They looked ahead. Did they hit the jackpot?
“If we keep saying ‘recession,’ then we’ll have a recession.” — Rossi Ralenkotter, Las Vegas Convention and Visitors Authority chief executive
UNLV economist Keith Schwer declared in June that Southern Nevada was in a recession, the popular definition of which is an economy that shrinks for six consecutive months. Nationally, the economy contracted for three straight months through June.
But was Ralenkotter correct in blaming the woes on people who forecast them?
Consumer spending grew during the past two quarters. Still, businesses cut back, citing collapse of the credit market and rising fuel costs, neither of which can be blamed on doomsayers.
Verdict: Almost entirely wrong
In 2008, visitor volume will crack 40 million and room occupancy will stay near 90 percent. — Ralenkotter
The LVCVA’s most recent figures, through May, show 7,000 more visitors than in the same period last year, when the running total was 16.3 million. If Las Vegas had been on track to break the 40 million mark, the May year-to-date figure would have been 335,000 higher. Room occupancy is still near 90 percent, though in May it declined nearly 2 percent from May of last year.
Verdict: 50-50
Some of the reasons for optimism about the Las Vegas economy include Trump International, Echelon Place and the World Market Center furniture mart. — Richard Lee, vice president and director of public relations, First American Title Co. of Nevada
The Trump condo hotel’s second tower is on indefinite hold. Construction of the $4.8 billion Echelon resort has been suspended until at least next spring. World Market Center has deferred construction of its fourth building as U.S. consumer furniture spending has declined by $2 billion since early 2007.
Verdict: Wild miss
“I’ve been feeling pretty beat up lately.” — Lee, who jogged onto stage to the theme from “Rocky”
In the original and only good “Rocky,” leading man Balboa is beaten bloody for 15 rounds and loses on a decision.
Verdict: Completely accurate
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