Summary
Can new thoughts of marketing the Las Vegas gaming arena hold water? How can this be achieved during such a poor and receding economy. Where do these guests get new money to finance these vacation trips? Las Vegas has been reinvented several time with varying affect. Can a new effort take hold?
Analysis
So is it - here we go again - or is there promise in thinking we can reinvent the Nevada casino industry once again. The problem is that when ever we reinvented our market area we were never in such a flux of poor business. How is it possible, with reinvention, can the Atlantic City, Reno, Las Vegas and other cities hope that by doing this, a customer will have the spendable income to be influenced to come to a casino? Remembering that in good times a person wanting to gamble does not have to have their arm twisted to visit a casino. This is not a period for guest to want to come - it's a matter of where to spend their money in a more productive process for their short dollars.
I have always applauded our industry for their creative thoughts and how they handle short falls in business. This time it's a bit more than a short fall. I understand that massive efforts are being placed on properties to create new business and enhance their existing customer base. That certainly is not a new concept and will continue to help hotels survive until the light at the end of the tunnel begins to shine a little brighter. Is there an immediate cure? No, not really, as lots need to happen in the overall economy to have people making vacations a priority. Of all the industries in the U.S. and foreign countries as well, it has always been an industry that seemed to recover the quickest. I have lots of faith in hotel/casino industry and feel that the recovery is on it's way. Will it get a bit worse prior to what we would consider a recovery? I think so... I look for some relief at the end of 2009 and the look and feel of a serious recovery by mid 2010.... It's just look at the future from my vantage point.........
