The decline of the gaming industry during tough economic times is causing many Las Vegas gaming jobs to be lost.
Las Vegas has long been known for its gaming industry, but lately the national economic downward trend has caused many casinos and resorts to lose employees. Many jobs are being lost as several companies have had to scale back operations to make up for lost money.
According to an article by Casino Gambling Web, the Las Vegas Strip saw its revenue numbers decrease during July, marking the seventh straight month the strip has lost money. Overall gambling revenue came in at $519.2 million, a 15 percent decrease.
“The casino industry is one that has never experienced the troubles of the economy along with other industries,” the article notes. “They have managed to make money in even the toughest of economic times, but that is not the case this year.
“With fuel prices hitting all time highs, people simply do not have the money to pay high prices for airline flights,” the article continues. “Travel in general has become near impossible because of the gas prices.”
Because of economic hardships, less and less people are going to Las Vegas to gamble. The city experienced its largest decline in visitors in July since March 2003, according to an article by the Las Vegas Sun. The number of visitors decreased 5 percent from last year.
“Average room rates, which were down 10 percent across Las Vegas in July, a time when room rates are typically low, also have lowered over time,” the article notes. “Weekend and midweek occupancy rates, 91 percent and 86 percent, respectively, were each down 5 percentage points in July. Passenger traffic through McCarran International Airport was down 9 percent and average daily auto traffic on Interstate 15 at the California border fell 7 percent.
“Conventions, which bolster business midweek, have been hit along with tourism business,” the article adds. “The number of conventions held in July rose 9 percent from a year ago and attendance was up 1 percent but total room nights occupied by convention-goers, a sign travelers are cutting stays short, fell 9 percent.”
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Las Vegas Casino Jobs Bailout?
20|Nov|2008 1[…] Because of the current credit crisis, many companies are laying off employees and many projects are being put on the back burner. The Stardust recently closed, causing many employees to lose their jobs. Many new jobs were created during the construction of Echelon Place, which was to replace the Stardust, but building of that project has been suspended. The New Frontier also was recently taken down and is looking for money to build a hotel on the empty lot. Also, MGM Mirage is currently trying to get funding for the final phase of its six-tower City Center development. […]
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