My latest piece in the LVBP is small consolation for folks who’ve got a significant chunk of their net worth tied up in gaming stocks, but hey, there’s a reason that they call it “gambling.” I’ll spoil you with the last two paragraphs, from the LVBP:
Today, with fears of an economic downturn souring even the most optimistic boosters, Las Vegas might do well to remember the lessons of 1955. Stormy economic waters don’t mean the ship is destined to sink. Instead, a skilled navigator, who can learn from the past and apply those lessons to the present, can guide the vessel to a brighter future.
Though we might have to adjust our thinking, we should take solace in knowing that Las Vegas has been through worse.
As of today, that gets the 2008 Chauncey Gardner award for metaphor. As a matter of fact, I think from now on I’ll just say that “there will be growth in the spring.” I’m sure my homespun brand of optimism will go far.
Seriously, the point of the article isn’t a pollyannish ode to living in the best of all possible worlds. Rather, I hoped to challenge people in the industry to think creatively and find a way out of this mess. The rewards for those who do will be substantial. Remember, those billion-dollar behemoths on the Strip are built on the dust of casinos whose operators couldn’t adapt to new conditions.