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Down on Its Luck
Despite such problems, other developers still seem more than willing to bet on the future of Vegas. There is more than $30 billion in new construction scheduled for the Strip. And assuming those projects don't get squeezed by the credit crunch, some 40,000 new hotel rooms will be added to the current 136,000 by 2011, resulting in 100,000 new service sector jobs.
Like other major U.S. cities, Las Vegas is banking on the Euro-rich to help out during these tough times. According to Robert LaFleur, a gaming-stock analyst for Susquehanna Financial Services, "Bachelor parties in Vegas are now all the rage for soon-to-be-wed fellows from Australia and the U.K., for instance, because it's so cheap to get there … Right now it's an easy sell to get people from overseas."
The city isn't skimping on its advertising budget, either. Last week the Las Vegas Convention and Visitors Authority launched a $12 million three-month national TV ad blitz called "Vegas Right Now" that insists "that there are new reasons why you ought to come," says Rob O'Keefe of R&R Partners, the ad agency that handles the annual $90 million tourist board account.
But given the host of problems facing the city, an ad campaign might not be enough of a fix. In one, called "The Dangers of Thinking," an announcer urges the audience to "do without thinking. Do Vegas right now." While it was witty, the ad irked Vegas regular Tania Franco of Atlanta, whose husband was recently forced to take a pay cut at his job. "The message is 'Don't think about how crappy your economic situation is, just come to Vegas, damn it. If you don't, you're a wallowing loser.' That's insensitive."
© 2008
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Member Comments
Posted By: Peachy25 @ 05/24/2008 10:22:34 AM
Comment: by the way, where is your local bar located? I would like to try my luck there.....I will be going there the week of June 20 and would like to go where the locals go. Thanks for your reply if you reply.
Peachy25
Posted By: ploughman @ 05/14/2008 10:43:37 PM
Comment: I'm one of the budget-traveling riffraff they've been trying to chase away. All I can say is that they had this coming to them and they'll probably need a few more lumps for it to stick. Same story as the housing market: You can't chase up the prices over the long term when MEDIAN INCOMES ARE FLAT, as they have been under Bush. Median family income is actually slightly down vs. 1999 after inflation. That's why the housing bubble broke and why Vegas is out of touch. Sure, a few at the top have done well (lots of golden-parachuted CEOs with time and money, plus John Daly and Bill Bennett), but Vegas learned some time ago that there weren't enough "whales" around to cater ONLY to the high-rollers.
The best remaining values, in case you're wondering, are downtown and in a few pockets off-strip (if you have a car), though even those have been compromised in recent years since Jackie Gaughan sold out most of his places.
Also, don't forget RENO. Much more humble and affordable and similar to what Vegas used to be like.
Posted By: kriley0923 @ 05/13/2008 2:21:11 PM
Comment: I would rather go to The Commerce in Los Angeles than play poker in Vegas. They treat their customers with World Class service. Vegas needs to understand that it is a competitive world out there. Treat your customers right and they will keep coming back ...with their friend. Mistreat and lose a customer, then you will have to spend a lot of money trying to get a new customer.