Coin Deep
Posted in Uncategorized on 12/11/2007 10:51 pm by admin
Coin Deep
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US $171.00
The following numbers* or conditions* are descriptive of several critical measurements of the Las Vegas economy.
-October Strip gaming revenue declined over 25% compared to October, 2007
-Gaming revenues were also down for North Las Vegas ( -34.3%) , downtown ( -19.6%), and Boulder Strip ( -28.2%)
-October slot coin-in declined from 9.4 billion (Oct. 2007) to 7.9 billion this year ( 16% decline); slot coin-in values are indicative of the significant reduction in actual slot gambling wagers in Las Vegas and some experts prefer it as an indicator of gaming industry performance vs gross gaming revenues. Coin -in figures have declined for 16 consecutive months.
-October was the tenth successive monthly decline in gaming wins.
-October visitor counts are down 10% vs October, 2007.
-Casino stock shares have declined in value by 80 -90+% compared to last year's indexes.
-Gaming property's debt is now 7-10 times their earnings/cash flow numbers.
-The local unemployment rate hiked to 7.9% in November(significantly higher than the national average and a 23-year high).
- By November, over 5100 casino employee layoffs had occurred, with significant layoffs also taking place in both construction and manufacturing. Many more gaming company employees have seen hours cut.
-Three large casino companies (Boyd, Station, and Las Vegas Sands) have suspended matches to worker's 401 K retirement contributions; MGM Mirage recently announced there would be no employee bonus payouts this year.
-Restaurant and bar sales in Clark County, which are traditionally thought of as good indicators of tourism levels, are down nearly 20%.
-Las Vegas visitors through McCarran Airport had declined by 13.2% by September (vs last September).
-Hotel occupancy and room rates are down by approximately 10 and 25%, respectively, and expecting further reductions.
-MGM Mirage, one of the largest gaming companies, has experienced a net income decline from 183.9 million last year to 61.3 million presently (October).
-Some casinos have significantly reduced entertainment schedules (and associative ticket prices) and have either closed or reduced operating hours at restaurants and/or bars.
-Median prices of existing homes have declined from $ 247, 850.00 in December, 2007 to $ 184,000.00 by the end of October (26% decline); Nevada has been the number 1 ranked home foreclosure state in 2007 and 2008, and Las Vegas is presently ranked number 2 in metropolitan area foreclosure rates nationwide. Mortgage fraud has been rampant in Vegas and has, along with the general credit crisis and inability to obtain mortgage funding, rendered the local housing market as one of the worst in the US.
- Business confidence indexes all point toward a deepening of the crisis evident from the above numbers.
What do all the above woeful economic trends mean for potential Las Vegas visitors? Tourism (including gambling) drives the Las Vegas economy and there 's a silver lining for Vegas visitors in that the town is returning to a destination bargain city like that observed 15-20 years ago. October average room rates were at $115.68 (down 15 % vs a year ago) and have even declined further in the last 2 months; forecasters indicate they will decline further. The gaming entities need customers and room rate offers / reductions are a classic means to get us through their doors. Countless other show, dining, and gambling incentives are being attached to these great room rate deals in the offing.
Members of casino web sites and player's clubs are being inundated with some significant savings deals; for those interested in gambling, we suggest you sign up for both of these venues as the likelihood of great room rates in particular are already being offered and this trend will likely escalate. More and more attractive room rate / travel deals should be expected over the next few months at least ; yet consumer willingness to spend discretionary money for Las Vegas travel will also likely decrease. The above recent numbers indicate that recent visitors are obviously spending less money while there. For consumers who are in a position to visit Las Vegas, perhaps some unprecedented travel cost incentives will enhance those trips.
Casino - resort survival (bankruptcy avoidance) will be an interesting scenario to monitor during the next year. The single, double, and triple remortgaging of their property assets for continued massive expansion and consolidation when capital acquisitions (loans) were cheap and easy followed by the credit crash immediately behind it has now rendered them in deep liquidity and cash flow trouble. Just ask Sheldon Adelson about those scenarios. Can you say wake-up call? Perhaps the gaming industry will gain valuable insight from this lesson. The severity of the economic condition seems to scream belt-tightening for us all.
The opulent insanity fostered by Vegas, though it's a key reason why we visit in the first place, might need to be co-mingled with a bit of common sense on all sides of the spectrum. Let's hope consumer optimism will follow a repair of our credit markets through policy initiatives and sound management models ; the turnaround of our economy and subsequent trips to Las Vegas will depend heavily on those factors.
Cheers... Chuck60 @ Frugally Vegas blog
Author is a multiple visitor to and passionate about Las Vegas, NV. I author a blog entitled Frugally Vegas @ http://sincitytravel.blogspot.com, which is a noncommercial site offering tons of cost-saving tips for Las Vegas travel.
It's strictly an info-sharing site with valuable travel tips and most everything Vegas. Visitors and their comments are encouraged.
