Vegas feels the Recession bite
3rd March, 2009
Las Vegas's flashing bright lights may still be shining amidst the current economic crisis, however the city is already feeling the full effect of the global recession.
In the past, Vegas has been largely recession proof with casinos continuing to attract decent numbers of visitors and players. In spite of this many, of the 'super sized' gaming firms which operate in Vegas, may soon regret borrowing and spending such huge amounts of cash in recent years.
Reports by economists and gaming industry experts have revealed how visitor numbers have dramatically fallen at casinos and consumer spending has also seen a significant cut back. The number of Las Vegas visitors dropped 10% in November 2008 and, partly as a result, casinos profits fell by a huge 57%.
Rob Stillwell, Vice president of corporate communications for Boyd Gaming Corp, said "By Las Vegas standards, the number of projects scheduled to open is much less than what it was just a couple years ago, so what you are seeing is the Las Vegas development timeline move to a more realistic pattern."
There are several new projects which will soon be opening in the city and this will undoubtedly attract large numbers of visitors, yet as the recession deepens fewer will see Las Vegas as a viable holiday destination.
The growth and development of online casinos has also damaged Vegas casino profits, as players who simply want to play the games are increasingly opting to use internet sites. Playing is online often cheaper, easily accessible and has similar jackpots or pots.
By Jamie
