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Hotel Industry News |
Saturday July 4th, 2009 |
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Sands COO tells Reuters Vegas 'recession resistant' |
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The Las Vegas gambling industry, while not immune to recession, is 'recession resistant,' the chief operating officer of casino operator Las Vegas Sands Corp (LVS.N) said on Wednesday. |
Signs of weakness have reignited a long-running debate about whether the gambling haven could suffer a significant decline if the economy sinks.
"One of the last things people want to do is stop enjoying themselves," William Weidner said at the Reuters Travel and Leisure Summit in Los Angeles.
He said the Las Vegas Strip, where Sands recently opened the Palazzo resort adjacent to its high-end Venetian hotel-casino, still offers "a real bargain" compared with some other travel options.
Domestic vacation destinations in general are more appealing to Americans, given unfavorable foreign exchange rates, and gambling has always been "attractive," Weidner said.
He also emphasized that the convention business in Las Vegas allows Sands to "ratchet up or ratchet down" its bookings to match the market.
External Source - For the complete article click here
Source - Reuters
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Reuters is a global information company providing indispensable information tailored for professionals in the financial services, media and corporate markets. |
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