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December 3, 2008 2:36:29 AM CST

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Even Vegas Is Down on Its Luck

Posted May 6, 08 8:46 AM CDT in Business,  US 

(Newser) – Tougher times are starting hit the Sunset Strip, the New York Times reports. Las Vegas has been mostly immune to downturns in decades past, but this time the gambling mecca is feeling the pinch as consumers tighten their belts. Hundreds of casino workers have already been laid off, and a long downturn could mean a glut of hotel rooms as boom-time projects are completed.

Gamblers tend to keep rolling the dice no matter what the state of the economy, but Vegas' drive to diversify into a mecca for middle-class vacationers drawn to shopping, golfing, and dining as well as blackjack may be backfiring. Gambling pulls in just 41% of revenues now, down from 58% in 1990. A jump in foreign visitors is the one bright spot for Vegas, as high-rollers from abroad flock in to make the most of the weak dollar.

Source New York Times

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Gambling usually keeps the economy of Las Vegas on an even keel during economic downtimes but this time around looks set to be different.   (Getty Images)
The view of the Las Vegas Strip as seen from the Voodoo Lounge at the Rio at sunset. Tougher times are starting to be felt even in Vegas.   (KRT Photos)
The fountains of the Bellagio Hotel and Casino are seen from the Paris Hotel and Casino's Eiffel Tower at sunset in Las Vegas in this Jan. 18, 2002 file photo.   (AP Photo/Joe Cavaretta, File)
Hundreds of casino workers have already been laid off in Las Vegas and a long recession could hit the city hard.   (Getty Images)
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recession • Las Vegas • gambling • casino • downturn


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