Is the Sands about to post some great room rates?
A lot is being made of the Las Vegas Sands Corp posting an unexpected loss for the first quarter. The company, which runs casinos in Las Vegas and Macau, made a net loss of $11.2 million, or 3 cents per share, compared with a profit of $90.9 million, or 26 cents a share, a year earlier.
You can read the whole story here. But, to me this means that this company is anxious to get some people in their buildings. (more…)
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Is Las Vegas slowing down?
With the x-rated word (recession) being bandied around these days, it is interesting to see how this effects the “recession-proof” gambling industry.
Pundits that have always claimed that gambling is not be affected by a slowdown in the economy are getting their beliefs put to the test these days. Las Vegas has had a tough year. Tied with Miami for the biggest year-over-year drop in housing prices, at a unbelievable 19.3 percent, add to that near record highs in gas prices and you get… well a bit of a slowdown.
According, to the stats (if you can really believe them) Las Vegas was down about 5 percent in January over January a year ago. My recent trip to Sin City would confirm this. I saw less crowds and way less machines and table games being played. (more…)
Popularity: 41% [?]
Gambling on the decline
Is Las Vegas becoming a destination resort? One that’s survival does not rely entirely on gambling?
A few interesting numbers have shown up recently in Las Vegas, namely the money from gambling revenue is on the decline. In August 2007 the Nevada’s take on gambling fell 4.4 percent from 2006 well below expectations.
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