Archive for March, 2009

Gambling Fueling the Recession in Vegas but Not in Other Countries

Monday, March 30th, 2009

While the talk of the town is solely about the recession and how it is affecting the economy in Las Vegas along with other major cities in the world (both those that are tourist attractions and those that are not), it just so happens that Japan is saying just the opposite when it comes to Las Vegas based casino operators.

There is a particular slot like machine that is very popular among the Japanese population. This machine is called the Pachinko and is being installed all over Japan in all the land based casinos.

MGM, Las Vegas Sands abroad are reporting that while they attempt to close the gap by continuing to operate in other countries, they are nowhere near making up for the losses that they have experienced in the US and are tones away from hitting numbers that they have seen and have become accustomed to in years past.

Both the online casino and the land based casino industries seem to be weathering fairly well when compared to other industry in the economic crisis. But unfortunately this does not hold true for Las Vegas as a city that is used to entirely surviving on the money that travel and tourism brings in.

LVS Stock Climbing Back

Thursday, March 26th, 2009

While it is definitely an extremely long way before the Las Vegas Sands stock comes back anywhere remotely close to where it was at over the past few years. The stock is seeing a bit of a glimmer of hope in that it has doubled since it hit what appeared to be rock bottom last week at just over one dollar.

Today the stock is at $3.10 and seems to be climbing. The company as a whole is not doing exceptionally amazing but they are reporting that the hope to see a sufficient bounce back by the end of the fourth quarter this year.

The Las Vegas Sands company is not the only one that is hoping for a turnaround sometime this year. Financial analysts are reporting that they are likely to expect some sort of a recovery for the economy all together. While there are no promises to be made about a bounce back to where we were last year there is a strong possibility that there will be a drive in the right direction.

Travel and tourism is an industry that has been hit really hard. But Las Vegas seems to be feeling an extreme blow. The city is currently offering almost anything to get people in. The hotel deals are amazing and having a good time in rather expensive city is seemingly cheap these days.

If you are looking to travel to Vegas in the next little while, keep an eye out for deal and sign up for email notifications as there are many offerings happening all the time.

Home Sales Down $100,000 in Las Vegas

Tuesday, March 24th, 2009

A new report that was issued this past month showed real estate sales for 2009 for the city of Las Vegas. It seems as though while average prices for a single family residential detached home are the lowest that they have been since 2001. The median selling price for the home quoted above is roughly $150,000 USD. The same exact type of home averaged at approx. $250,000 this same time last year, making that a reduction of a whopping $100,000.

As a result and reflection of what is happening in the economy the real estate markets are feeling the burn. It is a historical fact that while the real estate market mimics what happens in the stock market it usually does this relatively slower than the stock market.

And while this is not what appears to be happening at this time, it is likely that we are not yet at the lowest point and home prices will continue to drop in the Las Vegas area and most of the US for the next little while at least.

The bad news: that while the real estate market is usually slower to fall it is also slower to rise back up from the falls that it experiences.

The good news: those that are new to the real estate market in Las Vegas and surrounding states have likely never seen a better time to get into the market as right now or in the next few months to follow. For first time buyers this is nothing but a dream come true and for those few investors that all kept their assets in cash, it’s a great time to pick up and sit on property until there is a turnaround and an opportunity to flip wisely!