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Posted At : January 29, 2008 03:49 PM | Posted By : D McKee
Related Categories:
International,Pennsylvania,Problem gambling,Steve Wynn
While its crosstown rival is mulching evergreens, the Las Vegas Sun is to be commended for giving serious thought to the implications current economic doldrums hold for Sin City. Noting the parallels between now and the Bush I recession of 1991, the article makes several salient points, which include:
• "(G)ambling has become a minority revenue stream"
• We're twice as dependent on conventions, an area in which market constriction is already being seen
• Las Vegas is far more high-end-oriented than 17 years ago
• Consumer spending in Nevada is down
... and so forth. Perhaps that isn't arcane knowledge but add it -- and the rest of the citations -- up and it looks like 2008 could be a pretty rough year. Gambling seems to be a fairly recession-resistant industry (unlike, oh, the housing market) but I'd feel a little more sanguine if the various experts quoted toward the end of the article had something more specific than a vague spirit of collective optimism. (The accompanying charts provide more-concrete reassurance, even if Tropicana Phases 1 & 2 look like wishful thinking for the moment.)
Jim Murren's "played out" assessment most closely reflects the national mood, whether reflected in polls* or Ali Velshi's truckstop tour for CNN. (Check out the Murren sound clips, too.)
The good news is that international, high-end play isn't showing any signs of slackening. And Harrah's veep Jan Jones is able to cite some persuasive metrics. Besides, no one has ever been able to replicate Las Vegas -- and tumbleweeds sure aren't blowing down a deserted Strip.
Maybe it just has to be made a little more affordable for John Q. Public.
*--a Fox News poll showed 54% of respondents deeming the vaunted new "stimulus" package to be "too little, too late."
P.S.: This story is an object lesson in how to present news on the Web.
Casino crime causes colorful copy: A smash-and-grab raid in a South African casino is inspiring headlines like Casino Heist Chaos and People Run As Robbers Hit Casino. Apparently crime and alliteration go hand in hand. Oh, and the criminals planned their caper out extremely thoroughly, with execution to match. Perhaps we should put them in charge of Iraq ...
It's a banner day if you're Steve Wynn.
Gambler, heal thyself! That's the verdict of a new study, which concludes that disordered gambling can be cured without treatment. Color me skeptical but read the report and decide for yourself. (That's right; we report, you decide.)
Another snag for SugarHouse: I'm late to this party but last week the Philadelphia Inquirer reported that Philadelphia Mayor Michael Nutter has pulled the license previously given to SugarHouse Casino and is backing a demand for additional impact studies regarding Foxwoods Casino. Specifically addressing the SugarHouse license, Nutter said it had been "issued in error," particularly in terms of allowing the casino to extrude into the Delaware River.
Given the scandals that swirled around the administration of Nutter's predecessor, John Street, Nutter can hardly be faulted for showing caution. But that's mighty cold comfort to Foxwoods and especially SugarHouse, which may wind up suffering for the sins of others.
But I'll bet they're celebrating in Atlantic City. The two Philly slot parlors are a twin-pronged dagger aimed at the Boardwalk's throat, so delays for SugarHouse and Foxwoods buy A.C. badly needed time to get new and/or improved product on line. As I like to say, it's an ill wind indeed that doesn't blow somebody some good.
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