Mayor Goodman, the Mayor of this fine fine city whom I actually love for his candid ideas and flair, thinks President Obama owes us an apology for stating: "You can't get corporate jets, you can't go take a trip to Las Vegas or go down to the Super Bowl on the taxpayer's dime."
My belief: No he doesn't owe us an apology. Convention business has been going down for several reasons:
- Cost: Unions control convention space and what happens within the confines. You would be surprised how much it costs to put a plug in an outlet here.
- Corporate Credit Running Dry: As Mortgage loan availability dried up due to defaults, so did things like personal & corporate credit. READ MY ANALYSIS ECONOMIC STATS SEPT 2008
FACT: Las Vegas enjoyed & benefitted many many boom years of "loose" personal and corporate credit. Maybe Las Vegas thought it was one of those "too big to fail" conglomerates. Rooms increasing along with room rates, convention space doubling and tripling overnight, you get the clue!
Look at Las Vegas' historical stats. Those stats are from the 70s on. For some reason Las Vegas managed to grow almost every year. We grew through the Viet Nam War, we grew through the 70's gas shortage, we grew through the 80's housing problems, we grew through the 90's housing problems, we grew through recession and "economic downturns" and now we are SINKING.
FYI, I can tell you, as an avid stats watcher, convention attendance and gaming revenue did NOT go down overnight. The last year has been DISMAL. Feel free to take a peek at the year over year percent changes.
The reason why we could grow is we famously *used to* have the ability to re-invent the city to draw visitors and their $$$ here.
Why can't we do it now? Is our hangover so bad that we can't see straight? Are we going to sit outside of the Capitol building in Washington DC with our tin cups?
~OR~
Should we pull our collective heads out of our tooshies and figure out how to get people back here. Time for some water with a little aspirin to shake this hangover and get a movin! Loose corporate and personal credit is NOT coming back any time in the near future! Time to re-invent ourselves so we can be invited to the next party!
:looking over my back for the mafia & union bosses:
Renee... hey, who is that hot blonde in the with the back-lit background??? If she is there in Vegas, I'll come... ;o) Seriously, I think Vegas did well even when the economy was or things were bad, because the rich still had money. Another reason, when depressed, what prospers? Betting and drinking. Two sure drugs to help in bad times, until that hangover hits you hard.
In any case, I think it is time for America to wake up. And we need our politicians to stop scratching each others backs for votes and for favors. But let's wait until this stimulus bill is signed, because that might be when I will need to stay on a 24/7 drinking binge.
On another note, I have plans to come out in the spring, to Vegas. So I will keep you posted.
Renee - Great post and who is that person in that photo, (kidding)!
Renee, way to go! Your post should create some buzz. Very thought provoking - and I'm hoping you won't have to worry about looking over your shoulder with such a beautiful shot of you in Vegas....in fact the photo is just the kind of promotional material that can attract attention and help draw visitors...need proof? see the above comment ....Jeff's already making plans to come out this spring :) Nicely done and Beautiful photo!
Do I need to come back out there and watch your back for ya!? When we were there last year 'the strip' seemed kind of empty no matter what time of day or night. A stark contrast to when I was there in the 70s. But everything there was so darned expensive. I didn't feel like I wanted to shop, drink or explore much. The atmosphere was kind of blah. But we really enjoyed that couple hours with you and Mike and the gang,
Renee, this is a thoughtful and pragmatic post about your area. I llike the way you present your information without being adversarial!
PS. I would send you some of Amy's Chocolate Strawberries BUT they would not last the trip?!?!? If they ever ave an AR conference here in Austin, I would be happy to treat you to some of their lucious ice cream!
Renee,
Good points, and I would like to think that Air Force one is not a private plane, Las Vegas has always been a return for many, and I for one would like one day to have a G5.
Seriously, I know that a lot of "Corporate America" is under fire; why is it not put on the table to bring back capital loss on credit cards and autos loans? It would seem this might create consumers to buy lots of new vehicles, as well as the lobbyist for the credit card companies would freak because now people that spend on cards can have a deduction, and the credit card companies don't win either way whether you spend, or some unfortunate person goes under.
I was wondering lately as well how well Freddie Mac and Fannie Mae are going to work now that the red tape is applied. I remember when they stepped in and bought Amtrac; now there is a huge money maker;not.
My friend, you bring out some very good points, and I find that convention business is a must more than ever.
Sincerely
Tom Braatz
Renee - It's obvious that you have thought about the problems that your city is having, but the reality is that people are just saving money right now, and it's probably just temporary. It would be nice if the costs would come down to be more competitive.
Hi Renee - I certainly believe President Obama is correct in making his comments about how those who have taken "bailout" money (at tax payer expense) have improperly spent this money. If the corporations who took the money can afford to spend it in frivolous ways then they really don't need it and should be required to give it back.
Renee ... thanks for this post on Las Vegas RE bus and when the party's over ... what to do now. Lots of other folks are experiencing similiar pain in their communities. Travel revenues are down for businesses here in The OC too.
Best wishes. Harrison