Companies Veering Away from Las Vegas Meetings and Conferences

Goldman Sachs Group is now the second major financial institution to cancel a pre planned trip to Las Vegas. Las Week Wells Fargo announced that they would be cancelling an employee recognition trip to Las Vegas due to media hearsay that the company was blowing away money that they had just recently received in government sponsored funds to recoup from bankruptcy. Goldman Sachs has moved their trip to San Francisco.

When asked, the company did not say whether or not this was a cost savings effort or they were just relocating for another reason. They did mention that other than changing the location the conference will remain exactly the same. Rumour has it that in order to cancel the reservation that the company held with Mandalay Bay they had to pay a $600,000 dollar cancellation fee. The company will not confirm whether there were any fees associated with the change in plans.

It seems as though companies that have received federal funding and perhaps other companies that are alike as well will try to stay away from meetings and conferences in Las Vegas due to the public opinion that the meetings are held primarily as a retreat rather than a necessary business convention.

This would be one of the last things that Vegas needs as travel to the city brings in lower numbers than ever before this year. Companies are trying to spend less on rewards and more on focus in moving forward so anything that appears to be rewarding is likely to be put to the back burner.

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