Mark’s Las Vegas Blog - Your Source for Vegas Info

It’s no secret that Las Vegas has been one of the hardest hit places by the latest economic problems we’re going through right now. We’re at or near the top in bankruptcies and foreclosures. But are things really that bad?

It depends on what side you view things from. As far as for residents go, yes things are getting bad. The boom is over and frankly, was overblown to begin with. A lot of people moved here from elsewhere in the last few years (including myself.) A lot came from California, mostly looking for a cheaper cost of living and having lived in Cali myself, I cant really blame them.

But what was lost sight of is what Vegas is all about. It’s a town based on gambling. Tons of people moved here and moved to suburbs that simply didn’t exist 10 years ago and worked in lost of new non-gaming jobs. A lot were in real estate and had a few good years. But when the bottom started dropping out they were in trouble. Add the people that got caught up in the house-flipping craze, which also had a good run but is now over. Now they’re stuck with 5-6 houses that lost half their value and can’t unload them. Plus there’s a ton of construction jobs that have simply gone away now that things have slowed down. That’s mostly the cause of the housing market downfall and job loss here. Vegas was just never supposed to be a city that families lived in quiet suburbs and didn’t do things related to what Vegas is all about.

Now as far as tourism goes, again yes thing are off. But not as bad as it’s made out to be. People are still coming. the numbers are a bit off but hotels are still at 90%-95% occupancy for the most part. The fuel prices going up has hurt things somewhat, making it more expensive to get here.

What’s really hurt things is no one’s winning. People always know they’re going to lose. It’s inevitable. Like the famous saying goes, “They didn’t build all these places from winners.” The casinos have tightened things up so much that your money just doesn’t last as long. You know that you’ll have some up’s and down’s but lately it’s mostly down’s. In the past at least you got felt like you got some entertainment for your money and maybe at least a chance to hit something. It’s pretty disheartening when you put $40 in a machine and it’s gone in 15 minutes! I know personally I’ve cut way back on what little gambling I did because I just got tired of losing. I’ve had a couple of times I was busted before the waitress was back with my cocktail! Nothing like a $40 Jack & Coke to kick off the evening!

So people are just spending their money on other things. With room rates getting lower, better bargains are available. The money that was spent at the tables and machines are now going to a nice meal and entertainment. The shows are still doing decent business and restaurants are hanging in.

Vegas is still a great deal if you know how to wisely manage your money. For that $100 you might have lost at the slots you can catch a great show or have a great meal. Or maybe upgrade to a better room. I’m not saying don’t gamble. Hell that’s most of the reason people come here. Just realize that your money is gonna go quicker now with less chance of “hitting it big!”

Filed under: Gambling, Vegas