LAS VEGAS — The Currans of Granada Hills have been taking family vacations on the Las Vegas Strip for years. They weren't about to pass it up just because Jeff Curran's business selling upscale cookware is down sharply.
But this summer it would be a smart Vegas vacation.
For The Record
Los Angeles Times Wednesday, September 09, 2009 Home Edition Main News Part A Page 4 National Desk 1 inches; 51 words Type of Material: Correction
Vegas development: An article in Monday's Section A about the economic hardships facing the Las Vegas Strip reported that Boyd Gaming Corp. acquired and imploded the Stardust hotel, and then broke ground in 2007 on Echelon, a luxury resort. The article should have mentioned that Boyd purchased the Stardust in 1985.
A year ago they plunked down $100 each for tickets to the Blue Man Group show at the Venetian. This year, the family of four -- Jeff, 59, his wife, Michele, 55, and their adult son and daughter -- took in the Mac King Comedy Magic Show at Harrah's with tickets discounted to $10 apiece.
Jeff used to spend up to $500 at the blackjack tables; his new limit was $150 -- on the penny and quarter slot machines.
"I've never seen the penny slots so crowded," Michele remarked in July as the family jaunt was drawing to a close.
The Strip's business model for the 21st century, which was to tap into an ever-expanding supply of free-spending visitors clamoring for first-class hotel rooms, four-star restaurant fare and high-priced shows, has been shattered by its worst recession in decades.
Vegas' ability to weather previous declines made it seem recession-proof. No longer. The carnage left by the economic downturn that began last year is unlike anything this town has seen.
Tourism is down for the second year in a row, and the people who come aren't spending with the abandon of the past. Last year Jeff Curran gave his son and daughter virtually free rein on the casino floor; this year their daily limit was $25 each.
In 2007, the peak year, 39.2 million people visited. Last year 37.5 million visitors came to town. Tourism officials say convention business is down about 27% from a year ago. If current trends continue, Vegas may barely break 35 million visits this year, the lowest level since 1999.
Even if the slump eases, its effect will be felt well into the future. The Strip -- the roughly four miles of Las Vegas Boulevard that churns out more than half the gambling revenue in Nevada -- is reassessing its habits of spending lavishly on new construction and of targeting the wealthiest or most spendthrift customers.
Room rates on the Strip are so steeply discounted that the top resorts will put you up today for the same price that downscale hotels charged two years ago.
