Experts Say: No Financial Recovery Until 2012
A new report from Moody’s Investors Service says the Vegas Strip won’t see an upturn in revenues until 2012. The firm says it will take at least a year for the new hotel rooms at CityCenter and the Cosmopolitan to be absorbed into the market. Moody’s says the additional rooms will make it harder for other Vegas resorts to raise room rates, which is their second-largest source of income after gaming. Moody’s says Vegas also faces “headwinds” such as high unemployment and weak housing prices.