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What's the overall vibe

Discussion in 'Misc. Vegas Chat' started by TomTWI, Mar 21, 2015.

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  1. TomTWI

    TomTWI High-Roller

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    Just a general question on economy I guess.

    For those who have been recently how is Vegas doing this year. Last couple years it has seemed to be slowly recovering but not fully there yet. Do you think it's continuing to pick up? How busy are the strip and Fremont street? Are tourists gambling and spending freely or just walking around? I know this is just anecdotal but would like to get your opinion on the recovery.

    TomTWI
     
  2. UTE

    UTE Plastics

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    Statistically, visits to Las Vegas are back to pre-recession levels. There've already been a few months that have surpassed the old marks.

    In my opinion, the vibe is back for tourists but not for locals. It seems like every visitor I talk with reports they're doing better and they say they're coming to Las Vegas more now. And, more of them mention how they'd consider moving to Las Vegas when they retire. Again, statistics back that up as, once again, more people are moving to Las Vegas than are leaving.

    The locals I hang out with are working more but are still wary and skeptical. I think they got burned badly during the recession. Many are still upside down in their homes - if they were amongst those fortunate enough to keep them. Some of them still talk about leaving. I think it's not enough for them that business is back. They'll need to see a prolonged and sustained recovery to convince them Las Vegas is stable.

    Bill
     
  3. captainron62

    captainron62 VIP Whale

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    I have traveled to LV every winter since 2008. This past Jan. I saw the biggest crowds I have seen. The stats are showing the levels are up and the strip certainly seems to be poised for a big comeback in 2015.
     
  4. Piggylane

    Piggylane Well-Known Member

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    Absolutely agree! I was out there for two weeks and the strip casinos were busy. During my whole two week trip only Monday's seemed a bit down but that's to be expected.

    Also agree the locals are in a funk but that is what you hear no matter where you go. The vacationers and conventioneers have money to spend but the every day folks are barely paying the bills. The economy is not strong. Those of us with good paying, steady jobs are very fortunate to have a few disposable bucks to play with and enjoy ourselves every few months but there are a vast number on the outside looking in who are struggling to make ends meet.

    Enjoy it while you can, it might not last much longer. This feels like a bubble.
     
  5. lionelhutz

    lionelhutz Low-Roller

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    the thing is, the US economy is doing fairly well, people have more money (for the most part), they take more trips, spend more money on trips, etc...

    but what ends up happening is it starts to get balanced out by the fact that a healthy US economy means a much stronger greenback, which makes a trip to LV somewhat less economically feasible for some.

    Canadian visitors numbered about 2 million in 2013 (about 40% of all foreign visitors) (http://press.expedia.ca/press-releases/canadians-are-kings-and-queens-hearts-las-vegas-visits-1748) that number will surely drop fairly significantly as the dollar continues to bottom out. The Euro is in even rougher shape, and if the Yuan drops even further as the Chinese economy continues its slowdown.

    that loss of foreign money will hurt.
     
  6. klawrey

    klawrey High-Roller

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    Simply put visitor numbers are up. Revenue in general is doing well but it's a changed make up from the past where gaming was the big revenue producer now much more revenue coming from things like nightclubs, dining and entertainment relative to gaming.

    Vegas has changed but I think for the better (besides terrible gaming rules most places) as it needed to diversify to grasp the younger generation with nightclubs and such. Vegas as adapted to that well and seems to be thriving again.
     
  7. BayouBengal

    BayouBengal VIP Whale

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    I was in for the super bowl and crowds seemed strong. Table minimums at the Cosmo stayed high through Monday.
     
  8. Snidely

    Snidely VIP Whale

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    room prices are up so I assume occupancy is up.
     
  9. TomTWI

    TomTWI High-Roller

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    I can answer my own question in a couple weeks. Last time we were there early Nov. I was still seeing many vacant store fronts away from the strip. At the same time lots of residential building going on. When those vacant store fronts get filled I will figure the local economy is back.

    TomTWI
     
  10. TomTWI

    TomTWI High-Roller

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    I'm not seeing a bubble at least not like the last one. A large percentage of sales are cash and that would eliminate to a large extent panic selling. While prices have increased recently they are not going crazy. To me it seems like an orderly market. JMHO

    TomTWI
     
  11. Mrs. K.

    Mrs. K. Low-Roller

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    Two years ago every cab driver I met was bitter and hated Las Vegas. This year every cab driver I met was happy and loved Las Vegas.
     
  12. azlefty

    azlefty Low-Roller

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    I am not a big gambler and thus pay cash for rooms and/or take advantage of promos where I can find them. I say with certainty that room rates have come back up more-or-less to what they were in the mid 2000s. That is certainly an indicator of economic health, since hotels won't raise prices in a competitive market unless they are expecting to be full.

    The economy is good for people who have jobs that haven't disappeared or felt intense competition due to structural changes to the economy. Most other people are left to the service industry where wage increases are much less likely. Obviously, Las Vegas is primarily a service town.
     
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