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Las Vegas Casinos Expand Faster than Demand
LAS VEGAS, NEVADA --
Figures from February show Las Vegas casino hotel space grew over the last year while the number of visitors to the gambling town remained constant. With almost 3 million tourists passing through Las Vegas for the month, visitation stayed the same even as 8000 more hotel rooms became available for gambling patrons.
According to an announcement by the Las Vegas Convention and Visitors Authority, the number of people traveling to the city this February is roughly the same as last year. However, the visitors gambled more, as gaming revenue climbed $117 million over February of 2009.
That encouraging number seems to indicate more money in the pockets of travelers, another hopeful sign the casinos are slowly recovering from the recession.
Still, with the addition of CityCenter and other projects, Las Vegas has continued to expand, even though demand for new rooms is slack. The result is a drop in occupancy levels, and a damper keeping rates at even the plushest gambling resorts well below peak.
The Authority also says, while total visitors numbers are steady, convention attendance is down 11 percent. Greater numbers of visitors are arriving by car for short stays, rather than flying in for week-long business excursions. Gaming economists are uncertain how long the lingering perception advanced by President Obama that business in Vegas is tainted will last.
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