"We begin an occasional series on how America’s states are faring in the downturn with Nevada, the ultimate in boom and bustFOR a glimpse of the old, confident Las Vegas, visit its newest hotel. Steve Wynn’s vaguely Chinese-themed Encore, which opened in December, is packed with heavy draperies and well-drilled staff. It has thousands of indoor flowers, flat-screen televisions in the bathrooms and a restaurant where the decor changes every half-hour or so. One of its boutiques sells a bejewelled object adorned with a butterfly for $269. Closer inspection reveals it to be a toothbrush-holder. No doubt it seemed like a good idea two-and-a-half years ago, when work began on the hotel. Today it seems delusional. Nevada’s most distinctive industry is slumping as Americans fasten their wallets. Despite the opening of several big casinos, total gambling revenues have declined by 15% in a year. Developers are frantically scaling back projects, or even mothballing them. Still, two huge casino-hotels will open this year, boosting supply at the worst possible moment. ..." (2009-2-5)
February 10, 2009
Statewatch: Nevada: Wheel of fortune
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