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In today’s economy people wonder if the U.S.’s recession is affecting business in Las Vegas. Although economic experts have conflicting analyses, a general census observes a steady decline in revenue. Reports of decreased business to the strip created aggressive marketing campaigns and hot deals. For example, New York, New York and The Luxor have rooms for under $100. You wouldn’t find these prices a year ago.
Experts argue a popular gambling theory. When people meet financial hardship do they gamble more? In the past, this theory held true, but in recent months Las Vegas has seen noticeable declines in profits. MGM Mirage fired 400 employees. Casino shares dropped. People aren’t gambling as much anymore. US Airways cut 30% of overnight flights to LV. The city itself is in a foreclosure meltdown.
So why isn’t the old gambling theory ringing true? Las Vegas isn’t the same place it was twenty years ago. People visit for the food, shows and other amenities. You could build a whole vacation around the strip without having to spend a penny on gambling.
If you always wanted to go to Las Vegas, go now. Heavy promotions, free comps, and low hotel prices are being offered in hopes to draw crowds back into the casinos. LV is a “destination” city similar to Orlando. Its specific niche market draws people for specific reasons which are unique to the city. What goes up must come down, must go up agin? And so will the traffic on the Las Vegas strip. Until then, insiders are banking on the weakened US dollar. Great prices and hot deals still attract travelers from around the globe.
