Our network

New Report Offers 2011 Outlook for Las Vegas Strip | Gaming News

Title (Max 100 Characters)

New Report Offers 2011 Outlook for Las Vegas Strip
Gaming News

LAS VEGAS - Canadian tourists Dave and Judy Rigby are celebrating their 40th wedding anniversary this weekend in Las Vegas.

"So many places have disappeared now," Dave Rigby said. "Yeah, it's grown. We bought a place. It was on the end of the Strip. Now, we're in the middle of it."

Since buying a Las Vegas timeshare in the 1980s, the Rigbys have seen the landscape of the Strip change, especially when the latest boom went bust. "Our friends are also coming that used to come, but we have noticed that things are empty now," said Judy Rigby.

The current economic crisis is severely affecting Las Vegas, leaving many to wonder when the slump will end. CB Richard Ellis' Global Gaming Group attempts to answer that question in a new report on the 2011 forecast for the Las Vegas Strip.

CB Richard Ellis Director of Gaming Research and Analysis Jacob Oberman co-authored the 100-page report. "The most important takeaway from this report is that the convention and meetings market is expected to grow substantially in 2011, and that's a big positive for the market," Oberman said. "Gaming win is expected to grow slightly next year. The other key component of the report is that there's going to be the opening of the Cosmopolitan, which we expect to create a great deal of excitement."

The Cosmopolitan will be the last resort to open on the Strip for the foreseeable future. Oberman predicts some existing properties will continue to struggle. He doesn't see a full recovery in 2011. "It's certainly mixed, and it will look very similar to 2010 in terms of the Strip," he said.

Canadian tourist Vicki Rowan is ready for a recovery. "It will all come around, and people will start coming back," she said. "It will be more robust like it has been in the past. I would think so, yeah."

The report says luxury casinos that offer baccarat will do very well next year. High-rollers from Asia love the game and have the means to gamble large sums of money playing it.

Gaming News

The Strip Deals

The Strip Businesses