VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: https://www.ifoldsflip.com/i/96661
D E C E M B E R 3 , 2 0 1 2 / Y O U R b u s i n e s s - t o - b u s i n e s s w e e k ly SPECIAL FOCUS THE YEAR IN REVIEW This month, VEGAS INC looks back at the news and newsmakers of 2012 and ahead to 2013. Budget resorts, locals casinos struggle IN 3Q By Steve Green senior staff writer STEVE MARCUS POWER BROKERS: Local business leaders Stephen Brown, Tina Quigley, Joe Hernandez, Larry Charlton, Lori Nelson and Doug Geinzer attended an economic roundtable hosted by VEGAS INC on Nov. 14. The industry experts reflected on Las Vegas��� economy in 2012 and made predictions for 2013. They agree a slow recovery is under way. WHAT WE���VE LEARNED Economic green shoots sprout in 2012; leaders predict stability, if not growth, in 2013 By Richard N. Velotta senior staff writer W Third-quarter financials are in for the Las Vegas gaming industry, and they show continued difficulties for two of the valley���s three main casino sectors. While most high-end Strip resorts saw profits in the quarter ending Sept. 30, mass market Strip casinos struggled, as did locals casinos. The Strip���s budget properties faced an uphill battle trying to get recession-weary customers to part with their dollars. Some of the casinos also played unlucky, meaning they didn���t win as much as usual from gamblers. Locals casinos also underperformed as valley residents continued to reel from the recession. The Las Vegas area���s unemployment and foreclosure rates remain elevated, and many locals aren���t inclined to gamble, eat or see shows at their neighborhood casino. On the bright side, the Strip���s luxury resorts turned in a good perfor- see CASINO FINANCES, page 17 INSIDE TODAY GOOD NEWS, FINALLY | P. 6 hat business lessons were learned in 2012? What is on the horizon for us in 2013? �� VEGAS INC assembled a panel of people from different sectors of the local economy to talk about where Las Vegas has been and where it is headed. see ECONOMY, page 14 Analysts predict Strip revenue will grow next year if the fiscal cliff is dodged STICKY FINGERS | P. 20 Columnist Bruce Spotleson questions how secure luggage is at McCarran THE LIST | P. 22 Residential mortgage lenders READY, SET, WIN. PECCOLE PROFESSIONAL PARK 10080 WEST ALTA DRIVE, SUITE 200 ��� LAS VEGAS, NEVADA 89 45 1 20121203_VI01_F.indd 1 HUTCHLEGAL.COM 11/29/12 12:42:37 PM