Las Vegas Economy
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Table of Contents
Gibbons – Obama showdown
Governor of Nevada and a member of Republican Party, Jim Gibbons, as per Las Vegas economy news, has said that statements made by US president Barack Obama have caused substantial financial damage to economy of Las Vegas as well as entire Nevada.
Gibbons – Obama showdown
Governor of Nevada and a member of Republican Party, Jim Gibbons, as per Las Vegas economy news, has said that statements made by US president Barack Obama have caused substantial financial damage to economy of Las Vegas as well as entire Nevada.
Gibbons stated that Obama’s warning against recipients of federal bailout against using that money to go on trips to Las Vegas had caused irreparable losses to Las Vegas’ economy. He says that tourism and convention businesses that are important parts of Las Vegas economic system have suffered as a result of that statement.
Obama’s warnings have actually been perceived as being insulting in context of Las Vegas. This has also forced many major corporate houses in USA to stay away from holding their meetings in this city and this has come as a significant blow for Las Vegas economy.
Losses suffered by Las Vegas economy
As per recently released data by Las Vegas Convention and Visitors Authority it has been learnt that losses suffered by Las Vegas economy have exceeded $100 million mark. This money is not inclusive of amount generated from various types of recreational activities in that city.
More than 400 business events were supposed to be held in Las Vegas but have now been cancelled owing to Obama’s statements. This meant that revenue to be generated from almost 11,800 guests, which is equivalent to 250,000 nights, has been lost out on.
Gibbons reiterated that even though Obama is supposed to arrive at Las Vegas for generating campaign money for Senator Harry Reid his visit would do nothing to allay economic troubles being faced by families in that state.
Present condition of Las Vegas tourism
Las Vegas Convention and Visitors Authority have stated that in second quarter of 2009 fiscal tourism has decreased at a rate of 8 percent. This is important as tourism is a major revenue generator for Las Vegas. As per information international tourists to Las Vegas are mostly from Mexico, United Kingdom and Canada with United Kingdom accounting for majority of tourists to Las Vegas. These global tourists are important for Las Vegas economy as they contribute in excess of what comes from visitors from other places in USA.
One of the steady incomes in Las Vegas are the vegas wedding package that they offer to couples who wants a clean and quick ceremony.
