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Originally posted by: Lt.ax49
About Vegas--I recently watched a series of films about the mob and Vegas and they talked about the ups and downs of the economy of Vegas. I didn't realize that in the 70's that several casinos closed towers due to the bad economy and lack of business. It also happened in the 40's. Looks like the cycle continues until some creative person has the forsight to put the zip back in Vegas. Project city wasn't the cure.
I don't think what's happening now in Vegas is the same as in the past. In the 70s, there were very few, if any, other places in the U.S. for people to (openly) gamble. Now there are many, with more to come. There were also few foreign gambling centers to rival Vegas. Now there are several, especially Macau, where most of the wealthier Asians are going and which actually boasts more luxurious accommodations than Vegas. What's more, Macau is where people like Wynn are making money and so will continue to develop. China is going to build a bridge between Hong Kong and Macau (50 kilometres) and this will probably greatly increase the traffic to Macau.
I don't think that Las Vegas will ever return to what it was before the current situation. Things might slowly get better, but I doubt they will ever be as before. For some, this might not necessarily be bad as more upscale resorts are willing to court players that they formerly might not have.
It's very difficult to get a good picture of a situation when you're in the middle of it. Perspective on the current economic situation of the U.S. and the rest of the world will only be clear in time, perhaps more than we'd like to admit. In the meantime, it's very difficult to say what's actually happening, let alone what will happen. Prognostication is cheap and easy: you can claim things will get better, or worse, or stay the same. Place your bets.