Leaving Las Vegas?

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Posted by: rocketboom on Jul 28, 2009

Las Vegas, Nevada, Tour of Las Vegas (pdf), New York City Sees Slide in Tourism , Tourism mecca Orlando sweats sour economy, Pinching pennies in Hollywood, Mortgage defaults high in Nevada, Foreclosures jump 57% in March, Nevada’s jobless rate hits 11.3 percent, Metropolitan Area Employment and Unemployment Summary, Harvey Perkins, As Boom Times Sour in [...]

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Hello, I'm Molly and this is Rocketboom.
What happens in Vegas never truly stays in Vegas.
That is unless it's your money.
Now not even leaving your money is staying in Vegas.
And the city is dealing with some issues.
Las Vegas, Nevada has long been the destination of choice
for high rolling vacationers.
And never more so than between the years of 2003 and 2008.
Marked by an annual rise in visitor spending
to over 10 billion dollars.
Gross gamin revenue during the same period
rose by 3 billion dollars
with the majority of spending on hospitality and leisure services.
Cha-Ching.
In order to accommodate the influx of new spending
new casinos, hotels, and restaurants were built
creating thousands of high paying working class jobs.
For comparison
The median wage for a tipped food service worker in New York
in 2008 was $5.81.
In Minnesota, in case anyone was wondering about Minnesota
that same job paid $7.36.
In Las Vegas, a food service worker in a casino
made $17.35 an hour.
And the tips are even greater than the base wage.
For many, Las Vegas became the city of opportunity
where the American dream of upward mobility was within reach.
Since the economy crashed out in the middle of 2008
with tourist related spending down across the country
how does Las Vegas measure up?
In 2007, while many were still in denial of the coming colapse
mortgage defaults from investors in Nevada
were already the highest in the nation.
By April is 2008
Las Vegas led the nation in defaults by home owners.
And unemployment is now above 11%.
significantly higher than the national average.
So, what now?
Harvey Perkins, a gambling consultant for Spectrum Gaming
recently told the Wall STreet Journal:
"I think that people have fundamentally changed their spending habits."
And he speculates that Las Vegas hotels, restaurants, and casinos
will need to be reengineered to become a destination
for budget-minded tourists.
To...
Many Las Vegas residents were disappointed in February
to find that the 800 Billion dollar recovery and reinvestment act 2009.
Didn't allot a single dollar to tourism.
Last month, senators Harry Reid and John Ensign
proposed the travel promotion act
which would take extra measure to market Las Veagas
as a tourist destination to foreign visitors.
A "why your here, why not check out Vegas" kind of thing.
Will Vegas find a way to incite visitors in these down times
before the current exodus takes too large of a toll
on this human-made desert oasis?
Time is money.
Time will tell.