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Hotel Prices in Vegas are Getting Slashed
By Sonny White | March 15, 2010
The unstable economic situation in the U.S. is having an effect on Vegas and the casino resorts. Many Americans don’t have as much disposable income as they did last year, so vacations to Sin City are not as popular as they once were. Gaming revenues are down over 4% from last year, and new development in the city has slowed to almost a standstill.
Besides the economy, Las Vegas faces other competition from Native Reserve casinos and dog and horse racing tracks that have slot licenses. Vegas and Atlantic City do not have the market share they once did.
To attract players, the casinos have been forced to slash room prices. On average the price of a room is down by 15% from last year. This is an expensive fix for the hotels because the “resort atmosphere” has become more service-oriented, placing higher value on the profits from rooms.
Topics: Las Vegas |