Word: casino
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...year's CES runs Jan. 8-11 and the keynote speaker is Microsoft CEO Steve Ballmer. The conference will include 2,700 exhibitors flaunting their wares across 1.7 million square feet of floor space at the Las Vegas Convention Center and Sands Expo and Convention Center in the Venetian Casino and Hotel. The sponsoring Consumer Electronics Association, a trade group, expects 130,000 people to attend, including retailers, manufacturers and members of the press. (See TIME's Best Inventions...
Inside Harrah's Casino, one of New Orleans' main tourist attractions, men and women are pounding away at slot machines, puffing on cigarettes and freely ordering cocktails, seemingly oblivious to the economic crisis sweeping much of the country. Maybe it's all an escape. "Oh, I don't spend that much," says Linda Buggee, 60, while walking through the casino's front doors on a recent balmy afternoon. The Palm Beach County, Fla., paralegal was eager to add to the thousand of dollars she's won in recent days. "I've been lucky," she says...
...casino opening always pumps some energy into Las Vegas. But Vegas shares with the rest of the country the feeling that things will get worse before they get better. Whether Encore signals a new beginning for Las Vegas, the way Wynn's Mirage did in 1989, is not a bet to take lightly. "We're still in a fairly early phase in the downturn," says Schwer. "I don't see Steve Wynn sticking his finger in the dike and holding it back...
...Vegas, in doubling down on the travel sector, had not diversified its economy. As the visitor rate dropped 10% in October, average daily room rates fell 14% and gaming revenue dove 26%. The hotel-casino downturn sent ripples across the city that turned into a tsunami. "In our union halls, 30% of members were what we call travelers," says Steve Holloway of the Las Vegas chapter of the Associated General Contractors of America. "They came here for the work, and now they're going home." The construction industry alone employs 10% of Las Vegas's population...
...reports of some struggling hotels offering free rooms to visitors who gamble as little as $100 at the tables, Scott D. Berman of PricewaterhouseCoopers says the better properties are doing relatively well, at least on weekends. "It's a segmented market," says Berman. "What's happening in one casino isn't happening next door...