Planet Hollywood Casino Gambles On Britney Spears
Las Vegas has undergone massive changes in the last few years. While known as a global gambling city the current reality is that Las Vegas is having to rely more on entertainment dollars than casino dollars in the last few years. The figures tell the story with about 40 million visitors recorded in 2012. This is more than the record of 2007 which was before the major recession hit. The worrying figure in this equation is the fact that revenue was down 13.6% last year compared to 2006. In a nutshell this is the challenge for casinos as more and more people visit Las Vegas but choose to spend less dollars on gambling.Las Vegas has undergone a transition phase from a gambling den to a family destination and now the ultimate party stop foe young revelers which include the hub of the Electronic Dance Music craze.
In an effort to attract more of this young audience and hopefully lure them back to casinos, many top resorts are laying out vast amounts of cash to do this. A good example of this is the Planet Hollywood resort and casino on the Vegas Strip. They have just announced their multi-million dollar deal with Britney Spears which will see her star at the resort for two years in a live stage performance.
Planet Hollywood which is owned by the Caesars Group is laying out over $30 million to Spears alone besides the massive investment in renovating the 4,600 capacity theater that will house the spectacle. Head of Entertainment for the Caesar Group, Kurt Melien confirmed their aspirations of attracting the younger customer which is seen as the target audience for casinos ,” We’ve designed this theater to create a different experience that attracts a younger customer.”
Whether this type of experiment will succeed in attracting young party goers to Vegas for entertainment purposes only or perhaps will also succeed in converting this target group to actual gamblers remains to be seen. What is certain is that casino operators will have to take more chances and gamble on other areas to supplement their casino revenues.