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Old 07-10-2008, 12:28 PM
 
149 posts, read 346,889 times
Reputation: 72

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Precipitous drop in gambling revenue guts casino stocks - MarketWatch

Statewide, gambling revenue in May slumped an eye-popping 15.2%, with table games down 15.7% and slots off 15.1%. Things were even worse on the Las Vegas Strip, where total gambling revenue fell 16.4% -- the largest decline yet in 2008, and one that is at an increasing rate as quarter-to-date revenues for the Strip are off 9%.

"The decline in Strip revenues is worse than the period immediately following Sept. 11, 2001 and except for January 2002 is the worst monthly performance in more than 10 years," wrote Robin Farley of UBS in a note. "The weakness in gaming revenues was not confined exclusively to the Strip as the Las Vegas locals market declined 19.5% in May, bringing year to date revenues down 8.7%."
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Old 07-10-2008, 06:30 PM
 
37 posts, read 79,055 times
Reputation: 26
Quote:
Originally Posted by bumpercar View Post
Precipitous drop in gambling revenue guts casino stocks - MarketWatch

Statewide, gambling revenue in May slumped an eye-popping 15.2%, with table games down 15.7% and slots off 15.1%. Things were even worse on the Las Vegas Strip, where total gambling revenue fell 16.4% -- the largest decline yet in 2008, and one that is at an increasing rate as quarter-to-date revenues for the Strip are off 9%.

"The decline in Strip revenues is worse than the period immediately following Sept. 11, 2001 and except for January 2002 is the worst monthly performance in more than 10 years," wrote Robin Farley of UBS in a note. "The weakness in gaming revenues was not confined exclusively to the Strip as the Las Vegas locals market declined 19.5% in May, bringing year to date revenues down 8.7%."
As soon as the economy turned people decided to stay closer to home to get their gaming on. This place is no bargain anymore. Why bother.
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Old 07-10-2008, 09:23 PM
 
375 posts, read 609,364 times
Reputation: 576
Quote:
Originally Posted by CuriousMike View Post
As soon as the economy turned people decided to stay closer to home to get their gaming on. This place is no bargain anymore. Why bother.
Additionally - California renegotiated their contract with the Indian Gaming Nations. They received permission to add an additional 17,000 gaming machines.
We'd better start running a lot more bus trips from LA to Las Vegas. Make it real cheap to come here or they'll be pulling the handle in California
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Old 07-11-2008, 12:43 PM
 
47 posts, read 92,988 times
Reputation: 20
While not directly related to Vegas Real Estate market. Below is a link to a WSJ article about Fannie Mae/Freddie Mac and their sinking stock price.

From the article:

"The companies are a key component of the U.S. housing market and guarantee about $5 trillion in mortgage debt."

"As of Thursday's close, both stocks were down more than 80% from a year ago and at their lowest closing levels in more than 16 years."

Fannie Mae, Freddie Mac Face More Pressure as Stocks Swoon - WSJ.com
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Old 07-11-2008, 05:50 PM
 
Location: Las Vegas, NV
2,990 posts, read 8,712,096 times
Reputation: 1516
Quote:
Originally Posted by dmilll View Post
While not directly related to Vegas Real Estate market. Below is a link to a WSJ article about Fannie Mae/Freddie Mac and their sinking stock price.

From the article:

"The companies are a key component of the U.S. housing market and guarantee about $5 trillion in mortgage debt."

"As of Thursday's close, both stocks were down more than 80% from a year ago and at their lowest closing levels in more than 16 years."

Fannie Mae, Freddie Mac Face More Pressure as Stocks Swoon - WSJ.com



I think this is something we all have to worry about, those numbers are scary. It will affect everyone.
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Old 07-11-2008, 06:57 PM
 
Location: Houston, Texas
10,447 posts, read 49,655,984 times
Reputation: 10615
Quote:
Originally Posted by AAPoolServiceLV View Post
I think this is something we all have to worry about, those numbers are scary. It will affect everyone.
You sure got that right. It has already affected so many of our fellow Americans. Yet those who have not felt the effect of this deep recession yet stand tall and brag that there is no problem.

This strikes an anger cord in those who are struggling. At least we all here are eating and have a place to live and pay our internet fee. Many have lost those basic things we all take for granted.
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Old 07-12-2008, 09:22 AM
 
149 posts, read 346,889 times
Reputation: 72
Default Barrons: This Real-Estate Rout May Be Short-Lived

...
Still other numbers suggest prices are close to bottoming. The S&P/Case-Shiller Index for April, released just last month, showed the biggest year-over-year price decline yet, of 15.3%. Buried in the numbers, however, and widely ignored in the media, was the news that home prices actually rose, albeit slightly, between March and April, in eight of the 20 markets covered by the index (Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Portland, Ore., and Seattle). This was in sharp contrast to the readings for March, which showed prices falling in 18 of the 20 surveyed markets. Also, the pace of monthly price declines is starting to slow in most of the markets with negative readings.

Bottom's Up: This Real-Estate Rout May Be Short-Lived - Barrons.com
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Old 07-12-2008, 09:23 AM
 
1,755 posts, read 5,332,359 times
Reputation: 241
Only ONE LV real estate broker? ReviewJournal.com - Business - Five plead guilty for roles in mortgage fraud that brought $17 million in losses
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Old 07-12-2008, 10:07 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 38,200,574 times
Reputation: 2661
Sorry? Only one of the five was an RE Agent.
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Old 07-12-2008, 10:09 AM
 
Location: Houston, Texas
10,447 posts, read 49,655,984 times
Reputation: 10615
They should hang them all. But ya know what? I have no confidence they will see the inside of a jail cell. It's a rare day when white collar crime is punished, especially in this town.
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