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Old 09-04-2008, 05:13 PM
Rei Rei started this thread
 
Location: Los Angeles
494 posts, read 1,674,050 times
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I just got back from Vegas last labor day weekend, and I saw lots of people spending their money on entertainment, gambling, food and stuff... I mean lotttttsssssssssss of people. Almost all casinos are crowded and full with people gambling. The tables were full, and these are the ones with $15 min bets.
Today on the news I saw there were 30,000 more jobs shed in the private sector, and stock punged almost 350 points.

I wonder, are we really in a recession?
My checkbook says we are, and I was only in vegas b/c I got a free hotel for 3 nights, and we didn't spend anything at casino.

Who are these people that spent lots of money in vegas..?
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Old 09-04-2008, 05:52 PM
 
5,413 posts, read 10,361,514 times
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Quote:
Originally Posted by Rei View Post

Who are these people that spent lots of money in vegas..?
dunno, but maybe otherwise unemployed?

Might be a clever (if not smart) thing to do with your last say $5000 to $10000 of credit left on your credit cards if you are going under? Go gamble it on long, high return odds?

The house average means that on average you should get a portion of your money back as cash (which is a handy thing if you are going under). Since you will probably not win big, dump the whole mess into bankruptcy.

On the other hand, if you do win big -- it solves all your problems.

Again, not saying that would be a smart thing to do, but it would tend to match much of America's present mindset.

hmmm, Looking back at that scheme -- I think I could be one of George Bush's Top Economic Planners.
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Old 09-04-2008, 06:34 PM
 
Location: Chino, CA
1,458 posts, read 3,061,466 times
Reputation: 555
Quote:
Originally Posted by Rei View Post
I just got back from Vegas last labor day weekend, and I saw lots of people spending their money on entertainment, gambling, food and stuff... I mean lotttttsssssssssss of people. Almost all casinos are crowded and full with people gambling. The tables were full, and these are the ones with $15 min bets.
Today on the news I saw there were 30,000 more jobs shed in the private sector, and stock punged almost 350 points.

I wonder, are we really in a recession?
My checkbook says we are, and I was only in vegas b/c I got a free hotel for 3 nights, and we didn't spend anything at casino.

Who are these people that spent lots of money in vegas..?
Well, my inlaws went to Vegas last weekend, and my parent's have gone at least a half dozen times this year... and my wife and I went a couple weeks ago. I think the major incentives are the free rooms. My parents keep on getting free room invites from the casinos, so it gives them the opportunity to get out of the house (they're retired).

So, if your not spending money on the rooms, then it gives you more opportunity to spend on the tables, food, etc.

All in all though, I don't think Las Vegas has been doing too well lately. From what I've heard on the radio and news, Vegas has been having a hard time filling rooms and have resorted to the free/discounted room and gas incentives to get people out there. Labor day weekend is probably very busy since it's the last three day weekend before school starts for a lot of places.

-chuck22b
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Old 09-04-2008, 07:40 PM
 
Location: North Dakota
71 posts, read 186,839 times
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In Vegas, construction of the [SIZE=2]$4.8-billion Echelon project has been suspended because of credit/economy worries.
[/SIZE]
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Old 09-04-2008, 07:58 PM
 
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economy grew in first quarter by over 3%. Recessions have negative GDP figures
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Old 09-04-2008, 11:32 PM
 
980 posts, read 2,700,851 times
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Check out the stocks of Wynn (WYNN) and Las Vegas Sands (LVS) amongst others to see just how poorly Vegas is holding up. The room rates are being drastically cut to get the crowds there.
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Old 09-05-2008, 07:19 AM
 
Location: Los Angeles Area
3,306 posts, read 3,662,178 times
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This reminds me, I've been meaning to go to Vegas. Should check out the deals. Anyhow, most people still have jobs so its not surprising that there are still a lot of people at Vegas. There are also a lot of tourist and the dollar is still fairly weak.
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Old 09-05-2008, 07:22 AM
 
Location: America
6,993 posts, read 16,059,435 times
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Quote:
Originally Posted by Joe107 View Post
economy grew in first quarter by over 3%. Recessions have negative GDP figures
U.S. first quarter GDP was 1.3% growth link

You are speaking of third quarter GDP growth which was largely due in part to the stimulus checks everyone received. Can we maintain growth like that without those checks? We shall soon see.

Also a recession is

Quote:
A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. A recession begins just after the economy reaches a peak of activity and ends as the economy reaches its trough. Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades.
link
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Old 09-05-2008, 09:21 AM
 
673 posts, read 2,552,638 times
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I use Bestbuy as my economic benchmark. :-) The parking lot is full. But it is also in Austin.
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Old 09-05-2008, 09:53 AM
 
Location: Great State of Texas
86,068 posts, read 76,940,696 times
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Quote:
Originally Posted by aaauger View Post
I use Bestbuy as my economic benchmark. :-) The parking lot is full. But it is also in Austin.
I'm also in the Austin area and life goes on like there's no problem. I do find it strange though because the credit/banking problems are national, not regional.

Recession/inflation/gas prices don't stop at state boundaries although I'll bet you can find plenty of folks in Texas that will disagree with that statement.
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