The crapped-out economy has hit Las Vegas hard. With the city’s industry crashing like casinos were Chryslers, everyone from CEOs to chambermaids is muttering that “It’s never been this bad.” And, well, it hasn’t. Gambling revenues tumbled, with the take on the Strip’s tables dropping 15% in January (compared to January 2008). Moody’s Investors Service has repeatedly downgraded virtually every casino company -- MGM Mirage twice in a week! -- citing "aggressive and substantial debt-financed development activity and earnings pressure from slowing consumer spending trends that began in fiscal 2008." In short: Casinos went into massive hock to expand extravagantly. Then everyone got The Fear, and blowing five grand on blackjack and bottle service became less appealing. Well, not less appealing, but more difficult to get away with on a regular basis.
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