Homepage / Las Vegas News
E-Mail News Alerts
Get breaking news and daily headlines.
Browse all e-mail newsletters
Related To Story

Casino Winnings, Resort Profits Down

Economy Negatively Impacting Vegas

POSTED: 10:09 pm PDT September 10, 2008
UPDATED: 10:36 pm PDT September 10, 2008

New numbers show how Las Vegas is fairing during these touch economic times.

It's no surprise that profits are down across the board.

Most people are strapped for cash, and now, it looks like hotels and casinos aren't doing too well either.

Let the chips fall where they may. A new bet shows gaming revenue is down nearly 15 percent on the Strip.

"We have a decline of 4.6 percent, one of the larger declines that we've had in the last couple of months," said Las Vegas Convention and Visitors Authority research director Kevin Bagger.

Blame the economy, or call it bad luck, but casino winnings have also dropped.

Resorts in every Nevada market have taken a hit, except for those on Lake Tahoe's south shore.

As for spending, many people are trying to stretch their budgets just to cover the cost of food, housing and gas.

Of course, there are still the usual tourists flocking to the city's bright lights.

"The shows, dining, retail, golf, casinos or attractions -- I think the draw of Las Vegas is and always has been the diversity of experiences you can have here," Bagger said.

But now businesses are looking at some creative ways to bring in travelers.

"The hotels are doing a lot of aggressive packaging to get visitors to come to the destination, whether it's adding show tickets to the price of a room, or offering incentives for dining, room offers to get more people here," Bagger said.

Plus, the city is expanding their ad campaigns to draw more crowds.

Bagger said the summer slump is on its way out, and these numbers are expected to change, but Las Vegas can count on the lower cash flow for a bit longer.

A drop in casino winnings affects the state's revenue. Funding is getting knocked by a whopping 24 percent.

The report showed Nevada resorts pulled in just under $1 billion last month.


Sponsored Links

Desktop Weather 24/7

Stay close to Fox5 Local Las Vegas for news and weather information everyday at work or at home. Download your NEW FOX5 Desktop Weather 24/7,FREE from FOX5 Vegas! More


Links We Like
Sponsored Content
There is no absolute number of drinks per day that defines alcoholism. Learn the behavior and body reactions that constitute alcoholism. More

If you’re starting to feel like your home needs a little warmth, try these helpful hints to make your living space just a little more cozy. More

If you’re feeling like you’re not doing what you’re supposed to, take this quiz and take control of your working destiny. More

With the holiday season fast approaching, most of us plan to repeat the new-age tradition of online shopping. Check out the best sites and find that perfect gift for less. More

Don’t be left out. Make the switch to Digital TV.