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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.


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