Guess which city's revenue has gone down due to recession??

http://www.newsweek.com/id/135638

Down on Its Luck

Las Vegas used to be a recession-proof oasis. Not anymore.





On the third weekend of every April, Emily Ann Frankston and her family—spread out over five states—meet up in Las Vegas for their annual family vacation. This year was different. The only ones to show up were Frankston, her husband and her brother-in-law, and they stayed just two nights instead of the traditional three. "My two sisters back east said airfares were too high, my mother-in-law lost her job in January, and some of the others said they were busy, but we think they didn't want to spend the money," says Frankston, 37, who drove in from the Phoenix area. "We've done this for the past nine years. Even after 9/11 we all came. But this year's it's just us. This recession is really hurting everyone."

It's even hurting the city of Las Vegas, the economy of which was once thought to be impervious to the economic swings suffered by the rest of the country. Not anymore. According to the Las Vegas Convention and Visitors Authority (LVCVA), Las Vegas has seen gambling revenues fall only once since 1970: in the aftermath of the Sept. 11 terror attacks they dropped 1 percent in 2002 from 2001. So far this year they've fallen 4 percent, the number of conventions held has dropped 10.4 percent, and average daily room rates were off 3.8 percent in the first two months of 2008, according to the most recent data available. Visitor volume was up 1.2 percent through February, but market analysts say that's because of the extra day provided by this being a leap year; March's figures will likely put the year-to-date numbers in negative territory. The stock price of MGM Mirage, owner of Bellagio, Mirage and eight other Strip resorts, has halved, from $100.50 in October to about $49 on Friday. In recent weeks the company eliminated 440 middle management jobs to save $75 million annually. "We made a structural change in our company to become more efficient and provide the same level of service, but we did have to advance that effort because we were also seeing a softening in the marketplace," says MGM Mirage spokesman Alan Feldman.


Yes, Las Vegas...aren't you feeling sad for this city?

This recession is so deep that all industries, (except crime and repair) will be negatively affected. All. In addition, all cities will be hurt too. Everyone except the super rich.
Las Vegas has been a great story of growth for so long, that this city thinks it cannot be hurt by economic downturn. It will probably be hurt the most.

please don't put that looooong horizontal line at the bottom of the post. It forces the width of the post to go way beyod the width of my screen and it forces me to have to scroll left and right, left and right, et.c, etc. while I'm reading the post.

Thanks a bunch. :)

Thought this computer just was feeling large tonight

or the fuckwits who come here more than about once every two or three years.

As for MGM Mirage, those fuckers can burn in Hell. :grr:

Could you correct the spelling error in your subject line?

of control.

That's one thing the Language Police desperately need to crack down on.

The spelling police got me again..Not likely to happen any more.

busy at local Democratic hdqtrs getting ready for tomorrow's election.

:shrug:

Many major tourist destinations are taking major hits right now...and this summer could be a real killer. Not only is the rising cost of oil, food and the declining dollar making it cost prohibitive to travel anywhere but inside the U.S. (for those able to get away), but many are being spooked away from air travel due to soaring costs, repressive security and poor service. Destinations that rely on airlines are gonna feel the pinch the worst as people will opt for a vacation closer to home.

Usually, gambling goes up during tough times...people hoping to hit it big...and unfortunately the biggest "rollers" are those who can least afford to be rollin'. Do I feel sorry for casinos and resorts not making money? Not really...but I do feel bad for those whose livelyhoods rely on this industry...the many small merchants and employees who will get hit first and the hardest.