Economic Famine in Las Vegas

Economic Famine in Las Vegas

Whoa, looks like things are bad and getting worse.

Best rig for heavy weather.

http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenews wsj

(with apologies to Seattle): Will the last one leaving Las Vegas
please turn off the neon?

bankrupt dem bones

Re: Economic Famine in Las Vegas


"Mr. V" <allagoshang@gmail,com > wrote in message
news:6e5bc061-8f47-4d22-829f-0195d3f2bcd4@i18g2000prn.googlegroups,com ...
> Whoa, looks like things are bad and getting worse.
>
> Best rig for heavy weather.
>
> http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenews wsj
>
> (with apologies to Seattle): Will the last one leaving Las Vegas
> please turn off the neon?


In the cruise business, I am starting to see a slight decline in bookings
and a very small increase in cancellations. Prices on popular
ships/time/itineraries are remaining fairly high, but I am beginning to see
some discounting to "fill the boat".

No doubt about it, when people decide to cut back on spending, vacations are
one of the first things they look at.

George L

Re: Economic Famine in Las Vegas

On Jul 1, 6:57 am, "Mr. V" <allagosh...@gmail,com > wrote:
> Whoa, looks like things are bad and getting worse.
>
> Best rig for heavy weather.
>
> http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenew...
>
> (with apologies to Seattle): Will the last one leaving Las Vegas
> please turn off the neon?
>
> bankrupt dem bones

They gambled, they lost. They tried to cater to the high dollar
customers, who I assume are still going to Vegas. However, the loss of
their regular customers, such as you and I, is killing them. I'll bet
any short term changes to lure us back will be just that...short term.

Kurt

Re: Economic Famine in Las Vegas


"Chef Kurt" <kingofkurtopia@gmail,com > wrote in message
news:990001a2-1bb8-424e-ab6c-786d3762651f@j1g2000prb.googlegroups,com ...
On Jul 1, 6:57 am, "Mr. V" <allagosh...@gmail,com > wrote:
> Whoa, looks like things are bad and getting worse.
>
> Best rig for heavy weather.
>
> http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenew...
>
> (with apologies to Seattle): Will the last one leaving Las Vegas
> please turn off the neon?
>
> bankrupt dem bones

They gambled, they lost. They tried to cater to the high dollar
customers, who I assume are still going to Vegas. However, the loss of
their regular customers, such as you and I, is killing them. I'll bet
any short term changes to lure us back will be just that...short term.

*******************************************************************************

I think I disagree. The places that are always hit in recessions are the
mid and low end properties. The article highlights Harrahs, Herbst, the
Trop, and Boyd, hardly places that cater to the high dollar customer
(although Boyd obviously is in over its head with its new high end
development).

Wynn, MGM, and Sands will hang in there and do just fine, despite their
plummeting stock prices (most stock prices are plummeting). The grind
joints that depend on the average Joe will suffer the most.

OR

Re: Economic Famine in Las Vegas

On Jul 1, 8:20 am, "Octopus Ride" <davk...@bendbroadband,com > wrote:

> I think I disagree.   The places that are always hit in recessions are the
> mid and low end properties.  The article highlights Harrahs, Herbst, the
> Trop, and Boyd, hardly places that cater to the high dollar customer
> (although Boyd obviously is in over its head with its new high end
> development).
>
> Wynn, MGM, and Sands will hang in there and do just fine, despite their
> plummeting stock prices (most stock prices are plummeting).   The grind
> joints that depend on the average Joe will suffer the most.
>
> OR

Yeah, but what do you know? You live in Oregon and it's a well known
fact that anyone that lives in Oregon has their head in a cloud of pot
smoke...or so I've heard...right here on this newsgroup. :)

BTW- I had some pizza at Kens Artisan Bakery in Portland last week. If
you haven't tried it, I highly recommend eating there. I wish I lived
closer.

Kurt

Re: Economic Famine in Las Vegas


"Chef Kurt" <kingofkurtopia@gmail,com > wrote in message
news:699508e0-0097-40cd-9d4c-cbedc0ae7c97@z16g2000prn.googlegroups,com ...
On Jul 1, 8:20 am, "Octopus Ride" <davk...@bendbroadband,com > wrote:

> I think I disagree. The places that are always hit in recessions are the
> mid and low end properties. The article highlights Harrahs, Herbst, the
> Trop, and Boyd, hardly places that cater to the high dollar customer
> (although Boyd obviously is in over its head with its new high end
> development).
>
> Wynn, MGM, and Sands will hang in there and do just fine, despite their
> plummeting stock prices (most stock prices are plummeting). The grind
> joints that depend on the average Joe will suffer the most.
>
> OR

Yeah, but what do you know? You live in Oregon and it's a well known
fact that anyone that lives in Oregon has their head in a cloud of pot
smoke...or so I've heard...right here on this newsgroup. :)

BTW- I had some pizza at Kens Artisan Bakery in Portland last week. If
you haven't tried it, I highly recommend eating there. I wish I lived
closer.

