While the big lights and deluxe glamour of Las Vegas have long held an almost irresistible allure for anyone wishing to find some scandal, strike it rich at the slots or get married to some stranger by an Elvis impersonator, it seems that the popularity of this glitzy destination may be decreasing as the economic situation of the country continues its journey into a deep, dark abyss. A report was recently released by the Nevada Gaming Control Board that indicates that many of the large hotel-casino operations within the state of Nevada experienced severe losses during the year of 2008. Many reported that their net income decreased by more than 65%. Casino action seems to be taking the brunt of this development and that is alarming news for a city that counts gambling as its mainstay of economic splendor.

This news is unnerving as the Las Vegas economy greatly depends on the success of its casinos to stay in business and keep going strong even through the tough times. But with the financial situation for both the nation and on an international level as well in the proverbial toilet these days, it is not all that surprising. Analysts have said that for the first half of the fiscal year things looked okay and there was still a considerable amount of growth but during the second half of the year there was a sharp decline that was never able to even out let alone recover. With costs rising on all fronts including food costs, fuel costs and skyrocketing insurance rates, this was inevitable it seems. Another aspect that factored into this slump is an assortment of legal fees that helped bring in a lower income.

Tags: las vegas economy

This entry was posted on Monday, January 19th, 2009 at 2:00 am and is filed under Las Vegas Casinos. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.