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Digital Counting Coin Bank $29.09 Keep a running tally of how much your spare coins are earning you with this Digital Coin Bank. This Digital Coin Bank automatically counts your coins as you save them and displays the amount on an LED display.Electronically counts every coin as you saveLED money saving displayDimensions: 6.75 inches long x 3.875 inches deep x 3.875 inches wideRequires two (2) AA batteries (not included)Includes retail packaging |
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Profitable Coin Collecting $27.99 There's no mistaking the purpose of this book, or the opportunities it may provide you with. This reference contains deep market analysis of popular rare U.S. coins minted in the last century, with advice and alternative collecting and investing options for you to use, plus answers to common collecting questions and concerns including: How do you start investing coins? Which types of coins are the easiest to buy and sell? What coins have become top performers in collecting over the last 50 years? This book breaks down coin collecting into understandable and applicable steps that can lead to lucrative investments. |
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Kanga Peony Coin Purse $39.48 This vibrant coin purse is ideal for carrying all of your small items. This coin purse is handmade by a women's sewing cooperative in Kenya.Product Features:Color: PeonyStyle: Coin purseConstruction: 100-percent poly-cotton fabricEntry: ZipperExterior pockets: One Bag dimensions: 6.5 inches wide x 5 inches high x 0.3 inches deepCare Instructions: For best results, dry clean onlyStory Behind the Art:This project allows women of different ethnic backgrounds to care for their families, improve their sewing and marketing skills, and grow as a community. With each stitch, the women sew peace and hope into these items. The women's desire is that the peace they have found through the project be passed on to you. 'May the Peace be Passed.'What is Worldstock?The handcrafted touch of artisan skill creates variations in color, size and design. If buying two of the same item, slight differences should be expected. Note: Color discrepancies may occur between this product and your computer screen.Imported |
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Blue Leather Keychain Coin Purse $39.48 This compact coin purse features a bright blue leather construction. Two zippered compartments store money and a handy keychain ensures this multi-function wallet wont get lost.Color options: BlueStyle: Coin purseConstruction: LeatherEntry: Zip-topExterior: Solid-coloredLining: FabricTwo (2) zipper sections, one (1) key chainMade in India3.15 inches high x 4.3 inches wide x 0.63 inches deep |
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Yellow Leather Keychain Coin Purse $39.48 This compact coin purse features a bright yellow leather construction. Two zippered compartments store money and a handy keychain ensures this multi-function wallet wont get lost.Color options: YellowStyle: Coin purseConstruction: LeatherEntry: Zip-topExterior: Solid-coloredLining: FabricTwo (2) zipper sections, one (1) key chainMade in India3.15 inches high x 4.3 inches wide x 0.63 inches deep |
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Silver Leather Keychain Coin Purse $39.48 This compact coin purse features a stunning silver leather construction. Two zippered compartments store money and a handy keychain ensures this multi-function wallet wont get lost.Color options: SilverStyle: Coin purseConstruction: LeatherEntry: Zip-topExterior: Solid-coloredLining: FabricTwo (2) zipper sections, one (1) key chainMade in India3.15 inches high x 4.3 inches wide x 0.63 inches deep |
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Raspberry Leather Keychain Coin Purse $39.48 This compact coin purse features a bright raspberry leather construction. Two zippered compartments store money and a handy keychain ensures this multi-function wallet wont get lost.Color options: RaspberryStyle: Coin purseConstruction: LeatherEntry: Zip-topExterior: Solid-coloredLining: FabricTwo (2) zipper sections, one (1) key chainMade in India3.15 inches high x 4.3 inches wide x 0.63 inches deep |
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Flag of India Flag Coin Purse by CafePress $38 The National flag of India is a horizontal rectangular tricolour of deep saffron, white and India green; with the Ashok Chakra, a 24-spoke wheel, in navy blue at its center. Flag Coin Purse For ladies who feel short-changed in style, this cute coin purse is elegant amp; ideal. Whether you're grabbing cash at the store or tickets for the show, this awesome purse gets noticed. Made of elegant microfiber, our womens coin purse wallet is durabl |
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Business Source Coin Envelopes, 5-1/2 Coin, 20lb., 500/BX, Brown/Kraft. Box of 500 $17.16 Manufacturer: Business Source. Box of 500. Handy little coin envelopes are ideal for small parts, samples, seeds, enclosures, loose coins and payroll applications. Flaps feature deep gumming for a secure seal. No. 5-1/2 coin envelopes are made of sturdy K |
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Business Source Coin Envelopes, 6 Coin, 28lb., 500/BX, Brown/Kraft. Box of 500 $21.47 Manufacturer: Business Source. Box of 500. Handy little coin envelopes are ideal for small parts, samples, seeds, enclosures, loose coins and payroll applications. Flaps feature deep gumming for a secure seal. No. 6 coin envelopes are made of sturdy, 28 l |
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Business Source Coin Envelopes, 7 Coin, 28lb., 500/BX, Brown Kraft. Box of 500 $25.24 Manufacturer: Business Source. Box of 500. Handy little coin envelopes are ideal for small parts, samples, seeds, enclosures, loose coins and payroll applications. Flaps feature deep gumming for a secure seal. No. 7 coin envelopes are made of sturdy, 28 l |