"Frankly, I was shocked," Schaefer said. "I knew, given the environment of the economy, we weren't going to have the numbers we had come to expect from the past, but we've all been subjected to so many days of bad news . . . this global depression is affecting all of us, everyone."
In the days before another fight promotion in Las Vegas on Nov. 22, Schaefer walked around a casino and echoed the words of Dana White, president of Las Vegas-based Ultimate Fighting Championships, who said the gambling mecca has been reduced to a "ghost town" on non-fight days. "It's down, I see it," Schaefer said.
The question of how well the De La Hoya-Pacquiao fight will sell elicits numerous opinions in boxing circles.
In September, the MGM Grand Resort in Las Vegas sold its 16,000 tickets for the fight (most with a face value of $1,500) in less than two hours. Richard A. Sturm, the resort's president of entertainment and sports, predicts rosy earnings in occupancy, gaming and dining at his property and 11 other Strip destinations for the De La Hoya-Pacquiao fight, managed by MGM Mirage.
"Our average occupancy rate has been down a little bit, but there are certain events, like this one, when you know people want to be in town," Sturm said. "People like to come to Las Vegas, they like a getaway. This great one-night event is a great excuse. We're expecting this to a great success in every aspect."
Schaefer has watched with a banker's eye the economic devastation across the country and its effect on Las Vegas. "The numbers don't lie about how bad things are here," he said. "Look at the stock prices. These numbers didn't go down because everyone was in Vegas gambling."
Indeed, MGM Mirage's stock price has plummeted in the last year to $11.98 from a high of $93.19. Neighboring Wynn Resorts has dropped to $39.82 from $134.74, and Las Vegas Sands Corp., which includes the well-known Venetian property, has tumbled to $5.17 from $122.96.
Jay Rood, director of the MGM/Mirage Race and Sports Book, said betting inside his rooms has doubled on past mega-fights, but "no one knows what's going to happen this time, given the economy and circumstances."
Yet Schaefer, Taffet and the fight sponsors maintain that a good De La Hoya fight is a "recession-proof" commodity.
"We are keenly aware that consumers right now are demanding value, but we believe if there's one fight the consumer will buy, it's De La Hoya-Pacquiao," Taffet said.
