Competition forces Treasure Island to shut down poker room

Treasure Island Casino confirmed that its poker room is now permanently closed. The modest seven-table poker room hosted $1/$2 no-limit Hold’em cash games as well as sporadic sub $100 buy-in tournaments.

At the end of August, the Treasure Island management announced that it was going to shut down its poker room because it wasn’t generating enough revenue and wasn’t able to compete with the other Las Vegas poker behemoths.

Treasure Island was the brainchild of Steve Wynn, who later sold it to billionaire businessman and poker high-roller Phil Ruffin in 2008. Treasure Island Casino housed one of the smaller Las Vegas poker rooms. The Sin City poker scene is extremely competitive; with poker rooms like Bellagio, Aria, Wynn, Mirage and Venetian dwarfing Treasure Island and other small poker establishments.

Fifth Vegas poker room closure since 2012

This is the fifth Las Vegas poker room to close shop since 2012. Other casinos which shut down operations were Luxor, Tropicana, Hooters, Hard Rock, Monte Carlo, Suncoast, M Resort and Silverton Casinos. They were all relatively similar in size to TI’s poker room and weren’t able to attract players with big tournament cash prizes, high-stakes games, or regular running cash tables.

The old adage “action pulls action” still holds true. However, there are still a few small Las Vegas poker rooms which have managed to continue operations like Harrah’s, Flamingo and Excalibur!

The above statements might make it sound like poker is on a downfall in Las Vegas. However, it couldn’t be further from the truth. Las Vegas has a thriving poker industry, which is evident from the fact that casinos raked in over $120 million in a 12-month period until July 2018. That’s a decent spike of 2.1 percent on year-over-year earnings.

Poker still generating revenue in Las Vegas

As per reports, even though the number of Las Vegas poker rooms has decreased over the years, the average poker table is generating more revenue than before. In 2010, the average poker table generated around $147,000 per year. In 2017, the average increased to $193,000. That’s an increase of roughly 30 percent which clearly suggests that poker players are running towards action in bigger poker rooms rather than quitting the sport.