Summit Notebook

Will the travel & leisure industry bounce back in 2010?

February 19, 2010
Be it through optional newspaper delivery, a fee for blankets, or shuttered restaurants, travel and leisure companies have had to trim costs creatively as the recession hurt revenues and profits.  The sector has recently been buoyed by expectations of recovery amid signs that business travel demand is starting to rebound.  But discounted airfares and hotel rates and volatile fuel prices pose challenges to profitability. Room rates at hotels remain under pressure, while casino operators are looking to Asia to spur growth as prime U.S. destinations such as Las Vegas struggle to rebound.  And airlines, which have cut jobs and reduced capacity in the past two years as the economic downturn battered demand, face new security concerns that also could slow recovery.  Executives of some of the world’s biggest and best-known airlines, hotel and casino companies will address these and other issues at the Reuters Travel and Leisure Summit, to be held in New York from Feb. 22-24.

Audio – Everybody loves a winner in Vegas, baby!

March 3, 2009

It seems that any sentence about Las Vegas, the people who work there or the stocks of the companies that run the big casinos ends better with the word “baby”. It’s almost like you can hear Frank saying it to Dino on their way into some smoky, after-hours cocktail party.

Audio – Las Vegas mogul defends fun city

By Reuters Staff
March 3, 2009

By Tim Hepher 

Las Vegas casino legend Sheldon Adelson launched a quest for America’s most boring city on Tuesday in a comeback to President Barack Obama’s criticism of bankers who hold meetings in the famous gaming capital.
    
Obama last month warned companies that get bailout cash against spending it on activities potentially seen as perks — sparking a row with hotel and resort operators who say they are already struggling to fill rooms and may have to cut jobs.
    
“The good news is that Las Vegas has become a synonym for a good time for adults. Let me not say adults, I’ll say grown-ups, I don’t want to give the wrong impression,” Adelson, majority owner of casino operator Las Vegas Sands, said.
    
“The bad news is that because it is a place for a good time, President Obama says that he doesn’t want taxpayer’s money to go there,” Adelson told the Reuters Travel and Leisure Summit. 
    
“But I’m going to conduct a survey and I’m going to provide a prize for people who will submit the name of the worst city in the country to go to, where people can enjoy it the least. Because that’s the alternative. The alternative is you go to a place where you enjoy, or you go to to a place you don’t enjoy.”
    
The self-made billionaire, who tore down the original Sands to build the Venetian Resort complete with canals, and brought business conventions to Las Vegas, declined to nominate places for his ‘dive prize’ but took a swipe at Obama’s home town.
    
“Look, Chicago has got nine casinos. Now, God forbid if they hold a convention there someone should go to one of those casinos and enjoy themselves. God forbid. And then they’d say ‘Oh I can’t go there’,” he said.