MarketWatch: Vegas Going Bust

Vegas slump getting wider, deeper
Gambling revenue and visits plunge despite deep discounting

By William Spain, MarketWatch


CHICAGO (MarketWatch) -- The economic meltdown is continuing to batter the casino industry, with the two largest U.S. markets -- Las Vegas and Atlantic City, N.J. -- posting sharp declines in gambling revenue.

On the Las Vegas Strip, the overall take fell 23% to $474 million in December, according to the Nevada Gaming Control Board.

Table game revenue was off 30% at $239 million, with a volume decline of 16% and a lower "hold" percentage -- the amount the house typically wins. Slot machine revenue was off 14%, and total gambling volume fell 15%.

For the fourth quarter, gambling revenue on the Strip was down 22%, while the full year 2008 saw a decline of 10%.

Fewer people are coming to Sin City, and those who do arrive tend to stay for shorter durations and spend less money when they do. According to the Las Vegas Convention and Visitors Authority, visitation to Las Vegas in December was down almost 11% to 2.7 million -- the fourth month in a row of double-digit declines.

However, as the year did not start nearly as poorly, total 2008 visitation fell a relatively milder 4.4%. ........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Vegas-slump-getting-wider-deeper/story.aspx?guid=%7BCCFA6C66%2DF30B%2D4BC5%2D8AF2%2DF27D95CA1797%7D

:think:

I would not be suprised to see Las Vegas go back into the dust (literally).

so says my friend from Orlando. Hey no one has a job what do they expect?

:wow:




:nopity: