Las Vegas is trying a lot to turn its own market around. It’s no secret that gambling isn’t what it used to be before the recession. There have been a lot of changes in the gambling market over the past two years. Recall five years ago that Las Vegas was flying high. It built a reputation up for itself as one of the biggest gambling centers of the entire world. There were casinos galore for every gamers’ needs and a lot to do beyond that. One of the changes that gambling in the city has taken on over the years is turning from a single’s paradise, to a more family-friendly location. It isn’t without purpose though. Gaming companies in the area purposely changed their business model to include all ages when they realized their demographics were getting older. It worked like a charm for the city and millions of visitors proved it as they packed The Strip all day and night long. Then the recession happened.
With little else but gambling to rely on in terms of revenue, Las Vegas was in a difficult position financially when the recession first began. Suddenly people stopped spending and that of course included gambling at the top of the list. Las Vegas didn’t take it sitting down though- the city started pushing for changes to try to draw people back in. Their first big change was creating the City Center. This was a huge billion-dollar center that included retail outlets, gaming floors, conference centers, office buildings and condominium complexes. It was created by Dubai World and MGM Mirage. Though it was expected to reinvigorate the market, it didn’t. Now Las Vegas officials are on to a new project to try to turn things around. This time it is the Cosmopolitan that is entering the market as a gambling casino. The Cosmopolitan has just shy of 3,000 suites and 1,500 slot machines. They should be available for gaming by December 15th of this year. The city’s officials hope that this too will help to bring in more tourism and more revenue. It may take a while for full revival, but it’s development and expansion that are going to give the city its best chance at a turnaround.