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Big Spenders Dropping More Cash in Stores than Tables

Discussion in 'Casino Industry & Development' started by seneca7, Dec 27, 2013.

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  1. seneca7

    seneca7 Low-Roller

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    No doubt this is why all these shopping areas are being built. Between the clubs and the stores, I wonder what will be left for the gamblers?

    Big Spenders Dropping More Cash in Stores than Tables in Vegas

    Turns out, people are flocking to Las Vegas for more than just the slots and gambling tables. In fact, some visitors are spending three times more money in places outside of the casino floor, according to University of Las Vegas economist Stephen Brown.

    "We are seeing a much greater presence of luxury stores here in Las Vegas and most of them are catering to tourists."

    The increased tourism is good news for the local economy.

    "People think of it just for gambling, but I come here to shop," says celebrity stylist and host of TV show “Fashion Police” George Kostiopoulos. "I don't gamble."

    Sin City is known to attract high rollers spending thousands of dollars in a night in a casino, and that big-spending mentality is spilling out to the streets, as the city is quickly becoming a mecca for luxury retailers.

    Rest of the article:

    http://www.foxbusiness.com/personal-finance/2013/12/20/big-spenders-dropping-more-cash-in-stores-than-tables-in-vegas/
     
  2. Busyman

    Busyman VIP Whale

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    Ha, this isn't going to make the "old" guard happy.

    I guess Tropicana is doing the right thing. lol
     
  3. Kickin

    Kickin Flea

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    First (just a nitpick) the number they're quoting is retail spending not consumer spending. Which is good because retail spending is the number they should use but its not the same thing as consumer spending.

    They quoted 5% growth in Las Vegas for the first 9 months of 2013, according to the NV Dept of Taxation its 4.8% in Clark County and according to official numbers its 4.7% nationwide. So the growth is equal to retail sales growth nationwide, which may actually be bad if compared to growth in retail space in the county. I don't know. But it's definitely not an abnormal number to be inline with the national average.

    I don't understand the point of the article. They could have written a good piece about the growth of luxury shopping in Las Vegas and done some research to provide some good info, but instead they decided to just go with a quote from a celebrity stylist and host of "Fashion Police" who said he doesn't like to gamble but loves to shop, and end it there.
     
    Last edited by a moderator: Dec 29, 2013
  4. Busyman

    Busyman VIP Whale

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    The thing is when I usually pass these stores, they are empty. However, the mark up is so high, they don't need to sell as much.
     
    Last edited by a moderator: Dec 29, 2013
  5. HoyaHeel

    HoyaHeel Grammar Police & Admin

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    Please refrain from commenting on the news source, mkay, and stay polite:peace:
     
  6. jon95616

    jon95616 Low-Roller

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    Shopping will be overdone soon. Interesting to see what they do with all the closed stores in a couple years.
     
  7. Busyman

    Busyman VIP Whale

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    Interesting indeed....

    According to that crappy article, Vegas will be a shopping mecca and shopping would be the point.

    However, it would be nice to know how much each place contributes to the overall retail landscape. Couple years they'll close? There are new ones going up.

    The biggest problem are the "malls" and having too many so close together.

    Having shopping is not the big deal. It's the scale.
     
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