Citycenter is set to open in December. Long siigghhhh. It's a tremendously wonderful thing that Citycenter is hiring thousands of new workers in these difficult times. Kudos for that.
Unfortunately, everyone seems to have the wool pulled over their eyes and think/hope the Citycenter complex can revitalize the Las Vegas market. (Time)
I'm telling you right now, it won't.
My Economist hat predicts the new development will bring a temporary spike in economic activity in the local area. Once the novelty of the grand opening wears off, Citycenter will still be susceptible to the larger downward macroeconomic forces. Any bump in the local block economy will face the greater downward pressure from changes in consumer attitude towards "Vegas Baby". People are starting to save more money, as measured by the US savings rate, and Vegas partying and gambling are the complete opposite of this trend.
How can new markets be created in a declining market? Opening more shops and more gambling tables will only serve to cannibalize the profits from the likes of Harrah's and Planet Hollywood.
I feel bad for the the thousands of people Citycenter recently hired. They should not count on any job security. I would not be surprised if there's a round of layoffs for hundreds of people within 6-9 months of the Grand Opening.
If the Las Vegas economy really wants to improve themselves without waiting years for the larger economy to recover, they should focus on other industries. Just a an idea, but Las Vegas is a giant desert with cheap labor and some minimal level of educated people. Solar power anyone?
ALL casinos have "staff adjustments" fairly soon after opening. Dealers that turned out not to have the skills they claimed, dealers that can deal perfectly but have the customer service skills of a turnip, hotel operations staff that don't work out, restaurant staff that turn out to have been unneeded as business fails to materialize.
City Center is a "more of the same" mega-development that is trying to fulfill every need so that once captured the player will spend all his money at city center and will have no need to leave. Well, players may have no need to leave but that doesn't mean they won't have the desire to. Alot of Vegas Visitors actually have active social lives that will take them out of the glowingly predicted revenue streams.
Ultra this and ultra that just won't work forever. Just how many ultra-hip nightclubs with extortion-like prices and tipping mandates can Vegas support? Atleast the "M" Casino has made a stab at returning to a focus on good food, good fun and a good gamble rather than gouging clubbers with ultra-high tabs and ultra high restaurant prices.
Too many vacationers can get "okay gambling" at a nearby Indian casino or the like to bother going to CityCenter to get lavish glitter in high style while being reemed.
City Center has alot to offer ... so does every other mega-resort in town. "Me Too" is a business school model that works. The Mirage opened with a million dollar a day nut, but made two million a day. So every casino developer said "Me Too" and joined the parade of mega developments with ultra this and ultra that. Well, somebody is going to be surprized when they find out that the last guy to build a mega-casino with mega hotels and mega condos and mega this and mega that will run out of funds because just not enough people are flocking to CityCenter to play 6:5 blackjack or go to a noisy nightclub filled with tip hungry parasites.
The doors are open. In my first and last experience of this facility. Over priced suites, terrible service, and an interior design that is depressing. Kudos to the colorist for the dark browns as a main theme. (unless you are holding this stock short). The young hip designs must have looked great on paper.
I could not see what they had to offer to get me to come back..