ‘you come, you book your room, you automatically have fun,’ but travel advisors are really an ambassador for us that can say, ‘let’s take your trip to the next level.’” How best to do that? It might be as simple as keeping up to date with what is new, what is unique, who is coming to town and when attractions are at their best. “We have the most in-demand musicians, entertainers and residencies,” Messina notes. “That’s something that travel advisors can really keep themselves aware of and learn how to go about getting the best tickets for their client and cutting through the difficulty of getting that front-row seat or hard-to-get sports event ticket. Their clients look to them to provide that expertise that they just can’t get from a website.”

Messina suggests starting by registering with the LVCVA’s Learn and Earn rewards and training program, found at trackmylasvegasbookings.com. Advisors can sign up for free to access sales resources such as online training courses, images, videos and commission listings. They can also track their Las Vegas bookings and earn points to redeem in their online catalog. While there, advisors can sign up for the VegasInsider newsletter to stay informed on the latest happenings and if needed, access the database of contact information for sales managers across the city. Messina also suggests booking a FAM trip to the city. “One of my old colleagues used to say, ‘to see it is to sell it,’” she says. “So coming here to visit the destination is probably the No. 1 thing we would recommend. Once you get here and you are experiencing it firsthand, it opens up your eyes to all the experiences that exist.”

As the city evolves for societal, demographic and technological changes, its potential to inspire a greater pool of visitors grows. Along with the development of the arts, entertainment and sports sectors, other elements, such as outdoor adventuring and family travel, are likely to increase as well. While families are not currently being actively marketed to, Family Travel Association Founder Rainer Jenss suggests that Las Vegas can be a fun and smart getaway for families who want to explore the western national parks such as the Grand Canyon, Death Valley, Bryce Canyon and Zion National Parks, all within a five-hour drive from the city. In between these are other great local recreation areas such as Red Rock Canyon and Lake Mead. “There isn’t one Las Vegas experience, so there isn’t just one Las Vegas visitor,” offers Messina. “The city has something for everyone at various age groups — from people who want to do a quick getaway to people who are doing life events like weddings, anniversaries and bachelor or bachelorette parties.” And, this is something every advisor can bet on.

Originally appeared in the spring 2021 issue of The Compass Magazine.