Expert: Global Economy May Affect Vegas
Virus Outbreak May Scare Base Revenue Tourists, Professor Says
POSTED: 3:01 pm PDT March 19,
2008
UPDATED: 11:53 am PDT March 20,
2008
LAS VEGAS -- Las Vegas has had a slew of stories lately that may have some tourists thinking twice about visiting the City of Lights: casino fires, virus outbreaks and power outages, just to name a few.While there are some headlines that could tarnish the glitz that is Las Vegas, University of Nevada, Las Vegas, Professor Bill Thompson said that the Valley will weather the storm."I wouldn't bet against Vegas," he said. "They come here for the glitter, for the lights and for the excitement of being in Las Vegas."Several local headlines have garnered national attention in the past six months, but Thompson said Vegas has seen this type of thing before."Remember the MGM fire? I remember it in 1980 in November, then the Hilton Fire in February 1981," he said. "That devastated out tourism."Those two incidents produced the first economic slump Las Vegas experienced in two decades.The Sept. 11 attacks also slowed tourism for 2001 and 2002, but Thompson said the Vegas economy was back to normal revenue levels by 2003."In the past we've weathered them," he said, "but we're much more part of a global economy than we were before."Thompson believes stories like the hepatitis outbreak could hurt us more than the tougher economic times because the people who make up our base source of revenue -- or the people who bring the most money to Las Vegas -- are between 50 and 70 years old"Older people want safety whenever they travel," he said. "In the back of my mind, I have to think, 'Well, is there a hospital there? Is there a doctor there? What (if something) happens and I need a doctor?'"The silver lining, Thompson said, is early indications are that gaming revenues rebounded in February after being down 5 percent in January."Everybody will be down for a year," he said. "It will hurt us a little bit. Maybe our revenues will go flat, but then we'll be prepared to bounce back."
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