President Barack Obama, in February 2009, commented that banks receiving government bailouts shouldn’t go to Las Vegas at taxpayers’ expense. The comment did not sit well with our casino leaders.
Several thought the comments would have a devastating impact on the slumping Las Vegas market. Fortunately for Las Vegas, it turned out the “gloom and doom” prognosticators were wrong.
It is true that shortly after the comments were made, major Las Vegas stocks hit bottom. March 2009 brought stock prices of around $2 and $3 per share for MGM Mirage and Las Vegas Sands, and for Wynn Resorts the price for its stock fluctuated between $15 to $23 that month.
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