vpFREE2 Forums

Who are these people?

#1

As I sit here eating lunch I've been asking myself what has caused the great changes in Vegas over the last 10-15 years? The rooms and meals were such a bargain and shows were quite reasonable. Now we have $25.00 buffets, $12.00 drinks, $100.00+ show tickets, $200.00+ rooms. I realize the economy is good for a lot of people and the stock market is high now, but I just can't believe what I'm seeing. Who are these people that supposedly can afford these prices and are willing to so freely spend, but yet gamble very little and don't have a clue what they're doing when they do gamble?
   
  I have some theories and I'd appreciate your thoughts on the subject. The following are my personal ranking of the reasons.
   
  1. The growth of riverboat and Indian casinos. A lot of people thought these would hurt Vegas business, but I believe they have made gambling more socially acceptable and people are now ready to try the "major league" of gambling--Vegas.
   
  2. The wealth effect of real estate, particularly in California. Homeowners taking out that 2nd mortgage or refinancing and suddenly having an extra $50,000 or $100,000 lying around.
   
  3. The "cool" factor. Young adults flocking to Vegas more than ever before. It doesn't matter what the cost as long as they have unused credit on their Visas.
   
  4. The failure of our education system. People are gambling at 6/5 JOB when 9/6 machines are open nearby. 6/5 blackjack growing with little resistance. I read recently that between 30-40% of high school seniors couldn't calculate the amount of gasoline to purchase to get from point A to B.
   
  Actually my #3 might be equal or ahead of reason #2 above. Whenever I think of Vegas these days I inevitably become sad with these negative changes. In the past I used to at least think with the prices rising at least it would keep out some of the riff-raff. I'm beginning to think maybe I'm the riff-raff. LOL

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#2

As I sit here eating lunch I've been asking myself what has caused

the great changes in Vegas over the last 10-15 years? The rooms and
meals were such a bargain and shows were quite reasonable. Now we
have $25.00 buffets, $12.00 drinks, $100.00+ show tickets, $200.00+
rooms. I realize the economy is good for a lot of people and the
stock market is high now, but I just can't believe what I'm seeing.
Who are these people that supposedly can afford these prices and are
willing to so freely spend, but yet gamble very little and don't
have a clue what they're doing when they do gamble?

   
  I have some theories and I'd appreciate your thoughts on the

subject. The following are my personal ranking of the reasons.

   
  1. The growth of riverboat and Indian casinos. A lot of people

thought these would hurt Vegas business, but I believe they have
made gambling more socially acceptable and people are now ready to
try the "major league" of gambling--Vegas.

   
  2. The wealth effect of real estate, particularly in

California. Homeowners taking out that 2nd mortgage or refinancing
and suddenly having an extra $50,000 or $100,000 lying around.

   
  3. The "cool" factor. Young adults flocking to Vegas more than

ever before. It doesn't matter what the cost as long as they have
unused credit on their Visas.

   
  4. The failure of our education system. People are gambling at

6/5 JOB when 9/6 machines are open nearby. 6/5 blackjack growing
with little resistance. I read recently that between 30-40% of high
school seniors couldn't calculate the amount of gasoline to purchase
to get from point A to B.

   
  Actually my #3 might be equal or ahead of reason #2 above.

Whenever I think of Vegas these days I inevitably become sad with
these negative changes. In the past I used to at least think with
the prices rising at least it would keep out some of the riff-raff.
I'm beginning to think maybe I'm the riff-raff. LOL

   
---------------------------------
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and save big.

[Non-text portions of this message have been removed]

It seems that people are spending a lot of money but their not. The
big hotels that are getting the $200 a night rates are getting them
from convention visitors. If you look in the LA Times Las Vegas
insert there are packages available selling rooms at a much bigger
discount. I think several of these packages usually throw in a
couple free buffets and discount show tickets.

Vegas is a microcosm. If you look at the people freely spending
money you would think the entire country is rich. It's like going to
Cannes in France and seeing all the yachts. What you are seeing is
the richest percent of the population all in one place. It's not
reality. Who are the kids who come to Vegas and flash around all
that cash. Trust fund babies. Think thousands and thousands of Paris
Hiltons. You see them at the Palms, Ceasars and Bellagio night clubs.
If you spend five minutes and listen to them talk you know their not
Doctors, Lawyers, Upper Management or Engineers. How can they come
to a club and spend $1500 on bottle service. They have unlimited
free time because they don't work so they come to Las Vegas every
weekend from Los Angeles, San Diego Scottsdale or wherever.

Foreign visitors. If you travel around the world most people don't
have money. Go to the Phillipines, Japan, Europe and people are just
getting by. Who comes to Las Vegas, the people who own the companies.
It is such a small amount of their population. The very wealthiest.
You go into the Bellagio or Wynn and you think an entire country is
gambling in the pit. Your looking at CEO's and Vice Presidents of
factories or someone who owns a huge import business.

Things have changed in Vegas in last 25-30 years. It used to be the
majority came here on $279 package including airfare, rooms and
means and a couple rolls of nickels. There were very few big players.
That's the actual reality. Today it's just a perception but the
reality is the same.

···

--- In vpFREE@yahoogroups.com, Donald Ross <hedonist144@...> wrote:

#3

How about adding that LV Casino companies got smart and marketed to
people who may or may not gamble but like to spend money on quality
accomdations, food, amenities and entertainment? I think some of
this is not so much the wealth effect as much as it is making the
town into a destination resort. There were lot's of folks who spend
this money in the past, just somewhere else.

