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LAS VEGAS: - Long-term bets are always risky in Las Vegas - a city that prides itself on invention, reinvention and almost constant change.
As the Nevada gambling and vacation destination places its bets on 2009, more change is promised even as casino operators see a dreary outlook for consumer and discretionary spending this year.
The city will not miss 2008. Las Vegas Strip gambling revenue fell 9.3 per cent in the first 11 months of last year, while room rates dipped 9.5 per cent.
'The true test for this town will be January, February and March. A lot of things are going on then,' said taxi driver David Matusky.
Casinos are gearing up now for the Chinese New Year holiday, followed closely by Super Bowl weekend. February will see the long President's Day weekend, while college basketball's March Madness is another big draw for gamblers.
'I think all of those are going to show declines,' said Majestic Research analyst Matthew Jacob.
Most casino operators are laying off workers and finding other ways to cut costs. Faced with the combination of slowing business and tight credit markets, they are also scaling back on plans to add new hotel rooms.
Harrah's Entertainment, the world's largest casino operator, said last week it would hold off on opening a 660-room expansion at Caesars Palace, citing weakened demand for hotel rooms in Vegas.
The slowdown has also hit some properties with more immediate needs - Boyd Gaming Corp's Echelon resort sits partially built at the Strip's northern end.
Las Vegas Sands Corp has halted construction on a St Regis-
branded condominium tower adjacent to the Palazzo.
But not all building has come to a halt - Harrah's plans to finish the exterior of Caesars tower, while nearby Wynn Resorts has moved full steam ahead with the opening of its US$2.3 billion (S$3.4 billion), 2,000-room Encore resort.
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