While many cities throughout North America are starting to come out of the recession that has affected so many the past 18 months or so, the gambling capital of the US, and possibly the world is still stuck in the ruins. Las Vegas is facing its deepest economic slide since the 1940’s when casinos first started flooding the Nevada city as many people just aren’t gambling much anymore.
Although many leaders in the city still believe that gambling revenues will rebound strongly once people start to fully recover from the recession, experts predict that even gambling revenues won’t be enough to help Vegas because of Nevada’s construction industry failing during the recession as well. Construction and gambling are the two economic strongholds that have built Vegas into the city it is today and having them both struggle mightily really kills the economic prospects of Vegas.
In other mind-boggling stats that show just how much Vegas is struggling, the unemployment rate is at 14.7 % opposed to only 3.8% just 10 years ago, and for the 44th straight month (August) Nevada led the U.S in housing foreclosures.
Mayor Oscar B. Goodman has said that “Our hotel room rates are bargains now. People aren’t spending on gambling as they have in the past. Ordinarily Las Vegas was the last to go into a recession and the first to come out. This one is different.”
It is likely that the construction industry has a bigger affect on this issue than gambling per se, but for poker players in Canada, this could be seen in a very positive light. With prices in Vegas dropping drastically these days, maybe now is the time to head down South and play in those live Vegas cash games you always hear about, you can check out the new Ivey’s room and just enjoy a nice vacation in the sun away from the cold and snow as winter approaches.
No one in the poker industry wants or likes to see Las Vegas struggle like this, so if you have been considering a trip to Vegas for work (poker playing) or pleasure (vacation), or both, there is no better time than the present to get the most out of your hard earned dollar.