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Old 11-25-2008, 12:04 AM
 
289 posts, read 939,976 times
Reputation: 85

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September brings fewer visitors to Las Vegas

13 November 2008

By Benjamin Spillman\Las Vegas Gaming Wire

LAS VEGAS, Nevada -- The number of people who visited Las Vegas in September fell 10.1 percent to 2.9 million, a jarring drop for a community that's already in the throes of a deepening recession.

The decline occurred despite a 21 percent drop in the average daily room rate to $112 and falling oil prices, conditions that typically make Las Vegas vacations more appealing.

It suggests fallout from the real estate market crash and subsequent credit crisis is finally coming to rest on the shoulders of a community that was addicted as any to the easy cash of bygone boom times.



I hate to see the numbers for October and November. Yikes. Another snippet from the article has implications for us all:


"We are going to learn as a state what a bad idea it is to be so overly reliant as a state on gaming revenues," he said. "When that pipeline isn't being filled and, in fact, revenues are falling off we are going to feel it in a really, really serious way."


full article:
September brings fewer visitors to Las Vegas
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Old 11-25-2008, 12:31 AM
 
595 posts, read 2,100,922 times
Reputation: 179
112 per night? Maybe they should try 12 per night, like Laughlin.
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Old 11-25-2008, 12:33 AM
 
Location: Home!
8,710 posts, read 10,407,502 times
Reputation: 8512
Yes.

I can't believe the sun came up today.
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Old 11-25-2008, 12:39 AM
 
Location: Jersey City, NJ
638 posts, read 1,957,929 times
Reputation: 428
We had another meeting just today regarding a wave of lay-offs at my office. Luckily, we are safe through the holidays, but they will cut staff in January. They won't tell us who is on the block so everyone in the office is acting weird now.

I'm not as worried about losing my job as I used to be. I know now that it is out of my control. The real crisis is that given my career and the nature of the work I do, I will likely have to move out of the valley to continue on in my field as the industry is beginning to tank here.

What I am worried about is that things will be difficult because I don't think I will be able to sell my house without taking a loss. It's gonna put me in a catch 22. I'm too proud to walk away from it, so I'll likely have to get two jobs to swing the mortgage and hold onto a house I'm upside down on. BUT if I find a wonderful job in another city, it might be better in the long run to just deal with taking a loss. Hopefully, my home is worth more than I think it is, but all I keep hearing is that prices are still falling, falling, falling.

Whats happening right now really blows. Everyday I go into work and cant believe how quiet it is. This is usually our slammin time of year. I think to myself "how long can this go on?" I pray this turns around. Right now, I feel lucky to still have a job at all. And I am especially thankful to know I will at least have two more months before there is a possibility of being let go. Just one of thousands in the valley facing the same thing.

Last edited by MR77; 11-25-2008 at 12:58 AM.. Reason: error
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Old 11-25-2008, 09:36 AM
 
Location: Beautiful Upstate NY!
13,819 posts, read 25,185,719 times
Reputation: 7615
I just can't help thinking how prepared The Amish are for this economic situation.
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Old 11-25-2008, 09:41 AM
 
150 posts, read 578,549 times
Reputation: 99
In 1984 the US unemployement rate was almost 11%.

9% is 1976.

Maybe everyone forgot the past I guess.

This too will pass.
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Old 11-25-2008, 10:07 AM
 
169 posts, read 966,936 times
Reputation: 140
Thats very comforting VegasResident.....I look forward to going back to work next year, I have great hopes that things will have stabilized a little by then. You know what would just make things a little better! Another tax credit for the people......LOL I could use a little money right now

And if all else fails.........Maybe we can go join the Amish Community!
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Old 11-25-2008, 10:14 AM
 
Location: Kingman AZ
15,371 posts, read 34,674,812 times
Reputation: 9017
I cant fit in one a those lil buggies..............
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Old 11-25-2008, 12:47 PM
 
289 posts, read 939,976 times
Reputation: 85
Quote:
Originally Posted by VegasResident View Post
In 1984 the US unemployement rate was almost 11%.

9% is 1976.

Maybe everyone forgot the past I guess.

This too will pass.

Uh, you think somehow current unemployment won't get worse?

This mess is just getting started. Come back in 6-8 months and let's see what the unemployment numbers are.

And if you want to talk about the past, there were more social programs available to cushion the blow back then, America had a stronger fundamental economy (i.e. we actually MADE things), outsourcing hadn't been invented, health insurance wasn't so expensive, consumer debt was nowhere near as high as it is today, and the savings rate was higher so people had more money to fall back on.

Sure, "this too will pass" but that's an awfully simplistic thing to say when you aren't the one losing your house, your job, your health insurance.

Get a clue VegasResident.
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Old 11-25-2008, 01:24 PM
 
1,375 posts, read 2,845,835 times
Reputation: 886
I know the statistics but I do not believe I have really ever lived through times this difficult. MR77, I understand and relate. All I can say is, you will survive. Our house has been for sale for 5 years now and even though it is now reduced so we have absolutely zip profit, we still only have about 2 lookers per year. How far can one reduce to sell....to the point they come to the closing table with thousands of dollars? I thought I had our financial future figured out pretty good. My husband, even though of retirement age, was going to work one more year. Start of this year, he lost the job. Five months without work, he found another one that lasted 5 weeks before layoff. Try to find a job, any job, when they see you coming and you are in your 60's. Every job is suddenly filled. Try to live on s.s. when you still have a mortgage going and your house won't sell. The housing costs take 80% of our s.s. check. Can't afford to take Medicare and debit our meager checks further so we have no medical coverage. And then last but least, my husband now has colon cancer which has appeared to have spread to his liver.

It can be done. Just hang in there because I really believe tomorrow will be better.
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