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Predicating a Good 2006 Las Vegas Year. 2005-12-08
In recent news, the Fitch Ratings' outlook for the Gaming Sector seems favorable for 2006. All of this is based on strong consumer spending growth trends in Las Vegas for conventioneers, visitors, and the fact that casinos are building more and more rooms for their hotels. Outside of Las Vegas, regional markets such as Atlantic City and the Midwest are expected to show some growth, and that this where the flow of money is coming from these days.
Consumer spending, at least for Las Vegas, is expected to show some growth in 2006. Growth in corporate and leisure travel will continue to be strong in Las Vegas in the next year. Advance bookings are already growing for conventioneers and leisure travelers. According to MGM Mirage and Las Vegas Sands, the reservations are already stronger.
The outlook for regional gaming in 2006 is looking similar to last year's expectation of limited top line growth. Despite the favorable operating outlook for the gaming industry, several risks exist. The most significant risk is debt, and for the large operators looking to expand internationally, is significant capital. Other concerns are obviously acquisition risk, regulatory risk, and competition. Regulatory risk and changes in tax structure are a directed to the regional gaming markets. Competition for Vegas may be Pennsylvania and Florida.
These are the predictions, and for the most part each year they ring true. 2006 may be in Las Vegas hands, but who’s to say if Gulf Casinos get on their feet and demolish this prediction. So far they haven’t nor have international casinos or casino towns. Las Vegas remains ahead and more so this upcoming year with these facts and numbers.
(By Andrea)