Gaming revenue fell for the 12th month in a row in December and last year's overall drop is historic.Some locals who depend on conventions to survive say they can't afford the war of words going on between President Obama and Mayor Oscar Goodman.
Last week, both Wells Fargo and Goldman Sachs canceled corporate junkets scheduled to take place here in Las Vegas. They were trying to get away from the perception that they are taking the money given to them in these bailout packages and using it to treat their CEO's to lavish vacations.
The comment President Obama made about the matter at a town hall meeting on Monday was: "You are not going to be able to give out these big bonuses until you've paid taxpayers back, you can't get corporate jets, you can't go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers dime."
Wednesday workers who were setting up for the Magic Apparel convention were steamed about the president's comments.
Electricians' union foreman Charlene Wallace says her crews are working, but just barely. "There's been a big impact because there's not as many people coming out to do the shows, so therefore the shows have gotten a lot smaller," said Charlene Wallace, Local 357 Foreman.
Smaller shows and fewer tourists equal big losses. Gaming revenues fell every month last year and they were down nearly 19% in December which is a drop of 9.7% for all of 2008. That is the worst gaming revenue decline in Nevada's history.
The president took particular aim at Las Vegas' convention business, but the ripple effect of his comments could stretch far beyond the convention floor.
Fewer convention workers, hurts the hands that feed them as one Valley caterer's business is down 50%. Local unions aren't seeing massive layoffs but expect fewer of their members to be hired.