Another Canary: The Las Vegas Economy Is Tanking Just Like It Did In 2008 And 2009
Earlier this month, resort and casino operator Maverick Gaming filed for Chapter 11 protection in the U.S. Southern District of Texas
If you want to get a really good indication of where the U.S. economy is heading, just look at what is happening in Las Vegas. During good times, hotel occupancy rates are very high and lots of money is thrown around in the casinos. But when times are getting tough, less people head to Las Vegas and those that do go tend to be tighter with their money. We saw a perfect example of this during the Great Recession.
Once the global financial crisis hit, gambling revenues in Las Vegas plunged. The following comes from an ABC News article that was published in 2009… -- More...