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Las Vegas, Nevada could be being haunted by its own image.
Every one knows, “What happens in Vegas, stays in Vegas.” The U.S. gaming capital’s motto helped cement its naughty reputation during the economic boom, however, that marketing message could be becoming a burden.
Now, with the nation battling it’s way through a recession, Budget-minded conventioneers and tourists are shying away from Sin City’s extravagance and it’s battering Vegas’ economy.
Visitor volume is down by more than 6% so far in 2009 as hotel room inventory continues to grow. This has brought room rates down a over 25 percent. The fall-off in tourism has hurt shops, shows and even casinos, where gambling revenue has fallen 15% from a year ago.
As companies all across the nation scramble to cut costs, convention business, one Las Vegas’ economic mainstays, are down by about 16 percent.
Even casino giants like MGM and the Las Vegas Sands Corp. have recently posted second-quarter losses, and Station Casinos has filed for bankruptcy.
Although these are some of the toughest times Vegas has ever seen, companies are still betting that tourists will regain their enthusiasm for excess.
The Hard Rock Hotel recently added a 490-room tower and the Mandarin Oriental chain plans to set up shop in December. Some 7,000 new hotel rooms are slated for completion in 2010.
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