Las Vegas Is Sick
December 11, 2008
It may officially be time to panic.
Decline in Las Vegas Gaming Revenue
October gaming numbers have just been released, and they show the worst year-over-year monthly decline since records began being kept.
Simply put, things are getting out of hand … fast.
The Las Vegas Strip saw a 26% decline in gaming revenue.
Downtown saw a 20% decline.
The Boulder Strip saw a 28% decline.
North Las Vegas saw a 34% decline.
This shows that not only is The Strip in a freefall, but locals casinos are hurting even moreso. Anyway you look at it, these numbers are huge.
Nearly a third less revenue in Clark County is a massive gaming economic recession, the likes of which we have never seen before. This is also our 10th straight monthly decrease in a row.
Despite it all, the LVCVA claims that tourism is only down 10%.
That seems extraordinarily optimistic on the part of the LVCVA, but those numbers are irrelevant.
The only thing that matters is revenue, and Las Vegas is sick. Very, very, sick.
You simply cannot put a positive spin on this news, and the likelihood of a full-blown depression in the Las Vegas Valley is coming closer and closer to becoming a reality.
If Las Vegas is going to make a comeback, then it better start happening while we still have good people left to staff the casinos. People that I know are moving out of here left and right. I was in Summerlin over the weekend, and there were “For Sale” signs as far as the eye could see. The streets and playgrounds were virtually deserted.
a popular park in Summerlin on Saturday afternoon
a popular park in Summerlin on Saturday afternoon
a popular park in Summerlin on Saturday afternoon
a popular park in Summerlin on Saturday afternoon
If this continues, then we are really going to be Detroit in the desert.
These figures are astonishing, and they are troubling.
We need help.
Desperately.
I don’t know what else to say about it.
Written by buttnugget on December 11, 2008 at 3:33 am
Just sit tight, I’ll be there as fast as I can with money. If nothing else I can at least have a front row seat to the funeral. Hey Rex, when I’m there in January, how can I contact you to buy you a drink? I feel I owe you something for all of this great reading. I promise that I am not Andrew.
Written by jaymes4u on December 11, 2008 at 6:31 am
hey rex,
ill be in lv for ces and i was wondering if the recession has spurred a discount from all those girls working their way through college who are so nice to single men hanging out at the casino bar at night…ps i dont think i would have a drink with someone named buttnugget….
Written by David Jones on December 11, 2008 at 7:51 am
Gaming is down because it’s not fun to gamble there right now. Well, for me anyway. I was there in October and the “Hurry up, gamble, and GTF out” vibe was overpowering. The slots were tighter than..
Eh, I can stay in Scottsdale and go to a local casino for that sort of experience and avoid the travel cost.
Call me when it’s fun again.
Written by JStark on December 11, 2008 at 8:01 pm
LV is in dire straits for sure. Not only is the economy keeping the tourists away, but LV also has to suffer the added insult of “The Rise of Macau.”
For someone who’s been to Macau recently, I can tell you that the place is overflowing with money and wealth, and no doubt some of that money would have been spent in LV a decade ago.
Have you seen Asian men at the tables?!!! I have. We’re talking $10K a hand and the tables are all full.
Good luck LV but you will need to find a way to re-invent yourself.
Relying on business as usually is not gonna cut it.
Written by michigan dysfunctional on December 12, 2008 at 5:25 am
Detroit in the Desert? Ouch.
Was there in Novemeber and I too thought the slots were much tighter than on any previous trip especially downtown.
6:5 Blackjack
Tighter slots
and fewer comps
I would second the theory that part of the fun IS gone.
What happened to the O’Shea’s Leprechaun? Didn’t see him last two times there was he “downsized”… pun intended…
Written by Joe Blow on December 13, 2008 at 1:41 am
The environment is far too corporate now and has been for several years. The suits chased away gamblers of average means from The Strip with the high limits and crappy odds. Plus, the de-theming of the properties has rendered everyplace bland and interchangeable, no different from Native American casinos that now exist in driving distance of most American population centers.
Written by malo on December 14, 2008 at 4:37 am
Not only are the tribal (and riverboat) casinos within an easy drive for many people, they’ve renovated and upgraded over the last couple years. Nicer rooms, better restaurants and bars, clubs and entertainment venues, spas, and quite often, better gambling. At the very least, it’s no worse than you would find on the Strip. People have figured out that a weekend at a nearby casino is sufficient for a gambling fix, and gives them enough of a getaway—-why spend the bucks to fly to LV?