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Leaving Las Vegas?

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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.

Video Details

Duration: 2 minutes and 36 seconds
Language: English
License: Dotsub - Standard License
Genre: None
Views: 265
Posted by: rocketboom on Jul 28, 2009

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