The problem with Las Vegas is that everybody who is not rich has been priced out. The shows, the restaurants, the shopping – everything has become extremely expensive. An older couple at church used to go every year but they stopped. They are comfortable but not rich. Now they go to Destin instead. Destin is still too expensive by my standards but it’s not completely unaffordable for normal people.
And rich people don’t go to Las Vegas because it’s too low-class for them. They don’t travel domestically that much at all unless it’s fancy places like Aspen. People who want fancy cuisine, which was unnecessarily unleashed on Las Vegas, will go to Europe. Las Vegas lost its regular middle-class clientele and picked up none of their aspirational demographic.
I’m seeing this on a small scale in my town. We had a very popular and great-quality seafood restaurant. The owners of their building decided to raise the rent to something sky-high. The restaurant couldn’t afford to pay that much and left. And the space has been standing empty for close on a year. There’s nobody in town who can afford the sky-high rent or food at a restaurant that would have to raise prices to swing it.
Denial of reality is the costliest mistake you can make.