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Oct 4 2010

The Hard Rock Las Vegas and the RecessionPosted By Tielman - 10/04/10

The Hard Rock hotel and casino in Las VegasOlder casinos seem comfortable admitting that they're struggling financially.  They're not viewed as big winners any more, and have settled into their roles as pieces of history.  When they announce a renovation, half the locals complain for the sake of nostalgia.

The current crop of young casinos, however, are not really allowed to talk about hard times.  The best they can do is to talk about "competition" and "fighting for business."  "Struggling" is a word for old folks.  "Fighting" is what the cool kids to when times get tough.

In an optimistic interview with Joseph A. Magliarditi, president and CEO of the Hard Rock Hotel, the Las Vegas Sun givs us a glimpse into the mindset of the casino business.  It's a good look at the thinking reflected by similiar casinos like the Palms and Planet Hollywood, places that have drawn the college-age and early-twenties crowd since their inception.  Without the nostalgic pull of older properties, and operating under massively heavy loads of debt, the new crop of hip casinos can only plunge foward, swinging as hard as they can.

Read the whole interview at the Las Vegas Sun's Website. 

Tags for this post: las vegas hard rock hotel casino recession bad economy

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