Las Vegas Hoping for a Market Turnaround
Las Vegas casino operators are hoping for a market turnaround. Since the recession the city has taken a hard hit. At the height of the recession the city’s unemployment rate was well into the double digits. That left thousands of area residents in financial turmoil. According to reports from Clark County, approximately 15% of people were out of work and that adds up to about 125,000. The problem with an unemployment rate that high is that it causes other problems. First of all, it causes a growth in defaults on home loans. The number of defaults in mortgage loans were up to 60% at the height of the recession for the city of Las Vegas. The high unemployment rate also meant that the economy continued to suffer because people had no discretionary funds to fuel back into the economy. It caused a lot of problems for local businesses that also struggled.
Despite the bad news, the Las Vegas casino industry is still hopeful. For example, casinos are still building promotions and taking on big-dollar endeavors. City Center was one billion-dollar project. This was built on the Strip and it brought a myriad of positive changes to the market. Shopping centers, condonium complexes, convention centers and casinos were all built up in an effort to attract new customers into the market. Thus far City Center has not been as successful as hoped, but it is still a new project. Experts are hoping that as the market continues to regulate itself, City Center will grow into what its developers had in mind in the first place.
The coming months will be telling for the casino market in Las Vegas. City officials are hoping that all the combined efforts for advertising and promotions that bring customers in, will work. They are creating deep discounts and packages for tourists who are planning on visiting. With some great discounts, Las Vegas may still be able to turn around but even experts know that it will take time for that to happen. Watch out for the discounts and take advantage of them- it is a great time to get in on the fun of Las Vegas.
Tags: casino, City Center, economy, Las Vegas, recession, recovery
