Vegas Economy Rebounding?

by , Jun 2, 2009 | 5:56 pm

I’m definitely no economic analyst (“sure, close enough … I kinda-sorta almost have pot odds; I call, why not?”), but I continue to see anecdotal evidence around Las Vegas that suggests the recessionary worst is behind us. And meanwhile, when I talk to friends in Texas — they are saying things that sound a lot like what people were saying here a year to 16 months ago … whether it’s talk of layoffs, foreclosure, salary cuts, messy home-building situations, etc. It’s all led me to think of the financial storm as a wave — one that has since passed the West Coast, and is now wreaking its havoc in the central time zone.

The latest example of things turning around here, that may or may not be of interest to Pokeratizens — the Hard Rock is hiring:


For Immediate Release:
June 2, 2009

LAS VEGAS – Hard Rock Hotel & Casino is hiring a total of 1,200 employees before the end of the year to fill a variety of positions due to the property’s current expansion.

Hard Rock recently hired 400 employees and plans to hire approximately 800 more before the end of 2009. Positions in all areas still to be filled include on call dealers, housekeeping staff, bellmen, front desk agents, room reservation agents and EVS attendants. A series of job fairs will be held on property throughout the summer. Specific dates and times will be announced soon.

“We are thrilled to be moving right along with our expansion and as a result providing jobs for so many people,” said Carrie Messina, vice president of human resources for Hard Rock Hotel & Casino. “Hard Rock is looking for the most talented, highly motivated, expert staff Las Vegas has to offer.”

Hard Rock is hiring due to the current $750 million expansion. When completed, the property will be more than triple its original size. Most recently, Hard Rock celebrated the opening of its new $60 million concert venue, The Joint, Hart & Huntington Tattoo Co., 51,000 additional square feet of meeting and convention space and the sleek, contemporary steakhouse, rare 120º. Still to come is an all-suite 15-story south tower, a new 17-story north tower, approximately 30,000 square feet of additional casino space, a new nightclub, multiple new retail outlets and a new spa and health club. Hard Rock’s award-winning pool is also being expanded. The project, which began in 2007, is expected to be fully complete in early 2010.

Check out up to the minute job postings at Hard Rock Hotel & Casino by visiting or logging on to Twitter and visiting

About Hard Rock Hotel & Casino
The Hard Rock Hotel & Casino, owned and operated under Morgans Hotel Group and equity partner, DLJ Merchant Banking Partners, is a premier destination entertainment resort located on 16.7 acres situated strategically on Harmon Avenue, one of Las Vegas’ fastest growing entertainment corridors. Built in 1995 and expanded in 1999, the property is currently undergoing another expansion set for completion in early 2010 more than tripling its current size. Hard Rock Hotel & Casino offers an energetic entertainment and gaming experience with the services and amenities associated with a boutique luxury resort hotel. The property is known for its innovative nightlife and music scene where such acts as The Rolling Stones, Coldplay, Alicia Keys, David Bowie, Snoop Dogg, Nine Inch Nails and The Killers have all performed. Features of the property include an 11-story Hard Rock Hotel tower with 640 guest rooms; a 30,000 square foot casino; The Beach Club with a swimming pool that was selected by the Travel Channel as one of “The Top 10 Pools” in the world; Rehab, the trendsetting Sunday afternoon pool party; Body English nightclub which was selected by Cosmopolitan Magazine as one of the “Top 25 Sexiest Places in the World”; The all new Joint concert venue opening in April 2009; rock lounge Wasted Space, owned by motocross star Carey Hart; restaurants including the new Rare 120, AGO, world-renowned Nobu, Pink Taco and Mr. Lucky’s; three cocktail lounges; several retail stores; and Rock Spa, an 8,000 square foot spa, salon and fitness center. For room availability and additional information call 800.HRD.ROCK (800.473.7625) or visit

12 Comments to “Vegas Economy Rebounding?”

  1. Alicia

    That’s great that the economy seems to be turning in Vegas, but since i am me… I have to comment on your economic commentary on Texas and the parallel drawn to Vegas.

    Vegas’ economic difficulties were due in large part to the real estate bubble that never materialized in Texas. Part of the reason for the real estate bubble was very liberal lending laws that are prohibited here. Texas came under great criticism for their “I’m my brother’s keeper” laws around home equity lending, but it turns out that it probably contributed greatly to saving our collective ass. So you throw in a market where prices for years seemed to do nothing but go up, combine it with loans so easy to get that in many instances you didn’t even have to prove your income, and pepper a healthy dose of greed not to mention ignorance of financial markets and you’ll get another bubble with the same subsequent pop.

