Can las vegas hotels and casinos rebound from the recession?

[5teamparlay]

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</TD></TR><TR><TD><TABLE cellSpacing=1 cellPadding=0 width="100%" border=0><TBODY><TR><TD></TD></TR><TR><TD bgColor=#ffffff><TABLE cellSpacing=1 cellPadding=0 width="100%" border=0><TBODY><TR><TD vAlign=top width="100%"><TABLE cellSpacing=0 cellPadding=5 width="100%" bgColor=#ffffff border=0><TBODY><TR><TD vAlign=top>Gaming Expert Looks At The Future of Las Vegas
Updated:<SCRIPT language=JavaScript>var wn_last_ed_date = getLEDate("Mar7, 2009 10:02 PM EST"); document.write(wn_last_ed_date);</SCRIPT> March 7, 2009 10:02 PM EST
Gaming revenue has been the bread and butter for Southern Nevada for decades but as revenues keep declining to the worst since 1970 how can hotels and casinos rebound from the recession?
Channel Eight Eyewitness News talked to a gaming expert to find out. Gaming revenues started dropping at the tail end in 2007 a year later it's not expected to pick up anytime soon. Casinos and hotels are facing financial trouble more than ever because they can't pay off their debt.
David Schwartz, a gaming expert at UNLV, says this is the time for those companies to get creative and strategize. "I think casinos can't be passive and wait for people to come back they got to go out and actively court customers to come here they really got to market themselves problem is money and there is not a lot of money to go around."
Schwartz says even if tourism is down people are still spending, but it all comes down to budgeting. "That means casinos and hotels need to focus on excellent customer service -- giving people the best product for their money. There is a good value to be found in Vegas if they are able to aggressively go out and get customers bring tourists in bring groups in they will be able to stop this decline."
Schwartz says gaming companies are in bankruptcy all the time, but that gives them an opportunity to pay off their debts, restructure their finances, and get back in the green. Las Vegas is not recession proof, but Vegas is not alone.
Industry experts don't believe there will be more resorts being built at this time as many are still on hold right now. A lot of the planning behind that was set when tourism was still up.
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[Mr_Mark]

i dont think vegas is going anywhere. they went from making 50 million a day to 25 million a day, they arent starvin

 

[bigtendominator]

i dont think vegas is going anywhere. they went from making 50 million a day to 25 million a day, they arent starvin

Disagree.

The one major problem for LV compared to most business that struggle is that LV's operating costs don't diminish. The lights, the employees, the shows are all going on. Yes, there have been reductions in staff, but still the cost of half the hotels in terms of contrustruction was so damn high.

I believe numerous lower end properties collapse. Also, high end properties may survive do to whales and I think the Palms will do well because I don't even think the Palms knows what gambling is. They hardly have any table games. One small area for gaming.

 

[tatehill2000]

Dont forget Maccau,,,

competition, and a Depression,,, lol, vegas will be sucking dk for crackhno: come this summer! (traditionally the slowest time of year for them)

tater

 

[louisvillekid]

i'll say , YES

 

[FairWarning]

Not many states who don't offer some sort of casino gaming. Don't have to go to Vegas.

Probably could have the Rx Bash at the Wynn the way its going.

 

[G$$]

has a vegas hotel ever had to close from no business? just curious, because i know some of them get torn down to build new ones but what about just too slow of business not bringing in enough money?

 

[billhill999]

Trump casino group filed for bankruptcy (good for the c-sucker) Despite what is said about him, Donald is a crappy businessman, who has a penchant for over spending

Tropicana group filed also (shame, I liked the decor with the stained glass windows and all)
Credit crunch did them in.

Last month Harrah's applied to draw down the final 740 mil of their revolving credit line, indicating they may be ready to file soon.
Couldn't happen to a nicer group, the very same people who lowered the BJ payoff from 3:2 to 6:5 than had the nerve to tell everybody what a great deal that is.
You know what they say about karma?

 

[FairWarning]

Not sure if they went back to 3/2 blackjack, it would be enough to save them.

 

[Fishhead]

You all should get a chance to see the business the Hard Rock Casino generates here in Tampa on a daily basis...........absolutely incredible!

Granted, it's the only game in town and that is the main reason.

The slots are 80%+ full between 11am-1am, there pokerroom has 27+ tables operating with a waiting list of 40+, there are lines at every food outlet(coffee shop, food court, buffet), the tables games are 80% capacity(and these asians fire it up likes it no end).

All in all, and been in 90% of the casinos in this country, I would be hard pressed to recall a casino that is busier day in and day out for a casino as large or larger than the HR Tampa.

They are in the process of expanding and are constructing the largest hotel in the bay area.

It is scary to think of the money this place is making.

FH

 

[Fishhead]

You all should get a chance to see the business the Hard Rock Casino generates here in Tampa on a daily basis...........absolutely incredible!

Granted, it's the only game in town and that is the main reason.

The slots are 80%+ full between 11am-1am, there pokerroom has 27+ tables operating with a waiting list of 40+, there are lines at every food outlet(coffee shop, food court, buffet), the tables games are 80% capacity(and these asians fire it up likes it no end).

All in all, and been in 90% of the casinos in this country, I would be hard pressed to recall a casino that is busier day in and day out for a casino as large or larger than the HR Tampa.

They are in the process of expanding and are constructing the largest hotel in the bay area.

It is scary to think of the money this place is making.

FH

I ROUTINELY witness players playing $25 video poker, $100 slots, and $1000+ per hand of blackjack.

I play $2 and $5 video poker in the high limit area and what I witness from others in this room is astonishing............and as mentioned, I've been around a long time as a casino rat.


Micheal Jordan dropped 1.3 million during Superbowl weekend at the Tampa HR........playing blackjack.

 

[bigtendominator]

Trump casino group filed for bankruptcy (good for the c-sucker) Despite what is said about him, Donald is a crappy businessman, who has a penchant for over spending

Tropicana group filed also (shame, I liked the decor with the stained glass windows and all)
Credit crunch did them in.

Last month Harrah's applied to draw down the final 740 mil of their revolving credit line, indicating they may be ready to file soon.
Couldn't happen to a nicer group, the very same people who lowered the BJ payoff from 3:2 to 6:5 than had the nerve to tell everybody what a great deal that is.
You know what they say about karma?

Trump is great at marketing himself, don't really consider himself to be a great businessman.

Unfortunately, most Americans are too stupid to know that. The Taj Mahal in AC what an absolute joke, just like him.

 

[chowie]

not a chance

 

[GoBlue34]

I was there Mon-Wed and it was dead, really dead (but it was during the week).

 

[WharfRat+]

Vegas is fucked. People can get their gamble on almost anywhere now a days.

At this point its almost cliche for a bunch of 20 something guys to go to vegas for a 3 day weekend or bachelor party.