************************************************************************

(Exhale)------------------------------ahhh...................

The only time I've even been to Portland, other than to drive by it, was to
get my dog an MRI. Bend has more restaurants per capita anyway, and no
place can top Olde Towne Pizza.

OR

Re: Economic Famine in Las Vegas

OR----

You didn't see the same chart as I did in that article. Sands and Wynn
have both shown precipitous drops in value.

We were out there two weeks ago, and the bartender at Venetian told us
that they were running 60% occupancy! No wonder I am getting 2-3 calls a
week begging me to "come on out."

Tom
On Jul 1 2008 10:20 AM, Octopus Ride wrote:

> "Chef Kurt" <kingofkurtopia@gmail,com > wrote in message
> news:990001a2-1bb8-424e-ab6c-786d3762651f@j1g2000prb.googlegroups,com ...
> On Jul 1, 6:57 am, "Mr. V" <allagosh...@gmail,com > wrote:
> > Whoa, looks like things are bad and getting worse.
> >
> > Best rig for heavy weather.
> >
> > http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenew...
> >
> > (with apologies to Seattle): Will the last one leaving Las Vegas
> > please turn off the neon?
> >
> > bankrupt dem bones
>
> They gambled, they lost. They tried to cater to the high dollar
> customers, who I assume are still going to Vegas. However, the loss of
> their regular customers, such as you and I, is killing them. I'll bet
> any short term changes to lure us back will be just that...short term.
>
>
*******************************************************************************
>
> I think I disagree. The places that are always hit in recessions are the
> mid and low end properties. The article highlights Harrahs, Herbst, the
> Trop, and Boyd, hardly places that cater to the high dollar customer
> (although Boyd obviously is in over its head with its new high end
> development).
>
> Wynn, MGM, and Sands will hang in there and do just fine, despite their
> plummeting stock prices (most stock prices are plummeting). The grind
> joints that depend on the average Joe will suffer the most.
>
> OR

 
: the next generation of web-newsreaders : http :// www .recgroups,com

Re: Economic Famine in Las Vegas


"DocTCW" <doctcw@aol,com > wrote in message
news:h2aqj5xn2d.ln2@recgroups,com ...

> OR----

> You didn't see the same chart as I did in that article. Sands and Wynn
> have both shown precipitous drops in value.

Which is why I posted "Wynn, MGM, and Sands will hang in there and do just
fine, despite their plummeting stock prices (most stock prices are
plummeting)."

Don't know what you think I missed.

> We were out there two weeks ago, and the bartender at Venetian told us
> that they were running 60% occupancy! No wonder I am getting 2-3 calls a
> week begging me to "come on out."

I have no doubt that occupancy is down, but some bartender is hardly a
reliable source of information.

The high end places like Wynn and Sands have the ability to ride out any
recession. That doesn't mean they won't suffer, but their high end foreign
guests will keep them afloat. Once the economy turns around, so will they.
In the meantime, its the mid and low end places that will really suffer.
One or two usually close up during every recession.

OR

Re: Economic Famine in Las Vegas

In article <CGxak.158748$Ev5.62311@fe09.news.easynews,com >,
"Octopus Ride" <davko58@bendbroadband,com > wrote:

> The high end places like Wynn and Sands have the ability to ride out any
> recession. That doesn't mean they won't suffer, but their high end foreign
> guests will keep them afloat. Once the economy turns around, so will they.
> In the meantime, its the mid and low end places that will really suffer.
> One or two usually close up during every recession.

Especially with the dollar conversion in their favor. Wynn and the
Sands are also better positioned to be hurt less if the first downturn
since the Macau expansion possibly cutting into the number of Asian
high rollers coming this way. The might just shift some income from LV
to Macau. Comes out on the same bottom line.

Re: Economic Famine in Las Vegas


"Kurt Ullman" <kurtullman@yahoo,com > wrote in message
news:kurtullman-87865C.18054101072008@70-3-168-216.area5.spcsdns,net ...
> In article <CGxak.158748$Ev5.62311@fe09.news.easynews,com >,
> "Octopus Ride" <davko58@bendbroadband,com > wrote:
>
>> The high end places like Wynn and Sands have the ability to ride out
>> any
>> recession. That doesn't mean they won't suffer, but their high end
>> foreign
>> guests will keep them afloat. Once the economy turns around, so will
>> they.
>> In the meantime, its the mid and low end places that will really
>> suffer.
>> One or two usually close up during every recession.
>
> Especially with the dollar conversion in their favor. Wynn and the
> Sands are also better positioned to be hurt less if the first downturn
> since the Macau expansion possibly cutting into the number of Asian
> high rollers coming this way. The might just shift some income from LV
> to Macau. Comes out on the same bottom line.

