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Old 02-11-2009, 10:43 AM
 
289 posts, read 939,760 times
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LAS VEGAS TOURISM: Drop in visitors accelerated toward end of 2008

4.4 percent decline fueled by December dip

The number of people who visited Las Vegas fell 4.4 percent to 37.5 million in 2008.

And now for the bad news. The decline accelerated toward the end of the year, paced by a 14.2 percent dip in December to 2.7 million.

Ten of 12 months in 2008 showed declines. People who track the numbers say falling home prices and rising fuel costs contributed to the declines early in the year. More recently, massive layoffs and other frightening economic news cut further into the number of people willing to pay up for a trip to Las Vegas.

"It has been decades since we've seen all these things happening at once," research director Kevin Bagger told the Las Vegas Convention and Visitors Authority board of directors on Tuesday when he presented the numbers. "They all reflect the impact of the economy. We saw challenges in every sector."


full article:
ReviewJournal.com - Business - LAS VEGAS TOURISM: Drop in visitors accelerated toward end of 2008
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Old 02-11-2009, 01:02 PM
 
Location: Alaska & Florida
1,629 posts, read 4,858,827 times
Reputation: 828
As I was reading, I was thinking...oh 4.4% what's the big deal...then I saw the 14.2% lol. I still have faith in Vegas, give it until 2011-2012 and it will be hopping again.
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Old 02-11-2009, 03:13 PM
 
Location: 89113
100 posts, read 284,318 times
Reputation: 45
Yeah the economy is bad, old news. Time to move on. Search next time.
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Old 02-12-2009, 12:54 AM
 
391 posts, read 1,602,822 times
Reputation: 143
This is going to be a tough year. Maybe tougher than last year. Hard to say what will happen.

I do think the economy will turn in the second half of the year, but will it come roaring back or just muddle along? I think the latter.

But that's the economy. Probably one of the first things people will do when they start to feel more secure about their job and finances is go to Vegas to blow out all that pent-up anxiety.

Problem is that if the recovery is muted, there is a lot of capacity poised to come on in the next year or so. That means even if we stabilize or start to uptick slowly that things can still be rough because of all the excess capacity.

CityCenter is a huge problem in that regard. You don't have the demand to support it, and MGM basically loaded up on it. So, owning roughly half the strip, that means MGM is going to have to layoff more people and preferably unload some properties if they are to stave off bankruptcy. That is probably a good thing, ultimately, for the Strip to have a more diversified base of ownership. Problem is, will anyone have the money to buy some properties? And therein lays the problem.
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