Casino Expansion Slowing After CityCenter Project In Las Vegas

The CityCenter project in Las Vegas is expected to be one of the biggest spectacles the city has ever seen. MGM Mirage and their partners, Dubai World, have spared no expense with a project that is expected to shake up the landscape of casino gambling in the city.

While MGM is expanding, however, other companies are cutting back on any expansion efforts. Analysts believe that the CityCenter project may be the last of the casino expansion in Las Vegas for quite a while.

"The industry is seeking a new equilibrium," said Gary Loveman, Chief Executive of Harrah's Entertainment, as reported in The Wall Street Journal, "The last period was one where people were drunk on the use of capital and used it to solve every problem. Clearly that can't continue."

The goal now for Las Vegas is to get people to come back. The city has taken a hit over the past few years with casinos popping up in other cities around the US. Conventions that used to be held in Vegas on an annual basis have chosen different locations as of late.

The industry is hard at work attempting to bring those conventions back to the city. There has been a clear shift from the idea of building is better. Now, the city's casinos understand that bringing people back is the most important aspect to reviving the industry.

Over the past couple of years, Las Vegas has joined Atlantic City as former gambling hot spots that are losing customers to competition. While AC casinos have been done in by casinos in Connecticut, New York, and Pennsylvania, Las Vegas continues to have customers stolen from California casinos.

October 5, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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