effect of economic depression

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MitsuMatsu
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effect of economic depression

Postby MitsuMatsu » April 25th, 2009, 10:41 pm

Because of unprecedented economic depression, I wonder if magic theaters in Las Vegas have been affected so significantly.

If so, I am interested in how large they are influenced.

Possibly the entertainment business in Las Vegas is not too damaged, comparing to other primary industries.

I hope that it is still active and worth traveling from Japan.

MitsuMatsu

Jonathan Townsend
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Re: effect of economic depression

Postby Jonathan Townsend » April 25th, 2009, 11:02 pm

If history is pertinent on this question, the in-place stage shows should be okay. Have a look at how things went for the movie/stage entertainment industry even during the 1930s in America for a precedent.

I sincerely hope we get moving on a public spending program to get demand moving again in our economy (in a useful and respectful way).
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NCMarsh
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Re: effect of economic depression

Postby NCMarsh » April 25th, 2009, 11:42 pm

As for whether its worth a trip: the shows are still there and still good -- and they can use your support now more than ever..

I was talking to a singer who has been working in live entertainment for decades. Her take: we're going to get hit just like everyone else this time. In the 30's, you couldn't professional entertainment beamed into your living room for free.

But, I don't think there's much point in worrying about it. We need to be flexible with our business models: find industries that are benefiting from the down-turn and call on them before banging our heads against the walls of so many prospects who are looking to shave costs and eliminate discretionary spending, we need to be able to articulate the bottom-line business benefits to our clients and be able to deliver on those benefits, we need to work our tails off and focus on the things we can control.

Ironically, I think that now -- more than ever -- people can use a live entertainment experience to lose themselves in...they honestly need what we have, there's so much stress and other crap -- businesses are smart to get their people relaxing and having fun together as a team...creating a cohesive group that's re-focused, re-energized, and ready to hit the ground sprinting...if employees feel like they're just banging their heads against the wall -- like the organization sees them as expenses -- they're going to burn out...

this is also the time when getting your message to "pop" is critical...we can communicate their marketing messages in fun, memorable, visceral ways...helping our clients get as much of the pie as they can, and saving them tremendously over less effective -- and more expensive -- ways of standing out from the crowd...

this is really the time to stop trying to sell how "good" you are, and focus yourself on seeing things from their perspective...how can you make their cash registers ring? Build your clients business and you'll be standing at the end of the recession (which is on the horizon)

my .02..there is, however, going to be a recovery...and when there is, my sense is that people will be starving to enjoy amenities like live entertainment that they've had to cut now..

Even if you can't travel from Japan to Vegas, please do what you can to support live entertainment in your community.

Best,

N.

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Richard Kaufman
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Re: effect of economic depression

Postby Richard Kaufman » April 26th, 2009, 7:27 am

Vegas is a dead town right now. Shows are running well below capacity and Cirque is discounting tickets.
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the Larry
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Re: effect of economic depression

Postby the Larry » April 26th, 2009, 2:04 pm

In any recession the best will continue to flourish. The weak die away leaving their business to the best. In many ways it is a very healthy cleansing process. Any fruit tree needs to be pruned to produce its best fruits. The same is going to happen in every industry and every business over the next year or two. If you are among the best your business is bound to improve.

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Re: effect of economic depression

Postby Jonathan Townsend » April 26th, 2009, 4:40 pm

the Larry wrote:In any recession the best will continue to flourish. The weak die away leaving their business to the best. In many ways it is a very healthy cleansing process. Any fruit tree needs to be pruned to produce its best fruits. The same is going to happen in every industry and every business over the next year or two. If you are among the best your business is bound to improve.


One more more example of belle indiferrence due to overlooking (or not even caring to explore) the effects of outside forces on a "free" market. Adam Smith can't spin in his grave any faster.

Cleansing process? Wow - just who decides what is meant by "clean" here?

the Larry
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Re: effect of economic depression

Postby the Larry » April 27th, 2009, 5:29 am

The market cleans out the weak. It always has and always will. That is why we live in a market economy versus the failed planned economies of former Russia or other east block countries.

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Francesca Moffet
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Re: effect of economic depression

Postby Francesca Moffet » April 27th, 2009, 7:00 am

I have a magic-based business idea but I'm doing a lot of market research before actually getting it off the ground as I'm scared of it going horribly wrong.
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MitsuMatsu
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Re: effect of economic depression

Postby MitsuMatsu » April 27th, 2009, 7:38 am

Thank you for everyone for the kind comments on the topic.

Yes, I understand that the best will continue to flourish in any recession. The weak die away, leaving their business to the best. This must be true for every business sector.

But, the point I wanted to know is to what extent the incoming tourists to Las Vegas has decreased. Did it decrease as much as around 30% or more than 50%, comparing to the same season in the previous years?

So, could anyone give me a general idea of the magnitude of the impact?

MitsuMatsu

Mark Phillips
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Re: effect of economic depression

Postby Mark Phillips » April 27th, 2009, 11:15 am

The impact has been substantial. The measures you seek to learn are unlikely to be publically discussed. In addition to having so many ways to measure the downturn and the difficulty in measuring them, no one is eager to give negative concrete numbers that could contribute to people staying away.

Here is a recent, detailed article:
http://www.lasvegassun.com/news/2008/ap ... wing-down/

For one personal example, I worked in Vegas at a tradeshow two weeks ago and was prepared to stay at the Imperial Palace for $40 per night. Instead, using an online hotel discounter, I found a room at the Sahara for $18! The astute among you may also notice my interest in finding the best deal; another economic indicator.

As for the comments by "The Larry," I believe you are comparing apples and oranges. While in nature the strongest species - those best suited to their own habitats, will survive long term, this does not translate to short term economic fluctuations or to individuals.

Mark
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Richard Kaufman
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Re: effect of economic depression

Postby Richard Kaufman » April 27th, 2009, 11:43 am

And that article in the Las Vegas Sun is from a YEAR ago! Things are much worse now.
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Re: effect of economic depression

Postby PapaG » April 27th, 2009, 1:45 pm

Right now the only people that I can see clearly benefiting from this global economic depression are extreme right wing free-marketeers who seek to dress up their soul-destroying and mind-numbingly simplistic pseudo-Darwinist aphorisms as good news for all.

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Re: effect of economic depression

Postby Jonathan Townsend » April 27th, 2009, 1:54 pm

It's been an interesting ride for the supply side economists. We have so many people looking to do good work and unable to borrow in order to set up shop. There's also a huge Keynesian push underway for public spending which may take the form of a "war to save the ecology" or perhaps just a war depending on how things go.

I'm waiting to see who pulls a rabbit out of a hat on this one.
Mundus vult decipi -per Caleb Carr's story Killing Time

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Richard Kaufman
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Re: effect of economic depression

Postby Richard Kaufman » April 27th, 2009, 1:56 pm

No politics, please.
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Jonathan Townsend
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Re: effect of economic depression

Postby Jonathan Townsend » April 27th, 2009, 2:02 pm

Even though Las Vegas was built after the great depression in the United States, I'm hoping the lights on Broadway would be good model for how things would go for the entertainment industry in this current slowdown.
Mundus vult decipi -per Caleb Carr's story Killing Time

MitsuMatsu
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Re: effect of economic depression

Postby MitsuMatsu » April 29th, 2009, 1:38 am

Thank you for your various insights and other suggested indictors for the impact of the depression.

I just found the Las Vegas Visitor Statistics that shows me its updated figure every month, so I would understand the situation more clearly.

Thanks anyway!


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