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The Depression Hits Las Vegas

Discussion in 'North American Land Based Casinos' started by Mousey, Feb 12, 2009.

    Feb 12, 2009
  1. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
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    By 24/7 Wall St. Thursday, Feb. 12, 2009

    Casino gambling is part of the American Dream. "The World Series of Poker" gets better ratings than the Super Bowl. But, even the gaming industry is in trouble. The people who have visions of making millions on one roll of the dice are out of work.

    Dow Jones reports that the overall take on the Las Vegas Strip was down 23% to $474 million in December. (Read "25 People to Blame for the Financial Crisis".)

    The madness of gambling is based on the belief that either the player will win or somehow come up with the money if he loses. Since gamblers frequenting casinos rarely win, the real issue is their ability to pay off debt. Las Vegas has become ...
     
    5 people like this.
  2. Feb 12, 2009
  3. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    Erm...:cool:
     
  4. Feb 12, 2009
  5. Webzcas

    Webzcas Winter is Coming! Staff Member

    Occupation:
    Webmaster
    Location:
    Block S25, South Stand, Ashton Gate, BS3
    Send Simmo! to Vegas. That would put a stop to the downturn :D
     
  6. Feb 12, 2009
  7. GaryWatson

    GaryWatson Dormant account

    Occupation:
    Marketing Consultant
    Location:
    Europe
    Resession will probably cause more gambling problems. I was once a problem gambler. I can crawl into the mind of one. I do it daily with friends. Gambling took me away from my gambling habit. Now I only gamble on my own skill, other bets are for interest, not to make money.

    During a Resession, people look at the $$$. Gambling is based around it. The UIGEA is the only thing that has slowed down this industry
     
    2 people like this.
  8. Feb 12, 2009
  9. uungy

    uungy Dormant account PABnononaccred PABnoaccred PABaccred

    Cant agree more!

    From the report, it sounds as though they have messed up by being owed vast sums, that doesnt mean there is a downturn now, just means they are probably bing a bit stricter with the loans, hence a downturn, however they will probably more likely get all what they are owed now, with the new way they allow the bigger accounts.

    If anything, I would second that things will go up, and online will grow even faster.
     
  10. Feb 13, 2009
  11. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

    Occupation:
    I do nothing productive
    Location:
    Hell on Earth
    I watch the casino stocks perdy close. They are all mostly down and many have reported losses or less than expected earnings in the past few days.

    Gambling in general is still going strong. However, the Depression has hit the Vegas Strip for sure.

    Here are some of TODAYS Headlines out of Vegas.

    Las Vegas Sands posted a loss in the 4th quarter
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    Ameristar Casinos announces fourth-quarter loss
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    Penn National Gaming posts fourth quarter loss
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    Gaming decline in 2008 falls at record level
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  12. Feb 13, 2009
  13. dominique

    dominique Dormant account

    Occupation:
    webmistress
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    The Boonies
    I have never in my life gotten this much mail and email from Vegas, invites for months ahead and every week from every casino I ever stayed at.

    They must be really desperate.
     
  14. Feb 13, 2009
  15. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

    Occupation:
    I do nothing productive
    Location:
    Hell on Earth
    The Vegas Casinos leveraged themselves way way way too much.
    Most of them have about $4.00 leveraged for every $1.00 they were earning. Put that on top of the mass reduction in consumer spending in Vegas and your gonna see some of these guys on the strip go under... Soon.
     
  16. Feb 13, 2009
  17. littlebit

    littlebit Dormant account

    Occupation:
    Jack of all trades
    Location:
    Pasadena, Texas
    Maybe Harry Reid should have just given the billions of dollars directly to casinos instead of the earmarked high speed rail from Los Angeles to Las Vegas . It might be a very empty train at the rate things are going :D
     
  18. Feb 21, 2009
  19. BingoT

    BingoT Nurses love to give shots webmeister

    Occupation:
    Nursing & Run Bus Trips
    Location:
    Hartford,Ct
    Stakes rise for Las Vegas as recession bites
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  20. Feb 21, 2009
  21. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

    Occupation:
    I do nothing productive
    Location:
    Hell on Earth
    I live about 1 1/2 hours away from Vegas by puddle jumper, so I go there often.

    I was in Vegas last week.

    There were few people in the shows and events, but you couldn't hardly find a seat at the tables (at the Palms).

    Everything was so much less expensive. :thumbsup:

    It was kinda cool... Like going back to the 70's, when casinos on the strip catered to gamblers.

    I really hated it when Vegas went "Disney".

    BTW - I gotta say the Playboy Casino in the Palms has the hottest looking women in the whole wide world working there... :thumbsup::thumbsup::thumbsup:
     
    2 people like this.
  22. Feb 21, 2009
  23. polli123

    polli123 Webmaster CAG webmeister

    Occupation:
    Student
    Location:
    Germany
    Been to Vegas too in Feb, 7 days. Yes, its cheaper than teh years before, but where have all the people gone?
    Its still a 24h rush hour at the weekend (k, only at the strip). But i try to come 2 times a year since 2005 and after this trip i can say: jea, you see the financial crisis directly at the strip. Empty tables and clubs, waised streets, often you are one of a handful guests in a restaurant, and so on...

    Hope it will be better for you US pals next year.
     
  24. Feb 21, 2009
  25. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    I'm getting stuff in the mail from places I've only been in once years ago. Harrah's sends me all sorts of free coupons and the only action I've given them in 2 years is WSOP. Orleans/Gold Coast and MGM properties are also places I've had nothing to do with for years and they beg me to stay there. It's quite mind boggling.

    As for stocks it is hard not to think you could pick a couple of ponies here and do OK. IGT doesn't look bad, MGM maybe and casinos that have more properties outside of LV are not doing as bad. For example I live just outside of Deadwood SD and things there are not down too bad except on bad weather days. This is also not tourist season either so that will really be the test.

    I also wrote some content for my company where I have the opinion that this isn't bad for our industry. Specifically look at Poker Star's growth on Poker Scout. People don't have to take vacation time, pay airfare, hotel and buy overpriced food to play online poker.
     
  26. Feb 22, 2009
  27. lots0

    lots0 Banned User - troll posts - flaming PABnonaccred

    Occupation:
    I do nothing productive
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    Hell on Earth
    I own PNK, ASCA and MGM... ;)
    I used to own LVS but I sold it a couple of weeks ago and made a killing... :) I might just pick up some more here soon, it just went under 3...

    Gotta say for a real gambling thrill there is no place like the Market.

    I still like playing where "I can see the whites of there eyes", so to speak.
    I play much better in person.
     
    1 person likes this.

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