The poker room at the TI Treasure Island Casino in Nevada has closed, indicating a loss of some of its ‘treasure’.
The poker room at Treasure Island, which ran seven tables for spread no-limit hold’em, limit hold’em, and mixed games, was forced to shut down on August 28th due to its inability to stay competitive, according to USPoker.
“TI is indeed shuttering its poker room,” the company confirmed in a Tuesday statement, citing its limited size and inability to compete with larger poker rooms on the Strip as the cause. The poker section has already been removed from the company’s website.
CardPlayer reported that up to two years ago, the casino was planning a subscription-based poker site for real-money online poker.
The Nevada Gaming Control Board reported that the closure results in 17 poker rooms on the Strip and a total of 63 rooms across the state. KTNV’s 2017 report found that 22 poker rooms in Las Vegas had shut down over the previous six years.
In 2012, the poker room at Treasure Island underwent a renovation and was relocated within the casino. However, CardsChat reports that during peak hours, the venue may only host two to three low-stakes games. This is in stark contrast to competitor casinos like the Venetian or Bellagio, which could simultaneously run up to 12 games.
Small Las Vegas poker rooms feel the bust after the boom
Recently closed poker rooms include:
- Pals
- El Cortez
- The Linq
- Texas Station
- Circus Circus
- Tropicana
- Plaza
- Hard Rock
- Monte Carlo
- Luxor, which closed in June 2017.
This trend primarily impacts smaller rooms in less popular casinos like Westgate and O’Shea’s. A notable instance occurred in 2012 when the poker room at Palms unexpectedly closed.
The Chicago Tribune was informed by David Schwartz, the director of the Center for Gaming Research at the University of Nevada, Las Vegas:
Casinos increased the number of tables due to increasing popularity and later reduced them when the popularity declined.
The Tribune reported a 25% decrease in the number of tables on the Las Vegas Strip compared to 11 years ago, at the beginning of the poker boom.
According to CardsChat, the average income for poker rooms in Nevada was $147,000 in 2010. By 2017, this figure had risen to $193,000.
Las Vegas gaming comparisons across the boom
Here are some yearly Strip numbers:
2002
- Tables: 144
- Profit: $30M
2007
- Tables: 405
- Profit: $97M
2016
- Tables: 320
- Profit: $78M
In 2007, casinos across the state had 907 tables and made $168 million. However, by 2016, the number of tables had decreased to 661 and earnings had dropped to $118 million.
A changing landscape
Other factors, such as the 2011 Black Friday when the federal government altered its stance on online poker, also contributed to the decline.
Decisions regarding space allocation must be made by casino officials to enhance revenue. Applied Analysis, a research firm based in Las Vegas, discovered that gaming is progressively contributing less to this revenue. This is due to Las Vegas casinos evolving into full-service resorts, offering a range of attractive amenities.
Offerings include:
- Nightclub, bars and lounges
- Retail
- Restaurants
- Spas
- Entertainment
Seth Palansky, the tournament spokesperson for the World Series of Poker, stated that the current revenue per square foot is higher. He pointed out that even Caesars Palace reduced the size of its poker room by two-thirds in 2015 and relocated it to a new area.
“Recognizing that the room was excessively large, we realized its potential for profitability,” Palansky explained to the Chicago Tribune. “In today’s market, a nightclub-dayclub yields a higher income per square foot compared to a poker table.”
