🍒 Susan Strange - Wikipedia

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Asian turmoil is taking its toll, particularly of high-rolling gamblers. All in all, over the next two-and-a-half years, Las Vegas will add more than 20, new rooms to its current , The worry is that the local hotel market is already soft. But will they prefer replicas of Bellagio to the real thing?. On October 15th, as The Economist went to press, Stephen Wynn's Mirage Group was due to open what it proudly calls the most expensive hotel in the world. There are three difficulties with this approach to the gaming business. The second is that, in a flat market, the casinos have little choice but to compete head to head. When it comes to bigger and better, the casinos are certainly delivering. However, there are now dozens of states that have legalised the business. In many ways the copy is more striking than the original.

THE party may be over in the rest of the world. This is no longer happening. In Las Vegas it is reaching what is meant by casino capitalism heights of indulgence.

The gaming establishment has always assumed that each new attraction would simply increase the overall size of the market. The best of our journalism, handpicked each day Sign up to our free daily newsletter, The Economist today Sign up now.

But it has never built on anything like the current scale before. Add to this that airlines are shifting flights from Las Vegas to other destinations—on the ground that they make more money on business travellers who pay full fares than on tourists who book in advance—and the outlook is bleak. And it has never done so in economic circumstances that are so unpromising. More from Business Bartleby Working life has entered a new era. Reuse this content The Trust Project. People have been predicting the death of Las Vegas ever since the mob hit on the idea of using the desert town to recycle dirty money in the s. Opening just one such mega-hotel in the present economic climate would be courageous. The aim is to raise the stakes so high that all but those with strong nerves withdraw from the game. Revenue from baccarat, which is particularly popular with Asians and can make up as much as a tenth of a casino's revenues, is falling. The Venetian with 3, suites will boast a 1,foot canal, complete with serenading gondoliers, arched bridges and a replica of the Piazza San Marco. Mr Turner predicts that recreational spending will contract more rapidly than general spending as the American economy slows. It has a long history of building binges. The new resorts will, in all probability, drive some of the older operations out of business; even such a venerable establishment as Caesar's Palace is now thought to be at risk. Godfathers depart, too Why Asian business dynasties struggle with succession. The city has thrived in the ten years since it lost its monopoly on gambling. The biggest problem, however, is that gambling and other forms of entertainment do not always mix. The casinos are now betting on upmarket sybarites. A proposition on this November's ballot in California seeks to extend and codify gaming rights on Indian lands. The market is likely to get softer still. There may not even be room for the two Italians, Bellagio and Venice. A decade ago the city had a monopoly of legal gambling. But there are currently several under construction in Las Vegas, all within walking distance of each other. The origins of the building binge lie in the mids, when credit was easy and the economy booming. Even without the problems of the global economy, Las Vegas would be in trouble. Mandalay Bay with 3, rooms will feature a ten-acre tropical lagoon complete with beach and surf. Although that is an enviable figure by the standards of most of the hotel industry, it is worrying for companies that operate on the assumption of full houses, so to speak. In the early s the casinos thought their future lay in family entertainment, transforming the city into a cross between Disneyland and Sodom and Gomorrah. But it also reflects a belief among casino owners that the best way to compete is to provide ever bigger and better spectacles. The competition is about to get tougher. Several firms, including Mirage Resorts, have even taken the unprecedented step of reducing the credit that they extend to big spenders, instituting financial reviews of dozens of customers. The first is that it is becoming increasingly difficult for casinos to make a decent return on their money. Casino owners have even helped each other with loans. And the financial downturn may soon hit American gamblers too. This article appeared in the Business section of the print edition under the headline "Casino capitalism". The families stayed at home. The hotel boasts 3, rooms, 8, staff and master chefs. However, opinion polls suggest that the measure is likely to pass, preparing the way for an explosion of investment in Indian gaming.