Las Vegas on a losing streak
For anyone who doesn’t think the US economy is on a losing streak: Las Vegas for the first time since 2001 reports falling revenues.
The city has been on a roll for seven years. New resorts and casinos have popped up regularly along the Strip.
“But with belts being tightened across the US, not even the weak dollar and high-spending international tourists have been able to pull Las Vegas out of a slump,†reports the Financial Times.
Revenue from casino gambling along the Las Vegas Strip fell to $597 million in January, down 1.3% from 2007, according to the Nevada Gaming Control Board.
The rest of the state is also on an even worse losing streak. Nevada gaming revenues fell 4.7% to $1.06 billion while Clark County, which includes Las Vegas, fell 4.1% to $928.7 million.
Some hotels such as MGM Mirage, which operates resort casinos including the Bellagio and Mandalay Bay, has suffered a fall in convention bookings, according to UBS.
MGM Mirage says mid-market gamblers are being hit hardest by the economic downturn.
The decline comes after a record year. More than 39 million people visited the city in 2007, with gambling revenue reaching $10.9 billion, according to the Las Vegas Convention and Visitors Authority.
This year is shaping up to be much tougher, which was acknowledged by Steve Wynn, an industry pioneer. He told investors:
“It would be unsophisticated to think Las Vegas is a magical island unto itself immune from the effects of the communities that serve it and its visitors.â€
Report by David WIlkening
David
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