From the AP
In a town enthralled with its own mythology, Las Vegas would like to hold on to one myth in particular these days: Gambling is recession proof.
It’s conventional wisdom characteristic of a city and an industry far more accustomed to boom than bust, but it’s just not true, experts say. Gamblers, whether motivated by compulsion or hope, don’t necessarily double down when the economy spirals and belts tighten.
“It’s an old idea that has very little relevance and maybe no relevance to the United States today,” industry analyst Eugene Christiansen said.
Christiansen and others trace the notion to decades old economic research conducted when gamblers’ options in the U.S. were limited to horse racing and a handful of Nevada resorts. Such tight supply ensured demand for gambling was steady.
