City was hit hard by the recession
Caesars CEO: 'Vegas casinos on mend'
Gary Loveman, CEO for Caesars Entertainment, has stated that he believes the industry is on the mend.
2015-03-31
Reading time 31 seg
Gary Loveman, CEO for Caesars Entertainment, has stated that he believes the industry is on the mend.
In a statement to CNBC, he said: "[Las Vegas] is more buoyant, in large part because supply has been stable for some time, demand patterns are improving and the convention and meeting business is robust."
Vegas was hit hard by the recession, as gaming revenue fell 6.67 percent on the Las Vegas strip and 16.17 percent on the Boulder strip between 2007 and 2014, according to the Center for Gaming Research at the University of Nevada Las Vegas.
Downtown Vegas was hurt hardest, with gaming revenue dropping 19.2 per cent during that time, according to the data. Earlier this year, the Caesars Entertainment’s operating unit filed for Chapter 11 bankruptcy to implement its plan to cut $10bn in debt.
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