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From General, News, News & Notes

Las Vegas, Atlantic City Gambling Revenues Show Continued Downward Trend

You'll have to wait awhile to book a stay in the new Octavius Tower as Caesars stalls the project.

Caesars Palace will wait to add 660 more rooms as Harrah's puts hold on new tower.

When it comes to gambling revenues these days, if there is any bright spot to be found for Las Vegas casino managers it could be — “Well, at least we’re not Atlantic City.”

The numbers coming in from the two biggest gaming Meccas in the country aren’t pretty and certainly serve to justify all the recent changes and holds* we’ve seen on several casino construction projects.

Gambling revenues for the state of Nevada fell 14.8 percent in November compared with a year ago according to figures released last week by the state’s Gaming Control Board.  Within the state, LV Strip properties recorded a 16.02% drop while North Lake Tahoe casinos fell a whopping 26.94%.

Across the country in Atlantic City, revenues dropped a record-setting 18.7% for the month of December.  That number broke the previous decline record of 15.1% set in September.

Back in December, Fitch Ratings said that the casino industry would probably not show any signs of recovery until 2010.  This article in The Wall Street Journal goes on to explain how rising unemployment and continuing real estate market woes — among other reasons — will continue to affect consumer spending.

So what does this mean for loyal casino-goers like us?  Look for more great deals on trips to Las Vegas and other top gambling spots.  The current environment allows us to stay and play in 4- and 5-star properties for less so let’s take advantage of it while we can. Click Here for the Best Las Vegas Hotel Deals!

*  Harrah’s Entertainment announced yesterday that it is halting construction of 660 rooms in the new Octavius Tower at Caesars Palace Las Vegas until demand returns.  The Las Vegas Review-Journal has a good article on the announcement plus info on year-to-year room occupancy rates.

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Comments

  1. Al Says:

    I just recieved the American Casino Guide for 2009 from the memorable win contest. Just wanted to say thanks.

    Starting to research a trip for the usual suspects here. There aren’t alot of us (usually 12 or so,) and we usually spend most of our time playing poker. With all the deals in rooms we’re looking at some properties we usually only play at (Bellagio, Wynn and Venetian.) The past trips we’ve stayed at the IP or Flamingo, and while I really love the location we’re looking to upgrade.

    I’m wondering what your thoughts are on getting a group of rooms? We tried this a few times in the past and didn’t really have any luck. What’s the best way to go about lining up 8-10 rooms?

    I’d love to hear your ideas. Thanks again for the book and the site in general.

  2. C.C. Royal Says:

    Happy to hear you got your prize delivered. Congrats again.

    Regarding your question on booking a block of rooms — I will get some answers for you when I am in Vegas this week. The casinos/hotels aren’t used to dealing with such down numbers so their M.O.’s have got to be changing. I will discuss this with some people I’ll be seeing this week and get back to you (and our other readers) next week on best ways to book group rooms.

  3. Roxy Says:

    Thanks so much for current and up-to-date info on this site.

    My traveling partner and I are getting ready to “pull the trigger” on
    finalizing a week to spend in Vegas. We have more and better ideas of things we want to see and do due to visiting here. Will definitely use your recommendations and links when we book.

  4. Tunica Says:

    Las Vegas is indeed THE city to gamble, but for those who are not so “glamorous” and keen on wild parties I would recommend Tunica, great tourist attractions and nice casinos.





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