I am beginning to understand why the Consumer Discretionary sector is doing so well in the financial arena. When I was in Las Vegas in February the town seemed quiet once we moved away from the massive trade show we were attending. I'm back in Vegas for the AICPA Technology conference, and my, how things have changed. The conference is at Bellagio, and it's busy. A lot of the guests are from Europe and right now, their currencies aren't that strong against the dollar. However that doesn't seem to be holding them back much. I chatted with some of the hotel staff and they too said there was more work available.
I also too a walk to the new Aria hotel which is part of the massive City Center development, which is funded by two billion dollars from Dubai. That property too is hopping. It has an unusual feel to it -- to me it felt like being inside a space station, which description was confirmed for me by another conference goer I talked with. The accompanying picture is a sculpture outside the Vdara hotel, with the Aria in the background. Long story short, unlike February, there is a lot of money being spent in Vegas, which rather puts the lie to other stories of doom and gloom, notwithstanding the stagnant jobs market. My conclusion is that those with jobs are starting to spend again.
I experienced the same general tenor during two separate trips to Las Vegas, one mired in negativity and just a few months later, renewed action and spending. My company was involved in the construction of the City Center project for Perini Construction - amazing project, great minds thinking big, but terrible timing. The project has been riddled with financial issues and unfortunately, more is coming.
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