Saturday, January 24, 2009

Las Vegas casinos on a roll

Long-term bets are always risky in Las Vegas,a city that prides itself on invention, reinvention and almost constant change.As the Nevada gambling and vacation mecca places its bets on 2009, more change is promised even as casino operators see a dreary outlook for consumer and discretionary spending this year.Las Vegas Strip gambling revenue fell 9.3 percent in the first 11 months of last year, while room rates dipped 9.5 percent.Wynn Resorts Ltd has moved full steam ahead with the opening of its $2.3 billion, 2,000-room Encore resort ,the butterfly and rosette-themed "younger, hipper sister" of the adjacent Wynn Las Vegas.

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