jimbojones wrote on December 03, 2008 08:01 AM: Bye Bye V e g a s! Bye Bye!

hermit wrote on November 30, 2008 06:26 AM: Maybe 20 years ago Vegas was recession proof but today they are the first item on the chopping block. Even if they cut their room rates that really wil not help them. More than half of their revenue has been coming from room rates and if they lower those rates they are even in more trouble. Their budgets for repaying their billions in bonds are based on a high cash flow from the rooms. Greed is always the downfall.

Greg wrote on November 29, 2008 07:59 PM: RE Patrick (Below): It should be th well paid out of towner who moves to Vegas and cashes in during a sustained boom working for their corporate shareholder friends abroad as a Casino Executive, President, VP and Mgr, whose jobs and future days should be in jeopardy. Anyone can come in during a boom and spend a lot of money on property. Except Wynn Resorts, expect other companies to eventually divest of some of their assets to new operators, which will provide new blood, restore some degree of healthy competition to the middle and lower end properties, and bring some of those food and room prices down for locals and visitors in that market segment. Things should eventually become friendlier for labor with more operators, if labor can survive the downturn.

Patrick wrote on November 29, 2008 05:35 PM: I find it interesting that none of the people who only two-three months ago were talking about how you would be crazy not to buy gaming stocks because they are so undervalued and how they were going to buy.

I assume thome people are crying right now about there losses and impending devaluation of their stock that now cannot be held by Mutual Funds.

Look for the good deals when these are coming off their bottoms or resold in 2010.

Wait until Jan. Casinos will start laying off. Watch them go to contract workers for cleaning, restaurants, and dealers on peak days, weekends, and holidays.

Day of the high paid uneducated casino worker is in jeopardy.

LittleBird wrote on November 29, 2008 02:40 PM: I attribute the down fall of the casinos to the attitude and greed that has overtaken a lot of intelligent folks.I know there was once good management because you could see it everwhere.The people were happy with the pay outs and the food deals the casinos had.The food prices have skyrocketed so much that only the high rollers can afford to eat a $30.00 pork chop,or even want too.It was a long time ago since I've been in a casino and heard jackpots ringing.It will be a very long time before I hear it again, because I won't be sticking my money in a machine without the least hope that I will win anything at all.They made their own bed,and I'm turly sorry that the casinos are going down as LV is suffering tremendously.

ex gambler wrote on November 29, 2008 11:31 AM: We already have two gaming companies facing bankruptcy in the upcoming week. Herbst Gaming must come up with a financial plan by Wednesday, December 3rd and Stations has until Friday, December 5 for their plan. Greed is what built the casinos and now greed is what is killing those same casinos. Ah, the irony of it all.

stevem wrote on November 29, 2008 11:22 AM: vegas is slowing down just as fast as it rose.

just wait until the december visitation numbers come out.

corporations all over america are still laying people off and so many people are going to have a hard time buying gifts for their kids.

go back and search articles from july and august when things first started getting bad. the arrogant "vegas is recession proof" nonsense the casino bosses were saying is the reason they are in such trouble.

casincon wrote on November 29, 2008 10:45 AM: Let 'em all go bust. Turnabout is fair play.

HUH wrote on November 29, 2008 10:44 AM: DEALS?

You still have clubs, restaurants, hotels, and shows trying to fleece the consumer for everything they can.

Don't think that you'll earn a dime at the slots either.

LVCasinoInfo.com wrote on November 29, 2008 09:30 AM: "I never understood why people thought gaming was recession proof?"

Once upon a time, you could get a room in Vegas for free or very cheap. Food was the same. A trip to a casino, outside of the gambling, was an inexpensive way to take a vacation. The casinos got away from that plan by building luxury palaces that need $200/nt minimum just to keep the lights on.

It is starting to come back a little bit, however. My email and snail mail is flooded with room offers from everyone from Main Street Station to Wynn. You can find the Venetian at not much more than $119 on most nights and I have heard virtually every room at the Harrahs places in town are comped.

I dont know if these companies can survive with those kinds of hotel revenue numbers but it all bodes well for the Vegas consumer in the end. If a few of these guys go BK or are forced to sell a casino or two, the share and bond holders will take it in the shorts but the end result will be better value for the customer. We have seen it before with the Stratosphere. Carl Icahn bought for pennies on the dollar and since that day, its been the best deal on the strip.

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