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October 15, 2008 4:32:10 PM CDT

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In Gloomy Economy, Even Vegas Is Down on Its Luck

Posted Jul 1, 08 11:14 AM CDT in US,  Business 

(Newser) – The economic downturn is hitting Las Vegas casinos with a one-two punch: Gamblers have less money to spare, and investors are less willing to shell out for glamorous new projects. Several casino companies have recently filed for bankruptcy protection, the Wall Street Journal reports. "This is the toughest environment we've faced," says one gaming exec.

Squeezed customers are not just gambling less; they're spending less at the luxury restaurants and stores where casinos make most of their money. "After 9/11, everyone thought Vegas was immune to just about anything, and it is suddenly obvious and maybe kind of scary that it is not," says a Moody's analyst.

Source Wall Street Journal

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"The economy has fallen hard, and to a magnitude people didn't anticipate. There are development projects that are having trouble even getting construction financing," one analyst said of casinos.   (AP Photo)
Casinos are "more susceptible than ever to economic downturns," one analyst says. "Six months ago, all the bankers loved them. Now they are tightening up credit and terms on them."   (AP Photo)
"After 9/11, everyone thought Vegas was immune to just about anything, and it is suddenly obvious and maybe kind of scary that it is not," one analyst says.   (AP Photo)
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