As the country gets deeper into economic problems, recession
predictions and inflationary chaos, the Las
Vegas casinos have to double up their efforts in order
to keep the city’s economy up and running. Unfortunately after a couple of months
in which the Las Vegas economy seemed to be escalating, the latest reports show
that the revenues
related to gambling and casino activities went down in November 2007 in comparison
to the same period on the previous year.
According
to the most recent reports released by the Nevada Gaming Control Board last
Friday, the Las Vegas gambling revenues decreased 19%, however, experts felt the
drop is not an economical trouble indicator, citing several reasons to think
that the figures don’t represent a possible thread for the city’s economy.
There were a considerable number of special events on the same period in 2006, including
the Mayweather vs. Baldomir fight and several musical shows performed by artist
such as Barbra Streisand and the Rolling Stones. The events draw more visitors,
resulting in a 22% growth over November '05. The lack of high rollers this past
November was confirmed by a 61% drop in the play of baccarat, a game that is
exclusively wanted among high-rollers.
October 2007 showed a 20% increase in revenue over the same period in 2006, even
when the number of visitors reported is fundamentally the same. This exemplifies
the importance of the Las Vegas high-limit
players, who have contributed with the Las
Vegas economy in the past years.
Casino revenues declined in Nevada
about 14% to just under $1 billion, the largest drop since September 11th
2001. As the country's flooded with economic problems, the Las Vegas Hotels and
casinos must come with new and improved plans to attract the "big fishes",
who recently seem more interested in visiting other destinations such as Macau
or Atlantic City.
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