It’s an Interesting Time to Visit Vegas.

This year’s International Council of Shopping Centers RECon convention later this month is coming at an interesting time. According to a Newsweek article, gaming revenues are down, room rates have dropped and the number of conventions has fallen by 10.4%.

Additionally, Tropicana Entertainment just filed for bankruptcy, and Wynn and Las Vegas Sands both had rough quarters.

So how will this year’s ICSC be different?

We’ve heard that some firms are cutting back and many hotel-casinos that are usually sold out by this time have availability. Will we see less deals and extravagance at this year’s convention, or is an event like this too necessary and therefore immune to problems in the economy?

9 Responses to “It’s an Interesting Time to Visit Vegas.”

  1. 1 Clifford Sondock, President of the Land Use Institute May 6, 2008 at 9:14 am

    The ICSC convention is necessary regardless of the ups and downs of the economy. However, the extravagance may be unnecessary during times of economic stress.

    Las Vegas has experienced a decade of extravagant growth, appropriately for Las Vegas…in excess. Consequently, a downturn in the economy will adversely affect Las Vegas more than other less extravagant markets.

    Depending on the length, as opposed to the severity of this downturn, the entire cost structure of Las Vegas may decline as properties lose value and prices subside.

    But one thing is certain, Las Vegas may fall on hard luck for a period of time but it will make a comeback.

    So is the natural course of markets.

    Viva Las Vegas!

  2. 2 Scott Ellsworth May 6, 2008 at 11:47 am

    It may be an interesting time but ICSC is still charging an arm and a leg to attend and the hotels are gougeing the attendees like never before! Room rates are 5 times the rates of the following week. Vegas Hotels have no appreciation for ICSC and ICSC should consider alternative sites.

  3. 3 SamuraiSam May 6, 2008 at 1:17 pm

    We will see far less deals at this convention than last year’s. This convention will be a Lease Renewal Convention and Rent Reduction Convention. Oh, not to mention, a brainstorming event for those trying to exit the industry and a Job Fair, for those trying to play musical chairs to bail out of their current “Titanic” boats, to stay in the industry, so they can endeavor to jump on the “Lusitania” or “Brittania”.

  4. 4 TexasTim May 6, 2008 at 1:35 pm

    Since no one will be doing any deals or work at ICSC this year, it’s going to be one heck of a boondoggle party!!!

  5. 5 Howard Carr May 7, 2008 at 8:27 am

    The ICSC meeting in Las Vegas is a neccessity for any professional in the arena of the real estate business. While times and economies change, so do we as an industry. No one industry is more amenable to change than the retail industry.

    We need to focuson fundamentals and assiting those with problem properties that the time is ripe for repositioning and redevelopment.

    Relationships made during tough times are ones that are rooted in trust, understanding and knowledge. These will survive for many uears to come.

    Don’t worry about Las Vegas, because they will be there through good and bad!

  6. 6 Nicholas L Miner, CCIM May 8, 2008 at 6:07 pm

    As is the case with commercial real estate, hindsight is 20/20. See you all in Vegas!

  7. 7 Tim W. May 9, 2008 at 1:15 pm

    If anybody is staying home I’ll take your Hendon Rocks tickets and put them to good use!

  8. 8 Michael Sarasin May 12, 2008 at 3:35 pm

    The inherent problem with Vegas is that it has gotten too big. Unfortunately a smaller show due to a bad economy does not solve the problem. Rather than attending what has now become a global show, I would prefer attending attending a summer “East Coast” convention.
    I would also like to voice a pet peeve about the convention badges and see if others feel similarly. Rather than having my first name in large print, I would rather have my company’s name prominently displayed. Before pictures were added to badges, this was the format ICSC used in all shows. I found that in the old days it was easier to network when you would easily notice the company someone worked for as you were passing them along the ailes.

  1. 1 Living in Las Vegas » Blog Archive » Revenues down Trackback on May 6, 2008 at 12:21 pm

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