    Any economic difficulties in Texas have far less to do with any real estate issues, in fact, prices here have seen less than a 5% decline. The rise in unemployment here has had more to do with Dallas having become more of a financial center. With the financial industry coming under pressure, it’s natural for there to be layoffs. As Obama changes his focus from laying the groundwork for double digit inflation to making sure we have substandard national health care, the financial industry will recover. Regardless, I don’t see the Texas economy taking anywhere near the hit that Vegas has taken.

    And that’s all I have to say about that.

  2. DanM

    i am definitely not saying they are the same — the real estate situation is very different in Texas and Nevada, just like the casino biz is very different from the oil biz.

    i’m just saying from the standpoint of the common person on the ground … whether we’re talking cocktail waitresses or media buyers … the life language has changed (an eensy little bit) here (for the positive) … while when Texans talk about anything to do with money (which is pretty much everything), their banter (and willingness to spend) has moved in a negative direction.

  3. Alicia

    …and I would argue that anything that could get an American to lean more to the side of saving rather than spending is a positive, given that Americans’ savings rate had actually dipped into the negative in 2007. Americans and the American investor are like the common street junkie needing the ever increasing fix. More consumption, more revenue, more earnings. Quarter over quarter, year over year. Instead of going to rehab and understanding that our addiction to the quick buck and the quick fix is the root of the problem, we’ve shifted the excess spending from the consumer to the government. Ultimately putting a band aid on a problem when we had a golden opportunity to re-learn a lesson as a nation that was forgotten after the shift of wealth out of the hands of those that lived through the depression. Sadly enough, we’ve now been reduced to sending our Secretary of the Treasury to the new superpower, China, to beg them to buy our debt… and getting laughed at (and rightly so) when we stated that the state of our economy is strong. Just like during WWI when the Europeans hadn’t realized that they were being eclipsed by us as the dominating world power… we, too, have lost that title. Unless we as a nation are prepared to stop acting like spoiled children that can’t take responsibility for our own bad decisions and start acting like grown ups with some semblance of restraint and self discipline, we will suffer the same fate. As a hedge, you might want learning your favorite Chinese dialect.

  4. DanM

    Alicia, those are a lot of big words without a paragraf break.

  5. waldoworld

    On a not-so-side note, I’m not seeing a big decline where I am. Houses in my neighborhood are actually seeing an increase in value (leading to a 9.68% increase in my property tax that I will have to protest). In addition, the poker room at Winstar has been posting a 15% increase steadily over LY. Even with the WSOP going on and lots of regs in Vegas the room is busier than ever (possibly subjective, but not uneducated viewpoint). People still want to gamboool, they just don’t want to travel to do it.

  6. DanM

    See Waldo, now if only Texas legislators (and federal for that matter) could see what you have to say … clearly poker saves the economy.

  7. Alicia

    sorry for my poor punctuation at 3 am

  8. Poker Shrink

    NPR radio interview yesterday: “Clark County financial institutions are not even marketing 80% or more of their foreclosed single family homes. There may be as much as an 8 year inventory of such properties.”

    Reality not prayerful hope should guide the investor.

  9. David Alexander


    the reason…

    Texas isn’t seeing as big a
    decline is that we had a
    pull back in 2001….
    Because of a change of laws..

    Killing contracts for deeds and
    then again in 2003 killing
    Lease Options…

    And I’m not sure where your
    5% figures came from…

    It’s declined alot more than that…
    It’s just not obvious yet..

    We simply have alot of real estate
    that has been held back by lenders
    and not hit our market yet…

    It will as summer hits and my guess
    is this winter will be a hard one
    for Texas…

    I’ve been buying and selling real
    estate as a principle for 13 years…

    Not to mention a bill that
    is trying to be passed by
    Barney Frank which will kill
    owner financing…

    That will cause investors
    to all but stop buying here
    in Texas…

    As holding for Rentals in Texas
    is a bad plan due to the high
    property taxes paid on Non-Owner
    occupied real estate which eat
    up all profits…

    I don’t have a crystal ball…
    But, my magic 8 ball says…

    Buckle your seat belts..

  10. David Alexander


    The Texas economy is intact because we
    had a pull back in 2001 when they changed the
    laws here regarding contract for deeds…

    And then again in 2003 when they basically made
    Lease Options illegal…

    Causing a slow down of a full blown bull market here…

    That said… builders kept building… and
    and lenders are holding foreclosed inventory
    off the market releasing it slowly….

    To control pricing… (sorta like the diamond guys)

    My guess when it hits… it will hurt pretty bad…

    But, I don’t have a crystal ball… only a magic 8 ball..
    and it says… “Be Cautious”..

    But, who knows…

  11. ItsOverJonny

    @Alicia – EPIC! Excellent Cliff’s Notes on the problem and how we have managed to “dodge” the rightful solution.

    @David – what is that shit, haiku? Perhaps it’s Iambic Pentameter – I can’t remember – I always had English class 1st or 2nd period, and I got high a LOT before school.

  12. Alicia

    Alicia loves Jonny long time