Hard Times in Las Vegas?
With the national economy playing dead the big Vegas casino companies are reporting 1st Q earnings below last year's record numbers. Record gasoline prices makes the journey to the desert gambling mecca prohibitively expensive for some while arriving visitors are bringing smaller bankrolls. Unfortunately, aeroplanes are the carriage of choice for the majority of Vegas visitors. It's been the life blood of Las Vegas and now those arteries are blocked by post 9/11 fears.
All of this doom and gloom news should cast a pall over Vegas, a dimming of the of the famous Vegas neon. Right? Of course not. This is Vegas, Baby.
The Vegas casino giants made more money than most of us can imagine, they just didn't make as much this first quarter as they did for the same period last year. Business is down across the board this year; meaning, occupancy at the Vegas resorts is averaging in the low-to-mid ninety percentile. Billions of dollars of new construction continues day and night with the Palazzo now open and Wynn's Encore Las Vegas scheduled to open this December. CityCenter, Fountainebleau, and Echelon Place are steadily marching toward completion. The projects I've listed have a price tag over $21 billion. Those are respectable numbers for anyplace, anytime.
Las Vegas continues to be flush with tourist, casinos are busy, restaurant have lines, shows sell out, and millions trade hands everyday. Life is good in the bright Nevada sun. The start of the 2008 World series of Poker is only days away and satellites for seats can be found all around town. Las Vegas poker rooms are thriving, daily tournaments draw the players, the National Heads-Up Championship has more viewers than last year and the upcoming 2008 WSOP will be the weather vane for the industry. Will 2008 surpass 2007 numbers?
Las Vegas may be your best shot at surviving the current economic disaster. Win one of the gold bracelets and you've got your got a nice savings account and big playing bank. You'll also have an option on a new profession. Of course, none of this will happen if you don't made the trek to Las Vegas during the next two months of big time poker action. When Benny Binion was asked to name what makes a good poker player he quickly answered, "money." Bring plenty of money.
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