[Wolfpacker]

Can and when do you see Vegas coming back in terms of its economy? What does it need to do and how can it do it?

[Buzz123]

Originally Posted by Wolfpacker

Can and when do you see Vegas coming back in terms of its economy? What does it need to do and how can it do it?

I thought it would have rebounded already, but the whole world is in trouble, so it'll be awhile. Not the 20 years some are predicting probably. Depends on the rest of the country though. I hate to get into politics, but even if the Democrats run somebody else, Osama O'Bama has got to be a one term prez.

Economy is the production, distribution, and consumption of goods and services ...products ...with the emphasis on production. Prices have to come down, which means oil has to come down since we have an oil based economy. If prices come down, people will spend, if people spend, other people will have to produce ..which means jobs. Doesn't matter what your product is as long as it is needed and wanted. Find that out and you'll have a job. At least until they no longer want it, or some banker causes a condition where nobody can afford it again.

My thoughts for the day.

[BBMW]

Vegas will rebound when the rest of the national economy picks up, and more people have the cash to come to Vegas to gamble and party. Not before then.

And I don't see the Vegas economy diversifying much.

[dynimagelv]

I personally dont understand this "diversify" crap...n DEETroit you have what....3 manufacturers making 6 differant car types. In las vegas there are 50 differant casinos offering 50 differant gambling experiences....we ARE diversifyed.


WE DO what WE do, better then ANY OTHER PLACE in the ENTIRE WORLD....bar NONE.

[unf0rgiven6262]

Originally Posted by dynimagelv

I personally dont understand this "diversify" crap...n DEETroit you have what....3 manufacturers making 6 differant car types. In las vegas there are 50 differant casinos offering 50 differant gambling experiences....we ARE diversifyed.


WE DO what WE do, better then ANY OTHER PLACE in the ENTIRE WORLD....bar NONE.

I agree but so long as we're completely dependent on gambling as our main industry, we're like a log rising and falling in the ocean with the economy of the country. Diversifying would at least help the city get more of a stable foundation so our highs and lows aren't so dramatic.

[macgeek]

I heard a rumor that the Las Vegas Paiute Tribe is planning on opening up a indian casino, And we all know a Casino is good for business (more jobs for locals, etc) so after that is done, I think our worries are OVER

Jonathan

[pocketaces74]

I don't think the Las Vegas business model will EVER rebound to the point it was, and here's why:

It's heavily geared upon Tourism and Construction. One feeds the need for the other, in return feeds a growth in the former. For years this has worked because Las Vegas is the gambling mecca of North America. And guess what? Indian Casinos, States across the country legalizing gambling, and believe it or not, Atlantic City - are all pulling people into the same amenities and attractions, for less money. Las Vegas has decided to go upscale, and while that's an excellent move for the clientele they want to attract, it pushes out a LOT of people who can no longer afford to come there. Las Vegas needs these people and their money. It's this money that builds new casinos and attractions.

Las Vegas is like a giant amusement park. People need to keep coming and spending money, so the park can keep building new rides, so the people can keep coming and spending money, etc....


Not only that, but you've got the housing market issue. How many thousands of vacant houses out there right now?

With the slowed population growth in Las Vegas, these houses are going to take quite a while to fill up. Especially consider that the foreclosure rate is still rather high, and you're looking at an extremely small net gain in houses getting people in them, year over year. So there is practically ZERO demand for new houses. Which in turn, greatly decreases the demand for shopping centers, new roads, infrastructure, etc....

There's a link I posted in another thread around here that projects economic recovery for over 100 metro areas in the country based upon their current situation and how their immediate outlook can be forecast - and Las Vegas, along with most of California, Florida, and other places around the country, isn't expected the return to its' regular workforce size until 2016 or later.

[pocketaces74]

Originally Posted by macgeek

I heard a rumor that the Las Vegas Paiute Tribe is planning on opening up a indian casino, And we all know a Casino is good for business (more jobs for locals, etc) so after that is done, I think our worries are OVER

Jonathan

Indian Casinos are good business for the reservation. That's about it...

[MSchu]

without a large manufacturing base, vegas will always be susceptible to fluctuations in tourism... even though visitation is up, who knows how long it will stay there.

[cecnj]

Originally Posted by dynimagelv

I personally dont understand this "diversify" crap...n DEETroit you have what....3 manufacturers making 6 differant car types. In las vegas there are 50 differant casinos offering 50 differant gambling experiences....we ARE diversifyed.


WE DO what WE do, better then ANY OTHER PLACE in the ENTIRE WORLD....bar NONE.

I see "50 different gambling experiences" to still be one industry, not diversification. Taking advantage of the abundant wind and solar potential in the LV area would be true diversification---entering an industry not part and parcel of gaming. Well....unless one bets on energy futures. Part of the Detroit crisis might be due to the fact that car manufacturing was it for decades, no diversification in terms of industry at all.