Because Las Vegas is losing money. Newsweek magazine says so, in an article titled
The formerly fabulous Tropicana has declared bankruptcy.
Part of the problem is that non-gaming revenues now account for 60% of all income, as opposed to the last big economic downturn in 91/92 when non-gaming revenues accounted for about 42%. As Las Vegas has made itself less of a gambling destination, it's made itself more vulnerable to the current economic downturn.
In the whistling past the graveyard department, though, there's still $30 billion in new construction scheduled, and 40,000 new hotel rooms scheduled to come online by 2011.
I've written a bit about Las Vegas in the past, mostly about casino implosions and our visits there. I like it, and it entertains me, but New Orleans has no need to get jealous. Even though I'm pretty sure I'll visit Las Vegas again, I can take it or leave it. If airfares continue to go up, Las Vegas will no longer be a cheap getaway, and we'll stop going.
The folks at the Las Vegas Convention & Visitors Authority are afraid of this, and they've launched a new ad campaign titled "Vegas Right Now." The ads urge potential visitors to stop thinking and "do Vegas right now".
The Newsweek article closes with this quote from a Las Vegas "regular", responding to the ad campaign:
"The message is 'Don't think about how crappy your economic situation is, just come to Vegas, damn it. If you don't, you're a wallowing loser."That's Vegas, baby!
And that's George W. Bush's America, here in the year of our Lord 2008. The house of cards collapses, and even the fake city built on gambling, fake boobs, gluttony and greed takes a hit.
May as well have another drink, put on some Richard Cheese & Lounge Against the Machine, and dream of better times:
