Calculated Risk points out that Las Vegas, the all-American tourist destination, is suffering ever sharper declines in its "core business":
According to the Las Vegas Convention & Visitors Authority, the average Q1 room-rate was down 25 % yoy. Visitor numbers dropped 9 %, airport passengers 14 %. Convention attendance was down 29 %, and gaming revenues 15 %.
So total hotel revenues are down 32 % yoy (0.75 * 0.91 = 0.68).
Oh, and 2008 already saw a decline compared to 2007: Room-rates were down 10 %, and visitor numbers 4 %. So over two years, the decline in hotel revenues is 41 % (though for 2008, there is only full year data; Q1 was probably better than the full year, as the economic downturn only started to accelerate in late summer).
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