Adelson Says Obama Stimulus Warning Will Cripple Las Vegas Casinos
Sheldon Adelson knows a thing or two about building a casino empire. He has two of the most successful casinos in Las Vegas in the Venetian and Las Vegas Sands. That is why he feels that a recent warning from President Barack Obama will cripple the economy in the state of Nevada.
Obama made the statement that executives of companies, "..can't go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers' dime." That statement by the president has drawn the ire of Adelson and other casino owners in Sin City.
The city of Las Vegas is known to be one of the top business convention centers in the US. Adelson has built his fortune by holding mega-conventions at his casinos. Now he worries that the president misunderstands what goes on at these conventions.
"They're not holding these meetings simply because they're all boondoggles. How does an automobile company introduce their new car to thousands of dealers? How do tech companies introduce their new products and explain how they work to their dealer network?" asked Adelson.
With casinos going up around the country at a record pace, more and more locations are available for these companies to hold their conventions. Adelson still contends that only Las Vegas casinos have the accommodations that can handle the large amounts of people these conventions bring.
President Obama was not suggesting in his remarks that the conventions be stopped. He was simply warning the CEO's that have had the free ride up until now that the stimulus plan money is not to be used for their luxury trips.
Las Vegas casinos have seen a decline in recent months that has nothing to do with the lack of conventions. People do not have the money to travel in the current economy and with expansion, they do not have to travel as far. There are casinos in many states now, making it easier to stay close to home while gambling.
February 20, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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