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Vegas Casino Supply Exceeds Demand
Las Vegas boasts of many new casinos and hotel rooms but casino news is depressing as the number of tourists visiting the city has declined.
Las Vegas City Center complex was expanded to attract and cater for more tourists for the benefit of city residents but the declining number of tourists to the city is causing jitters. Many hotels in the city are continuing with expansion programs which targeted additional tourists but at the moment this is only seen to be stretching the market whose supply has exceeded demand too far. Many residents were excited at the prospects of tens of thousands of new jobs being created in addition to those that were created in the construction industry but that is no more. But casino news is not exciting and residents are now wondering whether these new employees will not be lining up at the unemployment bureaus to look for other jobs.
Hard Rock Hotel and Planet Hollywood had undertaken serious expansion programs targeting high end tourists who do not obey fluctuating economic conditions but it appears as though it might take much longer before this extra capacity is made use of. Besides the rooms are priced so high that it would be illogical for the intended customers to book them when other good but cheaper options are available. Hotels like MGM, the Wynn and Belagio which are high end have done comparatively better during the difficult session than lower end hotels like Tropicana, Hooters and the Stratosphere.
Low End Casinos Hardest Hit
Casino news have not been interesting for the low end establishments. Parts of the city which used to bustle with casino activities presently look like ghost cities during late night hours. Hotels like Hooters and Circus Circus have seen their rooms going for as low $25 per night despite the fact that they are some promotions never heard of before. The Tropicana Hotel is said to be running a promotional offer $50 free slot play for a room worth the same amount. Some hotels are offering an extra night free of charge for every two booked at the already very low rates but the situation is yet to show any signs of response.
Preparing for Better Times Ahead
Any news of economic turnaround is eagerly awaited and every casino operator is looking forward to the time when tourism in Las Vegas will begin to pick up and clients start flocking their businesses.
There are still no signs that things will get better any time soon for Las Vegas casinos. There is an excess capacity that is still being developed besides what has been created by the economic down turn. Those who will benefit from this situation are the clients who will have more options to choose from.
