Friday, September 12, 2008

Vegas going into the Toilet - Another disturbing datapoint

I just got back from Vegas earlier this week and I thought business was off a bit. The tables didn't seem as full, restaurants, pool areas, etc.

Then I find the below info. earlier today:

* September 11, 2008 Vegas Visitation Down in July Not since the start of the Iraq War, over five years ago, have visitation levels to Vegas fallen as low as they did in July, according to numbers released yesterday by the Las Vegas Convention & Visitors Authority. Room rates were off 10% from July '07, while visitation was down 5%, as hotel occupancy, hovering around 88%. More conventions were held, but conventioneers curtailed their stays.

* September 10, 2008 NV Down -13% in July Comparison to a very robust July 2007 gives this year's July casino-revenue numbers a difficult act to follow, resulting in declines that are way above average for the year to date. Measured against last year, the state was -13% overall, with Strip slot revenues, table win and baccarat win -8%, 21% and -26%, respectively. Most Clark County jurisdictions experienced very adverse comparisons, with the Boulder Strip and North Las Vegas having the worst of it. By contrast, Reno was only off 1% and the unpredictable South Tahoe area noted an 11% increase. July's numbers mark seven straight months of decline for Nevada casinos. As far as trends go, table and baccarat drop swing back and forth, but slot handle on the Strip is further and further off last year's pace.

Dan Ross

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