Vegas feeling the pinch
The city that never sleeps is feeling the pressure of the downward spiraling American economy. The casinos and resorts in Las Vegas are looking at their room rates at a time of the year when things usually start hopping, as a measure of how business is doing. The numbers are not pretty or especially encouraging. Currently, room rates are down and many of the resorts are beginning to offer credits on many of the services they offer simply to get people to stay with them.
Promotions are firing full steam ahead to get people psyched about coming to Vegas. Harrah’s is offering rooms for $75 a night. Bally’s is lower at $69 and the Wynn and the Venetian, two of the most exclusive establishments along the strip are coming in at $199 a night. The Four Seasons is actually offering rooms below $400 a night with a $50 credit on hotel services. Promotions include free show tickets, two-for-one meal deals and other incentives that are usually unheard of.
Regardless of the actual numbers, Vegas is being hit hardest and this usually tourist heavy town is seeing a decline. The rising gas prices, airline difficulties and mortgage crisis are bringing about an economic slowdown and many people are opting to stay at home instead of spending cash they don’t have. Rates in Las Vegas have dropped more than 20 percent based on last year’s figures and in a city that has always been considered ‘recession proof’, this is not a good sign.
Travel agencies, airlines, and the resorts’ parent companies are pulling together packages to attract the tourists back to Vegas during this slump. The visitor’s authority started planning for the forewarned slump last fall and introduced a new bunch of commercials and other ads to complement the ‘What Happens In Vegas Stays In Vegas’ campaign. Instead of just focusing on the casinos and poker rooms, they are focusing on the many different shows and big name stars that will be performing there. For now, a different approach may be just what Sin City needs until the economy stabilizes.
Orlando, Florida is currently topping the list of favored destinations, a spot Las Vegas normally holds. While the casino managers are not mentioning any drops in customers, it’s probably not hard to figure out that it will happen sooner than later.
