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Old 10-04-2010, 09:53 AM
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LAS VEGAS There are many cities across the country that are beginning to see the first glimpses of the end of the recession. This is not one of them.

Here we go again.
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Old 10-04-2010, 10:26 AM
Location: Beautiful Upstate NY!
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But, [Mayor Oscar B. Goodman] added: “Our daily room rate average is not what it was. Our hotel room rates are bargains now. People aren’t spending on gambling as they have in the past. Ordinarily Las Vegas was the last to go into a recession and the first to come out. This one is different. As soon as they feel secure in their financial position, then Las Vegas will come back stronger than ever.”

Goodman seems to banking on the fact that once the economy is strong again, things will go back to Vegas normal. I disagree...this recession is a defining moment for the most current generation of consumers, as well as past generations. People have become very aware of debt and the dangers of carrying big amounts of it. Prior to this recession, the feeling was to put things on credit and pay later. Now, people are questioning where the money will come from, if later brings no job.

"Back to normal" is a misnomer. If anything...the 1980's+ economy has been totally abnormal...and I don't think we (as a society) are going back to that. Unfortunately, today's Vegas was built on that economy and is dependent on that economic model to survive. Las Vegas is going to have to reinvent itself in order to survive. And that reinvention will probably include steps backward and scaledowns.

The future of Las Vegas...is its past.
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Old 10-04-2010, 10:37 AM
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I get a little concerned with the hyperbole from both the Pollyanna's and the Eeyores combined.

It's just not sexy to say, "Vegas will be as stable as ever. We'll finish what we started, attract sustainable growth and enhance our core industries."

I would really like to hear that, though.
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Old 10-04-2010, 10:40 AM
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Your right JFK, Vegas will need to re-invent something. Back in the 80's, the casino was re-invented into a resort which helped draw people in. Companies need to compete more than ever for the consumer dollar. It's sad that many of these casinos didn't save some of that money for a "rainy day".
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Old 10-04-2010, 11:02 AM
Location: Beautiful Upstate NY!
13,819 posts, read 25,179,567 times
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What is worrisome now is the nature of this economic downturn, when many people saw the value of their retirement funds or homes collapse. Economists say people are less likely to gamble as freely as they have in the past, particularly baby boomers, who may now be rattled about their retirement years. In one sign of this, while there were more people coming to Las Vegas in recent months, gambling receipts have remained stagnant.

It's about the gambling dollar. Without it, the high-class entertainment, the world-class restaurants, the exciting clubs, the volcanos, the pirate ships and the dancing fountains are not self-sustaining. Las Vegas has always done the theatrical implosions of the old landmarks...and is now in danger of imploding itself.

Gambling by Nevadans — itself a steady and critical stream of revenue — has also fallen off as a result of high unemployment, and analysts see no obvious way to turn that around anytime soon.

Even the local gambling...by residents who love the fact that they have this entertainment within easy access, and the world-class eating surrounding them, are no longer contibuting to the pool (i.e., gambling) that makes it and the city workings all possible. And this all has a trickle down affect to every corner of the city.
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Old 10-04-2010, 11:54 AM
Location: North Las Vegas
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I am not throwing gasoline on the fire, but there has to be some diversification or Vegas it going to continue to suffer. There will be no additional jobs in Vegas if we keep relying on the casino business. Jobs have to happen in other states for tourists to come here and spend more money instead of coming on the cheap. And that's not going to happen for a while as well so we need to do something other than gaming. But what business's want to move in this economic climate most of them are shipping jobs over sea's argh!!!

Here is a break down on what our large casino's are doing to keep viable now and in the future. As a potential buyer this is important since it's gaming that pays most of the taxes and furnishes most of the jobs for in and around Las Vegas. With out these casino's Vegas and it's surrounding area's could be a different place in the future good or bad.

Array of economic variables paints uncertain picture of gaming's health

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Old 10-04-2010, 02:22 PM
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The truth hurts.
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Old 10-04-2010, 03:53 PM
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The fact of the matter is that Las Vegas' unemployment is only minimally higher than Los Angeles, and is in fact much better than MANY places in California. And while gambling revenues falling may make headlines, the Gross State Product fell by six tenths of one percent from 2008 to 2009 (and is projected to rise by 4.2% per annum over the next 5 years). Nevada also has A LOT of leeway to help itself going forward, because its state credit rating is so high (Forbes rank it as #7 out of 50).

Let's just bring this back to a little bit of reality here. The situation is not good at the moment, but its by no means some deep, dark abyss. The story in states like California, New York, and Illinois is far worse.
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