Outlook in Vegas Bleak

Las Vegas, usually a bustling area around the holidays, has realized that even it isn’t immune to the recent economic downturn. Their profits are down over 25% this quarter compared to last year, and companies have had to cancel numerous building projects on the Strip because of the poor economy. With a recession that is likely to last deep into 2009, refuge for the casinos is nowhere in sight.

Early reports state that the lost profits are the result of Vegas becoming a more plush, high class destination. In the past players could get cheap rooms and play low stakes all they wanted, but the Vegas of today is all about enormous suites, high stakes gambling, and expensive night clubs and restaurants. Although the high rollers are still coming, average people can no longer afford a vacation to Vegas.

This quarter, average room costs have dropped 14.3% as casinos try to encourage gamblers to return, but it’s still not enough. Gamblers feel like Vegas has lost touch with the average player, as they only cater to high rollers. However, everyone agrees that the market is not even close to 100% highrollers, so if the casinos on the Strip want to see their profits back where they used to be, they’ll have to remember the little guy.

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Las Vegas, usually a bustling area around the holidays, has realized that even it isn’t immune...