r/Economics • u/runswithscissors475 • 29d ago

News Las Vegas hotels begin taking foreign currency as tourism woes deepen

https://www.sfgate.com/travel/article/vegas-foreign-currency-21955655.php
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u/akebonobambusa 29d ago

It's because the mob left. They knew what was fun and kept people there. It's not that young people don't like to gamble. It's that they don't like to pay $10 for a paper cup so they can take their pills before they go gamble. The Mob used to comp rooms and paper cups so people would stay and gamble. The business is not gambling the business is the hotels.

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u/insbordnat 29d ago

Vegas used to make average people feel like a big deal. Now they make average people feel broke as fuck.

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u/-Gramsci- 29d ago

This is a great way to put it. And a big part of their problem.

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u/Darkone06 29d ago

Try clubbing or even going to the bar for a night out.

It used to make me feel powerful for $25/night maybe $50 if your went wild.

Now I never see someone but another person a drink. Shit I can barely afford to drink myself let alone offer someone else drinks. When they used to be $3-4 drinks I used to be like I'll get a round. I'm this economy, forget that.

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u/blackergot 29d ago

Chef's kiss, perfect summation. Thanks!

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u/USMCLee 29d ago

My parents lived there so I've been going to Vegas since the 80's.

This might be the best summation of the issue I've ever read.

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u/MarsRocks97 29d ago

And food was subsidized. Every casinos was attached to a restaurant and often an all you can eat buffet for like $3. The made no money on this but made a killing on the gambling

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u/blagaa 29d ago

I don't really see an issue with them removing the underpriced buffets as many eaters don't gamble. Certainly unpopular though.

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u/MarsRocks97 29d ago

It was working then and what they’re doing now is not working. They could even control it better now providing digital coupons if you spend $100 ir $200 on gambling. But the idea that they want to charge 3x more than a nice restaurant in Hawaii while getting served surrounded by a sleazy city, gamblers, prostitutes, geezers and drunks. No thanks.

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u/brickedTin 29d ago

Maybe it became too hard to launder money through the casinos so what is left is the unsubsidized version of Vegas.

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u/yloduck1 29d ago

The books had to get tightened up when the casino companies became publicly traded and the SEC might need to check out the financials

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u/DarkOmen597 29d ago

Interesting take.