Las Vegas losing out on spending
(08 July 2008)The credit crunch is affecting America's capital of free spending, Las Vegas, according to The Independent.
Over the Independence Day weekend, major hotels' occupancy rates were down by 15%. Gambling revenue is also thought to have dropped a further 3% this month.
Nevada's Tourism Alliance is trying to prevent airlines from halving the number of flights to the resort. Local bankruptcies have increased by four times. Unemployment in the state is at 6.2% - the highest level since May 1994. Hotel room prices are dropping – rooms can now be found for less than $100, compared with $130 last year.
But new hotels continue to be built – over 40,000 new rooms will become available in the next four years.