Recession in Las Vegas? I think not!

[Hugh R]

Soo many people, lots of people gambling, but I noticed lots at the 1, 5 and 25 cents slots, not so much at the $1, and certainly very few at the $5, $10 and $25 slots. PLENTY at the $10 and $25 craps and Blackjack tables. Not very many people even looking in Hermes, Tiffany, Dolce & Gabana, Rolex, etc. Plenty of people at the Bellagio buffet, which Tabs introduced me to. It is far superior to the Planet Hollywood and the MGM Grand buffets. $38 for dinner versus $28 at the others, but worth every penny more. Tabbie pointed out that if you get there at like 4:30 you can get the Dinner buffet at the lunch price of about $21, a $17 savings.

Bought the wifey a Coach purse ($265; her jaw dropped when she looked at it and I said "Do you like it" and she said "Yes" and I said "She'll take it", the "Eff" factor later, was well worth it!) and me a set of Sony noise reducing headphones for when I fly ($100) I compared them to the Bose and they seem to my ear as good or better for about 1/4 the price. Saw them on line for the same price plus S&H, mine was cash and carry. I'm in LV until thursday afternoon attending a conference. If you'r in town and want to get together, let me know. Tabbie, Jordie? Anyone?

[Joeaksa]

Hugh,

Vegas is in a whole different world. Course you have noticed that already!

Joe

[MRM]

Gambling revenue dropped in Vegas first quarter 07 to first quarter 08 for only the second year to year drop in 40 years. The last time it happened? Right after 9-11. And the 07-08 drop was steeper than in 01-02.

[Porsche-O-Phile]

With a weak dollar, Vegas is very attractive to foreign tourists. One reason it will do well in this recession. I don't think it'll BOOM, but it'll do okay. The casinos may or may not do okay - they're being undercut by a lot of Indian gaming in key markets (Kramer has been saying to short them for a long time, although personally I think that's a bit of a pessimistic position). The casinos will do okay, the hotels will do okay and the entertainment venues will do okay. They won't be way in the black, but they'll survive. Unless fuel/airline costs make it prohibitively expensive for people to come here from Europe, Asia and elsewhere. . . Which is a possibility.

[fintstone]

Originally Posted by Hugh R

...

Bought the wifey a Coach purse ($265; her jaw dropped when she looked at it and I said "Do you like it" and she said "Yes" and I said "She'll take it", the "Eff" factor later, was well worth it!)...?

The outlet mall at the very south end of the strip has a Bose and a Coach outlet...the prices are incredible compared to elsewhere. They also have a Levi's outlet that is the only place I can find my size in 501s (short and fat).

[jyl]

Almost every retailer that discloses geographical trends has identified NV as one of the problem states, along with CA FL and AZ. I don't know about retailer trends in Las Vegas specifically, but I think that Las Vegas basically is NV, as far as retail goes.

[Capt. Crunch]

Tobbaco, Sex, Booze, and Gambling. I always thought they made more money durring difficult times.

Big Brown! Triple crown my a$$!

[creaturecat]

You could have bought a house in Vegas, for little more than the price of that purse !

[Porsche-O-Phile]

Heheh, I'm not talking so much about casino action - for those, I imagine it's a zero-sum game and gambling behavior is not influenced by conversion rates one way or the other. Yes, a person from Europe might only lose 60 Euros, but their winnings would be less significant also. Bottom line is to make $$$ in gambling you need to be lucky and you need a significant wager - in whatever currency you care about.

What I'm talking about more is the stuff like the shows, the hotel rates, the dining, etc. The touristy stuff that represents BILLIONS in Vegas. Casinos will still do okay in a recession (due to foreign tourism) but the ones that will literally be saved will be the hotels and restaurants. All I'm sayin'.