As the following chart shows, the year-over-year changes in win per visitor and total visitation tracked each other pretty closely until to the boom years in the middle of the decade. No doubt fueled by the positive wealth effect of skyrocketing housing prices, customers spent like drunk sailors not only in the casino but on room, food & beverage, retail, and entertainment. The planes and rooms were already full, so casinos jacked up room rates, table betting minimums, ticket prices etc, and they tightened the slot odds. All of this contributed to inflated spend per visitor.
We’ve got a long way to go before this bubble completely deflates. It’s payback time for the consumer.