Vegas Decline Continues
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For the whole of Clark County, where Vegas is situated, revenue fell by a catastrophic 7.9 percent with it getting even worse in North Las Vegas (down 26 percent), Boulder Strip (down 22.8 percent), Laughlin (down 20.3 percent) and Downtown (12.75 percent)."
And this is Vegas's busy time of year, summer. You have
to wonder how some of these casinos are hanging on.
An 8% drop overall is huge, some of them have to be
right on the verge of throwing in the towel.
Quote: kewljWhere did you get the idea that summer is Vegas's busy time of year?
"The typically busiest times in Vegas are March through June and September through November."
The numbers posted are thru June. Its true it slows down
in July and Aug, but not by much. The best time for no
tourists is mid Nov thru all of Dec. I love going then, by
comparison theres nobody there. I've noticed in the last
25 years in Vegas that there really is no slow time until
the end of the year. In the 70's it was different, in the
hot months there was not as many people for sure.
at least a dozen times and have never had a problem
getting a room Downtown where I always stay. The
rodeo people love the Strip hotels and they don't
gamble much. The month I refuse to go is Jan, its
always crowded. But like all the travel bureaus say
now, there really is no off season in Vegas anymore,
except the very end of the year. Thanksgiving is bad,
I was there a couple times and it was depressing. Not
a great place when your family is somewhere else.
Quote: EvenBobYou have to wonder how some of these casinos are hanging on. An 8% drop overall is huge, some of them have to be right on the verge of throwing in the towel.
Nevada off strip seems to be in a permanent rut.
| Comment | Month | State | Strip $billions | Strip baccarat $billions | Rest of NV |
|---|---|---|---|---|---|
| Latest reported | Jun-2012 | $10.71 | $6.05 | $1.25 | $4.65 |
| Low for off-strip | Sep-2011 | $10.55 | $5.94 | $1.17 | $4.61 |
| Low for the state | Jul-2010 | $10.28 | $5.62 | $1.10 | $4.66 |
| Low for the strip | Oct-2009 | $10.38 | $5.49 | $0.84 | $4.90 |
| Peak of market | Oct-2007 | $12.97 | $6.95 | $0.97 | $6.03 |
Quote: JamieVAlthough the numbers down...seems like they are still making lots and lots of money.
Gaming numbers are down, but visitation numbers are up to record highs. Non-gaming revenue is not normally as profitable.
Quote: JamieVI know the numbers are not as high as they used to be...but they sure are high nonetheless.
Big corporations like to try to fool people into thinking that "making slightly less profit" is equivalent to "losing a lot of money," and the news media tends to help propagate this myth. If the CEO makes a very high 8-figure salary instead of the very low 9-figure salary he made the prior year, we're all supposed to feel real sorry for him.
Las Vegas needs to harvest and flense more whales.
Quote: JBBig corporations like to try to fool people into thinking that "making slightly less profit" is equivalent to "losing a lot of money," and the news media tends to help propagate this myth.
Government, on the other hand, likes to fool people into thinking that an increase in a budget from, say $250 million to $325 million is a draconian cut, and the media helps to propagate this myth.
Quote: NareedGovernment, on the other hand, likes to fool people into thinking that an increase in a budget from, say $250 million to $325 million is a draconian cut, and the media helps to propagate this myth.
Right, most people who don't closely follow things hear about some "cut" on the news and actually think the government entity is receiving *less* money then they did the previous year, versus the truth, which is just a smaller rate of increase. And it's always draconian, too, where even having more money(though not what was desired) will mean people will now be starving in the streets...
Quote: NareedGovernment, on the other hand, likes to fool people into thinking that an increase in a budget from, say $250 million to $325 million is a draconian cut, and the media helps to propagate this myth.
Some very positive words about Mexican monetary policy from the Dallas Fed.
Quote: Richard Fisher, President and CEO of the Federal Reserve Bank of Dallas called on the nation’s lawmakers to follow the fiscal examples set by Mexico"As demonstrated by the fiscal posture of Mexico, a nation can effect budgetary discipline and still have growth," Fisher said. "Mexico has many problems. But on the fiscal front, the country is outperforming the United States. Mexico's government has developed and implemented better macroeconomic policy than has the U.S. government." An essential aspect of Mexico's macroeconomic policy that has been missing in the U.S is the existence of a federal budget that reflects deficit control. "Mexico actually has a federal budget. We haven't had one for almost three years. Furthermore, the Mexican Congress has imposed a balanced-budget rule, so ... Mexico ran a budget deficit of only 2.5 percent in 2011 compared with 8.7 percent in the U.S.," Fisher said.While U.S. industrial production has not yet passed its pre-recession peak, Mexico's industrial production reached that point in 2010, a result that is at least partially the result of the Mexican government's budgetary policy, Fisher said.
Quote: JBBig corporations like to try to fool people into thinking that "making slightly less profit" is equivalent to "losing a lot of money," and the news media tends to help propagate this myth. If the CEO makes a very high 8-figure salary instead of the very low 9-figure salary he made the prior year, we're all supposed to feel real sorry for him.
Good point.
I take it you really mean high 7-figure vs. low 8-figure as none is making $100,000,000+ now or in the past...
Quote: chickenmanGood point.
I take it you really mean high 7-figure vs. low 8-figure as none is making $100,000,000+ now or in the past...
Yes, I did.
Quote: pacomartinSome very positive words about Mexican monetary policy from the Dallas Fed.
Any idea then why the US Dollar keeps going up against the peso?
Quote: MrVBring back the whales.
Las Vegas needs to harvest and flense more whales.
Good luck with that. The "whales" now have casinos much closer to their home country. The perks are better (in their minds) and the amenities are nearly the same, if not a bit better.
There's probably only a handful on true whales in the U.S. these days, and most of them are already making their pilgrimages to Vegas.
Quote: TiltpoulGood luck with that. The "whales" now have casinos much closer to their home country..
The old Vegas whales are a dying breed. Literally, they're
dying. The tradition of going to Vegas is gone, too many
other casinos now for the newer whales.
Quote: buzzpaffTowards thee I roll, thou all-destroying but unconquering whale...
Quote: buzzpaffTowards thee I roll, thou all-destroying but unconquering whale; to the last I grapple with thee; from hell’s heart I stab at thee; for hate’s sake I spit my last breath at thee. Sink all coffins and all hearses to one common pool! and since neither can be mine, let me then tow to pieces, while still chasing thee, though tied to thee, thou damned whale! Thus, I give up the spear!
