Quote:
Originally Posted by The_Analyst
You have kind of a multiplier effect happening in Vegas. It's not so much the actual visitor count as much as the money count. I think I saw that occupancy is down about 2% on the Strip. Which means in a casino filled with 1,000 people, 2% is only 20 people so you might not really notice the difference. The problem is, those remaining 980 people paid less for their rooms. They also are gambling less (or hitting up the nickel slots instead of quarter slots more often). They are going over to McDonalds instead of higher-end places, not shopping as much, etc. etc. So, a slightly smaller number of people but spending less yields a lot less money coming in.
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mgm released their 2nd quarter results earlier this week and for them:
room occupancy is down 1% from last year
total casino revenue is down 4%, slot revenue is down 10% though
Food and beverage revenue was actually UP 2% from last year so everyone isn't going to mickey D's just yet
according to the latest reports from lv convention and visitors authority much of the fall is due to convention goers who have cut back on their spending dramatically from a year ago
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