I think your list is good though. Particularly the maxed out Visa
kids. How come every sign for a club in LV looks like a beer
commercial with a gang of twenty somethings.

As I sit here eating lunch I've been asking myself what has caused

the great changes in Vegas over the last 10-15 years? The rooms and
meals were such a bargain and shows were quite reasonable. Now we
have $25.00 buffets, $12.00 drinks, $100.00+ show tickets, $200.00+
rooms. I realize the economy is good for a lot of people and the
stock market is high now, but I just can't believe what I'm seeing.
Who are these people that supposedly can afford these prices and are
willing to so freely spend, but yet gamble very little and don't
have a clue what they're doing when they do gamble?

   
  I have some theories and I'd appreciate your thoughts on the

subject. The following are my personal ranking of the reasons.

   
  1. The growth of riverboat and Indian casinos. A lot of people

thought these would hurt Vegas business, but I believe they have
made gambling more socially acceptable and people are now ready to
try the "major league" of gambling--Vegas.

   
  2. The wealth effect of real estate, particularly in

California. Homeowners taking out that 2nd mortgage or refinancing
and suddenly having an extra $50,000 or $100,000 lying around.

   
  3. The "cool" factor. Young adults flocking to Vegas more than

ever before. It doesn't matter what the cost as long as they have
unused credit on their Visas.

   
  4. The failure of our education system. People are gambling at

6/5 JOB when 9/6 machines are open nearby. 6/5 blackjack growing
with little resistance. I read recently that between 30-40% of high
school seniors couldn't calculate the amount of gasoline to purchase
to get from point A to B.

   
  Actually my #3 might be equal or ahead of reason #2 above.

Whenever I think of Vegas these days I inevitably become sad with
these negative changes. In the past I used to at least think with
the prices rising at least it would keep out some of the riff-raff.
I'm beginning to think maybe I'm the riff-raff. LOL

   
---------------------------------
New Yahoo! Messenger with Voice. Call regular phones from your PC

and save big.

···

--- In vpFREE@yahoogroups.com, Donald Ross <hedonist144@...> wrote:

[Non-text portions of this message have been removed]

#4

That's a very good point; I don't know of any industry that's as good as Vegas casinos at separating customers from their money. If a person wins a lot, free rooms and shows are offered to entice them to stay to give the odds a chance to "catch up". If a person loses, the casinos have a fairly accurate guess what it will take to get them to come back and lose more. Virtually NOTHING in a casino is an accident, all well planned.
   
  I can't begin to imagine the size of Harrah's data base and the programming they use to try to maximize their profits on each customer. As someone said here recently, the best advantage play in Vegas is probably Harrah's stock.

···

worldbefree22001 <krajewski.sa@pg.com> wrote:
    
How about adding that LV Casino companies got smart and marketed to
people who may or may not gamble but like to spend money on quality
accomdations, food, amenities and entertainment? I think some of
this is not so much the wealth effect as much as it is making the
town into a destination resort. There were lot's of folks who spend
this money in the past, just somewhere else.

I think your list is good though. Particularly the maxed out Visa
kids. How come every sign for a club in LV looks like a beer
commercial with a gang of twenty somethings.

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#5

Your comments about trust fund babies is possibly correct. I think perhaps I have underestimated their numbers. I was more inclined to believe there are far more irrespondsible kids spending money they don't have than that many spoiled, rich kids.

  vpking said:
   
It seems that people are spending a lot of money but their not. The
big hotels that are getting the $200 a night rates are getting them
from convention visitors. If you look in the LA Times Las Vegas
insert there are packages available selling rooms at a much bigger
discount. I think several of these packages usually throw in a
couple free buffets and discount show tickets.

Vegas is a microcosm. If you look at the people freely spending
money you would think the entire country is rich. It's like going to
Cannes in France and seeing all the yachts. What you are seeing is
the richest percent of the population all in one place. It's not
reality. Who are the kids who come to Vegas and flash around all
that cash. Trust fund babies. Think thousands and thousands of Paris
Hiltons. You see them at the Palms, Ceasars and Bellagio night clubs.
If you spend five minutes and listen to them talk you know their not
Doctors, Lawyers, Upper Management or Engineers. How can they come
to a club and spend $1500 on bottle service. They have unlimited
free time because they don't work so they come to Las Vegas every
weekend from Los Angeles, San Diego Scottsdale or wherever.

Foreign visitors. If you travel around the world most people don't
have money. Go to the Phillipines, Japan, Europe and people are just
getting by. Who comes to Las Vegas, the people who own the companies.
It is such a small amount of their population. The very wealthiest.
You go into the Bellagio or Wynn and you think an entire country is
gambling in the pit. Your looking at CEO's and Vice Presidents of
factories or someone who owns a huge import business.

Things have changed in Vegas in last 25-30 years. It used to be the
majority came here on $279 package including airfare, rooms and
means and a couple rolls of nickels. There were very few big players.
That's the actual reality. Today it's just a perception but the
reality is the same.

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#6

this has been covered in business/economics media lately, generally
you are observing two groups:
trust fund babies: children of baby boomers, and grand-children of
post-WWII success.

and

generation debt; they are aquiring more debt at a younger age than any previous.

···

On 5/18/06, Donald Ross <hedonist144@yahoo.com> wrote:

Your comments about trust fund babies is possibly correct. I think perhaps I have underestimated their numbers. I was more inclined to believe there are far more irrespondsible kids spending money they don't have than that many spoiled, rich kids.

vpking said: