Apparently, the American Consumer has stopped spending – they are not buying anything these days, as they have stopped buying furniture, electronics, automobiles, home improvements, and going out to eat at the nicer restaurants. But that’s not all – they have stopped gambling too. And many Indian Casinos have laid-off hundreds of employees.
Many of these casinos are big supporters of the community and they are huge buyers of products and services from local small businesses as well. It’s really having a huge ripple effect in local economies. The Las Vegas Casinos are watching huge decreases too. Many of the large corporate casino stocks have plummeted along with decreased profits. They are also laying-off and many have halted construction through all of 2009.
It is definitely the consumer tightening their belts after 21-months of campaigning and driving down consumer confidence telling everyone the economy is so bad, it became a self-fulfilling prophesy, that plus the mortgage crisis, turned banking crisis, turned global financial meltdown, along with high oil prices. Folks have stopped traveling to Las Vegas in record numbers from Asia and Europe and Californians are not driving out to Las Vegas for the weekend either.
Worse, that gambling traffic is not going to local California Indian Casinos, as they are slow as molasses too. The American Consumers are no longer gambling with their financial investments or their discretionary incomes. The number of high-paying jobs in the Gambling Business in America rivals that of the US Automakers, which has many asking would the government consider bailing them out too; will Las Vegas become a ghost town and all those Union jobs disappear? Think on this.