This blogger loves the blog Las Vegas Casino Death Watch, because it gives a simple, by the word, report on the latest news with specific casino and hotels in Las Vegas that may be closing for some reason.
The blog's intent is not to celebrate, but to sadly report, and the authors say they prefer the "Old Vegas" to what's new. But even with that, there's very little editorial comment on casinos, just the facts.
That's makes the blog a reliable source to determine "the state of Las Vegas." Here's what they wrote:
Current State of the Business
It's no secret that things are tough now in Las Vegas. Many construction projects were started when things looked rosy that aren't so appealing now. Casino companies, namely Harrah's and Stations, went private at the absolute peak of the market and are now having big problems servicing their debt. New casinos or expansions occurred that are now having problems making their monthly nut.
Despite this, we do not expect a lot of closings in the next few months or years. Casinos close when someone wants to build something new and exciting in their places. That's not the case now. Even in a down market, the run rate of these casinos is usually positive.
The problem is that the companies that financed these casinos can't make enough off of them to service their loans. This means that there will be a lot of refinancing debt, a bunch of Chapter 11s, but few places will close. If places do close outright, it will probably be the lower end places.