Las Vegas Gaming Industry Hit Hard in Financial Crisis

Its no secret that America is facing one of its worse financial situations in a very long time. But what is a bit surprising is how hard the monetary situation in the states is hitting the worlds biggest gambling haven- Las Vegas. During previous down times Vegas did not feel such a heavy blow.

“Wall Street is responding much more sharply, but a lot of that is based on concerns about how a global recession will hit gaming and leisure travel.”

Unfortunately for the travel and tourism as a whole the situation is said to get much worse before it gets any better at all. Numbers seem to be down in every comparison that is taken into account versus the previous year at this time; Number of visitors, amounts of dollars that were actually spent in gambling at the casinos and the amount of money spent on room reservations are all down by roughly 10 percent at a minimum.

And as to be expected, the downturn in Vegas is mirrored quite vividly on the stock exchange. Simply all the Las Vegas based stocks are down over 70 percent. LVS has taken the biggest hit and is treading really deep waters, its once impressive high of over $160 is down to a measly $3.90!!

It is said that the LVS organization has stopped all construction that was scheduled to happen in the upcoming year within the States, Las Vegas and Pennsylvania as well as all projects that were happening in Macau.

It seems that LVS isn’t the only company feeling the pain. All the Las Vegas giants are stopping construction and halting plans for the time being.

Clearly the only thing that is left to do is watch and wait. Hoping that what happens in Vegas leaves Vegas in the very near future!

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