The average price of a Las Vegas Strip hotel room for the first week of January is down 35 percent from a year earlier, according to a survey by JP Morgan, which also found that rates for the key New Year's Eve holiday have fallen 27 percent. Prices for hotel rooms have already plummeted as casino operators scramble to keep the rooms filled.
'Economics 101 - it's going to be tough for prices to hold at the levels they are now,' said Matthew Jacob, an analyst at Majestic Research. In October, Las Vegas Strip casinos won 26 percent less money from gamblers than a year earlier - the biggest such decline ever. For the majority of the state, we are seeing double-digit declines in spending,' said Frank Streshley, a senior research analyst at the Nevada Gaming Control Board. 'Consumer confidence has fallen dramatically.
Features of the new resort include plenty of natural light, an Italian restaurant named Sinatra and Wynn's signature mosaics and abundant use of luxury fabrics and flowers.īut spending on the Strip has been falling as consumers hunker down amid tighter credit, higher unemployment and a slumping stock market.