What about these big buck strip hotel/condo buildings they're putting up ?
I saw cosmo went belly up ... how's the outlook for Trump's new place ?
( Not that I care about him) , the $1M+ condos or MGM's new mega-project ?
It's gotta hurt to spend big bucks to either build or buy a place and then
have the market tank.
Banks might have even more repo's on their hands.

Re: Economic Famine in Las Vegas

Octopus Ride wrote:

> The high end places like Wynn and Sands have the ability to ride out any
> recession.

two words --- Macau.

--tr

Re: Economic Famine in Las Vegas

Thats the way the cookie crumbles, Cookie.

Papa Mikey

On Jul 1, 7:20 am, Chef Kurt <kingofkurto...@gmail,com > wrote:
> On Jul 1, 6:57 am, "Mr. V" <allagosh...@gmail,com > wrote:
>
> > Whoa, looks like things are bad and getting worse.
>
> > Best rig for heavy weather.
>
> > http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenew...
>
> > (with apologies to Seattle): Will the last one leaving Las Vegas
> > please turn off the neon?
>
> > bankrupt dem bones
>
> They gambled, they lost. They tried to cater to the high dollar
> customers, who I assume are still going to Vegas. However, the loss of
> their regular customers, such as you and I, is killing them. I'll bet
> any short term changes to lure us back will be just that...short term.
>
> Kurt

Re: Economic Famine in Las Vegas

On Tue, 1 Jul 2008 07:20:38 -0700 (PDT), Chef Kurt
<kingofkurtopia@gmail,com > wrote:

>On Jul 1, 6:57 am, "Mr. V" <allagosh...@gmail,com > wrote:
>> Whoa, looks like things are bad and getting worse.
>>
>> Best rig for heavy weather.
>>
>> http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenew...
>>
>> (with apologies to Seattle): Will the last one leaving Las Vegas
>> please turn off the neon?
>>
>> bankrupt dem bones
>
>They gambled, they lost. They tried to cater to the high dollar
>customers, who I assume are still going to Vegas. However, the loss of
>their regular customers, such as you and I, is killing them. I'll bet
>any short term changes to lure us back will be just that...short term.
>
>Kurt

When I was working at the Horseshoe in the '60s, I over heard Benny
Binion speaking to one of his pit bosses. He said something to the
effect of, "All the 'high rollers' can stay home as far as I'm
concerned. All I need are the folks who come here for a few days with
a $200 to lose."

The numbers have changed but I believe what he said still applies.

Skip

Re: Economic Famine in Las Vegas


"Mr. V" <wrote in message > Whoa, looks like things are bad and getting
worse.
>
> Best rig for heavy weather.
>
> http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenews_wsj
>


From the Wall Street Journal:

"Mr. Loveman, the chief executive, says Harrah's is profitable and is not in
danger of default or a bankruptcy filing. The company, he says, is spending
money to expand and improve existing properties, and is boosting visits to
its regional casinos by chartering airplanes to fly in loyal customers."



Well it is working to a degree. My mom called, as she got a flyers from S
and S tours and they fly charters for Harrahs, and wanted to go on one of
there junkets. So 'we' are going. Flying out of Grand Rapids Michigan to
Atlantic City (yes I know, not Vegas) for 249.00 a person and that includes
room for 2 nights and flight. So Harrahs will get my mom's nest egg and a
bit of my play money. We will also play at other casinos along the boardwalk
as long as there is no monsoon. So doing our bit to keep the casinos open!



Cheryl

Re: Economic Famine in Las Vegas

On Jul 1, 8:57 am, "Mr. V" <allagosh...@gmail,com > wrote:
> Whoa, looks like things are bad and getting worse.
>
> Best rig for heavy weather.
>
> http :// online.wsj,com /article/SB121487405694118001.html?mod=googlenew...
>
> (with apologies to Seattle): Will the last one leaving Las Vegas
> please turn off the neon?
>
> bankrupt dem bones

Thanks for posting the article. Boyd should have never sold the
Barbary Coast, that was their only presence on the Strip to get the
free-spending tourists, now they're stuck with the locals who are a
LOT tighter with their $! I hope they make it!