Upon a recent trip to Las Vegas I was amazed at the crowds. Thinking we were in a recession and hearing about the reduction in consumer spending I had imagined I’d have the town to myself. Walking through Caesar’s Forum, the very upscale shopping mall, the crowds made it difficult to navigate. Outside, walking the Strip, I had to be careful not to bump into the many pedestrians. Is Vegas recession proof, I wondered? Now, after reading that Las Vegas Sands (LVS) is in danger of continuing as a “going concern” I finally get it. It now occurs to me that the blank stares from the shop girls in Coach and Gucci were caused by boredom. No customers. The street pedestrians were simply walking to soak up the town, not to go to another casino or to shop. Job losses are mounting everywhere, everywhere. And this happens a few short weeks before the Christmas shopping season. Ain’t going to be pretty.
