Does the average middle-class worker stand a chance visiting Vegas anymore? Airfare and room rates are increasing due to the popularity and more frequent sporting events, concerts, and conventions. Will this be the new normal?
It's certainly true that Las Vegas room rates and prices in general are higher than they've ever been, but to your first question about average people "standing a chance," our answer is yes. Absolutely.
Readers of this daily page and our Gambling With An Edge blog, listeners to the podcast of the same name, viewers of the weekly YouTube LVA Update, and most of all, subscribers to the Las Vegas Advisor who receive the Member Rewards Book of coupons as a premium stand a solid chance of separating themselves from the hordes of suckers on whom the casinos depend for their bottom-line profits, shareholder value, executive bonuses -- in short, their laughing all the way to the bank. Heck, anyone who takes advantage of our Top Ten Values alone is way ahead of the game.
And when the casinos have to start marketing hard again, which they will, people like us will jump all over the low rates, good promotions, better odds, increased comps, and big giveaways that will accrue to our own bottom lines, or at least our vacation value and pleasure. Until then, we can continue to frequent the less greedy casinos (South Point, Ellis Island, Binion's, et al.) and avoid the gougers (here's looking at you, MGM and Station) like the plague.
As for question number two, our belief is that new normals are normal until they aren't anymore and then there's a new new normal. We're waiting for the time when economic conditions are such that demand is depressed and the intensely competitive casinos in Las Vegas have to respond by reining in their prices and profits. We're sure that will come to pass at some point, but when is anyone's guess. In the meantime, see the answer to question number one above.
CET, CET, CET Even if we hit an economic downturn, this is the new norm. It's like inflation - my $2.99 eggs at Costco are now $4.99, when inflation drops back to 2% (and hopefully it will) those eggs are going to stay at $4.99. Even during the last recession - Boyd tightened comps, instead of loosening them, because that's all the bean counters understand. If a few companies go under due to debt ('errr Eldiablo) due to a recession, more competition might loosen comps and deals. For now stay off-strip and look hard for those deals.