As Las Vegas Strip Goes Quiet, Neighborhood Casinos Stay Busy
News Source : Financial Post
News Summary
- Business on the four-mile Strip has cooled as tourists recoil at the rising costs.
- Parking for a night out is US$25, resort fees can reach US$50, a bottle of water can set you back US$26 and a coffee costs US$12.
- “The perception of Vegas has become that it may not be the great value it once was,” said Truist analyst Barry Jonas.
- Nevada’s lack of income tax has attracted migration, boosting spending at neighbourhood casinos even as tourism softens.
Strip operators have responded with price cuts and bundled packages to fill rooms, as weakness hits its lowertier properties while premium demand has held up. Wynn Resorts Ltd., where room rates are [+2669 chars]
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