An excerpt from the Wall Street Journal article today:
By this spring, MGM Mirage stock had lost 98% of its value and Las Vegas Sands stock had fallen 99% from its peak.
…Gambling revenue in Las Vegas this year was off 13% through July compared with the same period a year earlier, while visitation was down 6% and room rates were off 26%.
After numerous bankruptcies, abandoned expansion plans, dropping revenues, and spiraling debt burdens, someone finally sent out the Depression Memo to the folks in Vegas.
