Desperate Las Vegas slashes prices to lure the tourists back
Las Vegas is ramping up to slash hotel prices and room rates as the economic downturn has driven away tourists from the visitor-dependent city.
Hotel and Casino giant Wynn Resorts Ltd, posted a 91 percent drop in profits compared with last year. The Wynn was not the only hotel, with declining profits and business woes. The Las Vegas Sands Group, which owns The Venetian Hotel, announced it lost 175.9 million in the last quarter due to lower tourist numbers in Sin city.
In light of the lower numbers, hotels have opted to slash room rates, and offer perks to lure back travelers. Some of the special deals offered by the hotels include discounted Cirque du Soleil, tickets which have been discounted by almost 30 percent.
As the economic downturn continues, big casinos have even begun to offer in house credit, to spark an up tick in customer traffic.
The chairman and chief executive of Las Vegas Sands Inc, said that the company will be making cuts in an attempt to save $500 million dollars a year. But the company also announced that expects greater returns when the company opens its Marina Bay Sands Casino next year in Singapore.