Word: visitores
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Gaming revenue in Clark County, which includes downtown Las Vegas and the Strip, is down 8.5% for the year, to $8.3 billion. But the revenue for October, the last month for which figures are available, is off an ominous 24.3% vs. the same month in 2007. Visitor volume is down 3% over last year, though the city's convention business is holding steady. (Read TIME's Top 10 business deals of the year...
...Strip's restaurants have seen a proportional decrease along with overall visitor traffic. David McIntyre, vice president of food and beverage at MGM Grand - which counts among its stable of high-end eateries such restaurants as Shibuya, Nobhill and a pair from French maestro Joel Robuchon - notes that visitors have become more careful with their dollars. "They're still going out to eat; they're just not spending as much money," McIntyre says. "They might not have that second glass of wine." (See 10 things to do in Las Vegas...
...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...
...Millionaire Fair late last month, even the glare off the hood of a $250,000 Wiesmann MF4 supercar could not blind a visitor to the fact that there was far less interest on both sides of the cash register. A glitzy show designed to part Russia's well-to-do from their cash, the fair is usually spread out through three halls in Moscow's Crocus Expo center - this year it took up only two. With fewer vendors and wider aisles between the stands, the small number of visitors seemed even more sparse. "There are much fewer people this year...
Beltway News. Over six years and $621 million in tax dollars in the making, the Capitol Visitor Center opened on Dec. 2, featuring exhibits on how Congress works (or doesn't), plus artifacts like Thomas Jefferson's confidential letter to Congress asking it to fund Lewis and Clark's expedition. All tours of the Capitol will now begin and end at the Visitor Center. Admission and tours are free; make reservations online in advance, as tours fill up quickly...