The Las Vegas economy at April Fool’s Day

The downturn in the economy has hit Las Vegas harder than most places.  We have been leading the country in foreclosures, and our unemployment has already reached 10%.  The latest news is that the investment arm of Colonial Bank, already a majority owner of Station Casinos, is offering to pump money into MGM Mirage for an ownership stake.  You can see the effects in the deals the hotels are offering, after years of trying to be high-end at high-end prices.  All the same, I spent $10.75 the other day for one slice of pizza, a serving of potato salad and a small bottled water at the Rio.  Guess not everyone has gotten the word yet that business as usual won’t cut it anymore.

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