Las Vegas had some great news lately. Casino operators in the city have been waiting for a long time to find some profits again. The problem with Las Vegas is that it built its entire economy on gambling. For years now gambling has brought in millions of dollars to sustain the market. Casino operators got a little complacent because they believe that they would never fail. They had a great business proposition in that people love to pay for a chance to win something. It’s been going on for decades now and working quite well for all parties involved. People love putting down their money to see what they could get in return if they either got lucky or had the right strategy to help them win more. Casino companies loved the equation because as everyone knows, the House always wins. This means that no matter what happened, they were most likely to have the big wins at the end of the night. Even if one customer ended up with a big haul, there was still enough revenue coming in that the House would be on top. The business model was a win-win due to the fact that casinos kept building revenue and players kept on having fun. The recession though was easily able to squash this model though – in one swift blow too!
It didn’t take long for gambling company owners to realize that they were not impervious to problems. People don’t have to wager and at the height of the recession, they couldn’t! This put casino companies in a difficult position and they had to work with their own issues to come up with solutions. Most operators tried to keep on working with their cash reserves and creating promotions to bring people in. The cost for hotels are still at an all-time low in Las Vegas and operators are creating deals that most gamblers cannot turn down as a result. This is a trend that likely is going to continue over the next few years as the market continues to try to regain some normalcy.
Part two coming next.