U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-04-2010, 09:53 AM
 
4,891 posts, read 9,303,982 times
Reputation: 8392

Advertisements

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.
Reply With Quote Quick reply to this message

 
Old 10-04-2010, 10:26 AM
 
Location: Beautiful Upstate NY!
13,819 posts, read 25,179,567 times
Reputation: 7615
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.
Reply With Quote Quick reply to this message
 
Old 10-04-2010, 10:37 AM
 
2,038 posts, read 3,744,083 times
Reputation: 3180
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.
Reply With Quote Quick reply to this message
 
Old 10-04-2010, 10:40 AM
 
36 posts, read 55,558 times
Reputation: 40
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".
Reply With Quote Quick reply to this message
 
Old 10-04-2010, 11:02 AM
 
Location: Beautiful Upstate NY!
13,819 posts, read 25,179,567 times
Reputation: 7615
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.
Reply With Quote Quick reply to this message
 
Old 10-04-2010, 11:54 AM
 
Location: North Las Vegas
1,631 posts, read 3,476,107 times
Reputation: 749
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

Reply With Quote Quick reply to this message
 
Old 10-04-2010, 02:22 PM
 
2,038 posts, read 3,744,083 times
Reputation: 3180
The truth hurts.
Reply With Quote Quick reply to this message
 
Old 10-04-2010, 03:53 PM
 
10 posts, read 29,791 times
Reputation: 13
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top