With a shocking 1 out of 56 Nevada homes receiving a foreclosure filing in July alone, Nevada continues to be one of the states worst hit by the economic crisis.
Las Vegas strip gaming wins are at the lowest in four years; they fell for the 18th consecutive time in June, by 14.7%.
Challenging times for casino operators such as Las Vegas Sands (LVS) and MGM Mirage (MGM) continue.
Nevada is a good barometer for the mental and financial state of the American consumer.
TheStreet: U.S. consumers spent $32.5 billion on casino gambling last year, the lowest level in almost three years, according to the American Gaming Association. The public’s perception of gambling as “perfectly acceptable for anyone” fell from 57% in 2003 to 43% last year.
This slump is personified in the faces, or lack thereof, around game tables in Vegas. Traffic at McCarran International Airport is down 12% this year from last. Meanwhile, room rates in town have dropped 27% from last year to a median price of $97 a night, according to the Las Vegas Convention and Visitors Authority. Vacancies climbed by 6% during the first five months of the year compared to last year, and 22% fewer conventions came to town during that period.
And even whe travellers do show up, say, for a convention, it’s not helping much…
Las Vegas Review: “We’re still hearing from the casino operators that weekends are doing well, but filling rooms during the middle of the week is an issue,” Frank Streshley, chief of the Gaming Control Board’s tax and licence division, said Tuesday after the agency released gaming revenues for June. “People are coming, but they are just not spending.”
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