Visitors Return, But Spend Less In Vegas
Gaming Revenues Slump Amidst Improved Visitor Numbers
POSTED: 1:32 pm PST November 10, 2009
UPDATED: 2:02 pm PST November 10, 2009
LAS VEGAS -- It turns out there are people taking advantage of bargain room rates and casino comps in Las Vegas.They’re just not willing to risk their spending money on the slot machines.The Las Vegas Convention and Visitors Authority reported a slight increase in visitors during September, a sign the recession hasn’t entirely worn down America’s need for a vacation.Survey: When Will Vegas Rebound From Recession?More than 3 million people visited Las Vegas during the month, up 4.3 percent from the same time last year. Convention attendance was also up 12.2 percent from September 2008.Much of the improved visitor numbers can be attributed to Las Vegas resorts willing to fill rooms for less money. Daily hotel room rates in September were down 19 percent from a year ago, to an average $91.18.Gaming Slump ContinuesHowever, gaming revenues fell for the 21st straight month, according to the state Gaming Control Board, which said casinos statewide won $911 million in September. That’s a nearly 9 percent decrease from the previous year.The monthly casino win is closely watched by state lawmakers, who are struggling with dwindling tax revenues amidst the recession. Nevada collected $54.3 million in taxes in September, nearly 14.6 percent less than the same month last year.The silver lining, albeit razor-thin, was the improvement from August of this year, when the gaming win was $847 million.Casino Companies Look To FutureSome economists warned earlier this year that gaming could be among the last industries to see a rebound from the recession.Those fears prompted Boyd Gaming to announce last week that its $4.8 billion Echelon project would remain on hold for at least three to five years.Only the massive steel frame of the resort complex has been built and stands idle on the site of the old Stardust resort.Related Link: One Month Later, TIME Talks Hope For Las VegasMeanwhile, MGM Mirage’s CityCenter project has been tagged as the lone bright spot for the Las Vegas economy.In addition to creating 12,000 jobs, the project marks what could be the last major resort openings for several years. The first phase of CityCenter, which includes the ARIA resort, Mandarin Oriental Las Vegas and Crystals retail complex, are due to open next month.
Previous Stories:
- November 5, 2009: IGT Optimistic Despite 4Q Loss
- November 5, 2009: MGM Mirage Posts 3rd Quarter Loss
- October 29, 2009: Las Vegas Sands Loses $123M In 3rd Quarter
- October 27, 2009: Poor 3Q Sends Gaming Stocks Down
- October 27, 2009: Gaming Exec: Echelon On Hold 3-5 Years
- October 27, 2009: Harrah’s 3Q Losses More Than $1B
- October 19, 2009: New Hires Can't Reverse Jobless Slump
- October 15, 2009: Could Dow's Surge Boost Vegas Economy?
- October 1, 2009: Vegas Moguls On Forbes ‘Richest’ List
- September 24, 2009: Goodman: TIME Critique Doesn't Matter
- September 22, 2009: CityCenter Employees Grateful For Work
Copyright 2009 by KVVU.com. The Associated Press contributed to this report. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.









