We are still in Las Vegas. We enjoy being in the city very much. But the financial crisis is feelable even here - where you feel so far away from the real world.
Some hard times will come to the world capital of abundance. Las Vegas: rediculous hotel buildings, mega-casinos and the twinkling lights at the poshy Las Vegas Boulevard, the "strip"... The U.S. gambling capital, Las Vegas, a symbol of the wasteful prosperity - now an economic downturn and recession fears have made the money flows dry up.
Tourists stay out, hotels laid off employees, construction projects will be stopped, the Casino's stock values decrease. The famous ‘Tropicana’ struggles to survive - until 2010 - the hotel was planned to be the biggest casino in the world. These plans are now stopped. The company isn't able to borrow more credits any longer.
The worth of the real estate in Vegas has decreased about 26 percent in the first three month of 2008.
The economic shock had taken the glittering city unprepared. The old rule, that the gambling industry is immune against recession - just a lie. The endless spoiling of money had stopped. The earning from gambling decreased about 5 percent. The revenue in Las Vegas has grown every year since 1970, not even the terroristic attack in 2001 could not harm Las Vegas' economy to that degree!
The dazzling, gigantic investor Donald Trump has stopped the construction of his second hotel tower at the "strip". Las Vegas' first "Trump Tower" now stands alone on a plain field - waiting for better times to come. And the giant hotel "Mirage" - famous for its incredible volcano eruption show, has just fired 440 staff members of the middle manager level in order to save money.
"The financial crisis is different to the former ones", says an analyst of the "Deutsche Bank" about the situation in Las Vegas. "The financial sector is only 40 percent of the Las Vegas economy. Many visitors are not players. They are in Las Vegas to use the many entertainment offers of the restaurants, spas, shows and ightclubs. And the crisis touches this industry, too."
The stock shares of the big hotels like Mirage, Sands and Bellagio decreased about 40 percent since the beginning of 2008.
Stag parties for future husbands and wives from Australia and Great Britain are very popular, today. Just proving that help for the city's economy can be found in the weak dollar exchange rate - Las Vegas as a cheap holiday destination for foreign citizens – even if not for its own citizens.
Marketing experts work hard to find new sources, where the money can come from.
The strategy of the businessmen and businesswomen stays the same, even in the worst crisis - If a financial sector gets to weak, a new one must be found.
Hopefully the bright shining city of lights will not be a victim of the financial crisis.
Some hard times will come to the world capital of abundance. Las Vegas: rediculous hotel buildings, mega-casinos and the twinkling lights at the poshy Las Vegas Boulevard, the "strip"... The U.S. gambling capital, Las Vegas, a symbol of the wasteful prosperity - now an economic downturn and recession fears have made the money flows dry up.
Tourists stay out, hotels laid off employees, construction projects will be stopped, the Casino's stock values decrease. The famous ‘Tropicana’ struggles to survive - until 2010 - the hotel was planned to be the biggest casino in the world. These plans are now stopped. The company isn't able to borrow more credits any longer.
The worth of the real estate in Vegas has decreased about 26 percent in the first three month of 2008.
The economic shock had taken the glittering city unprepared. The old rule, that the gambling industry is immune against recession - just a lie. The endless spoiling of money had stopped. The earning from gambling decreased about 5 percent. The revenue in Las Vegas has grown every year since 1970, not even the terroristic attack in 2001 could not harm Las Vegas' economy to that degree!
The dazzling, gigantic investor Donald Trump has stopped the construction of his second hotel tower at the "strip". Las Vegas' first "Trump Tower" now stands alone on a plain field - waiting for better times to come. And the giant hotel "Mirage" - famous for its incredible volcano eruption show, has just fired 440 staff members of the middle manager level in order to save money.
"The financial crisis is different to the former ones", says an analyst of the "Deutsche Bank" about the situation in Las Vegas. "The financial sector is only 40 percent of the Las Vegas economy. Many visitors are not players. They are in Las Vegas to use the many entertainment offers of the restaurants, spas, shows and ightclubs. And the crisis touches this industry, too."
The stock shares of the big hotels like Mirage, Sands and Bellagio decreased about 40 percent since the beginning of 2008.
Stag parties for future husbands and wives from Australia and Great Britain are very popular, today. Just proving that help for the city's economy can be found in the weak dollar exchange rate - Las Vegas as a cheap holiday destination for foreign citizens – even if not for its own citizens.
Marketing experts work hard to find new sources, where the money can come from.
The strategy of the businessmen and businesswomen stays the same, even in the worst crisis - If a financial sector gets to weak, a new one must be found.
Hopefully the bright shining city of lights will not be a victim of the financial crisis.
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