Archive for November, 2010

Las Vegas Unemployment Rate Drops

Monday, November 22nd, 2010

Las Vegas has been hit the hardest by the global recession. While many big cities across the country have seen a steady recovery, Las Vegas is still struggling to pick up the pieces, but it seems that things are beginning to look up, as it was just reported that the city’s unemployment rate has dropped from 14.4% to 14.1% in just one month.

This is the first decline for Las Vegas unemployment rate since 2005, when it was just 4.2%. It is amazing how quickly things change, as the current rate is more than double. Although casino gambling was thought to be a recession proof industry, the market seemed to be hit the hardest, so it has take quite some time to get back on its feet.

“This is a clear sign that the recession grip on Nevada may finally be loosening,” says a spokesperson for Las Vegas’ Department of Employment, Training and Rehabilitation.

However, the statistics only point to the fact that no more jobs will be eliminated. It does not indicate that there is going to be any increase in employment opportunities. Regardless, this is good news for the city of Las Vegas and it is hoped that the employment rate will continue its upswing.

Cosmopolitan to Open Doors on December 15

Monday, November 15th, 2010

It has been a long time coming, but the new Cosmopolitan Casino and Resort will finally be opening its doors to the public on December 15, 2010.

It will be a huge event for the Las Vegas community, as Brandon Flowers will perform an exclusive concert at the resorts Boulevard pool. The show will be broadcast on the resort’s astounding 65-foot digital marquee, so there’s no need to worry if you can’t score a ticket. The only way to get tickets is by entering contests via The Cosmopolitan’s Twitter account or through radio giveaways.

The show is just a taste of what is to come for The Cosmopolitan, which has set out to be Las Vegas’ premiere concert venue. The Boulevard Pool will be an unlikely and unique setting for some of the most entertaining musical performances you’ll ever see.

The party will continue after Flowers’ performances with shows by some of the artists that will be featured at The Cosmopolitan in December. First, Mayer Hawthorne will take the stage at 11pm at Book & Stage while Nervo will play The Chandelier from 8pm to 2am. These performances will be open to the public, and this is a party that you will not want to miss.

Macau Gambling Revenues OutShine Las Vegas

Wednesday, November 10th, 2010

Macau is quickly becoming the biggest gambling capital in the world, as its revenue is climbing rapidly. In October alone, the thirty-three casinos in Macau earned almost $3 billion. In addition, Macau raked in four times more than Las Vegas at the beginning of 2010.

SJM, one of the biggest casino groups in Macau, actually earned more than every casino on the Las Vegas strip combined. Sands China also saw a 329% revenue increase in the first 6 months of 2010 alone.

“Mainland Chinese tend to come to Macau to gamble to win are serious about it”, says University of Macau Professor Desmond Lam. He goes on to say that players from Hong Kong and Macau play for leisure, a big difference from those who come from Mainland China.

So, it seems that Wynn made the right choose by opening up operations in Macau. While Las Vegas is slowly recovering from the recession, Macau is booming and now is certainly the opportune time for operators to open up shop.