At this point, is it even necessary to remind anyone that pessimists have been forecasting doom for Las Vegas since 1955?
For that matter, things looked dire in 1922, when the Union Pacific railroad pulled its repair shops out of town after an acrimonious strike. And truth be told, if it wasn't for the construction of the Hoover Dam in the early 1930s, Las Vegas might have remained moribund.
What was the disaster of 1955? Success. With the young Strip casino industry on the upswing in the early part of the decade, opening a new "class joint" seemed like money in the bank. Developers raced to get shovels into the dirt, and hoped to reap the benefits of a growing tourism boom. Sound familiar?
The gaming industry wasn't large enough to have "observers" back then -- calling it an "industry" at that time might be an unwarranted dignity. But nearly everyone predicted that, in 1954, there was no place to go but up.
So, in 1955, five major new casino resorts opened in Las Vegas: the Dunes, the Riviera, the Royal Nevada, the New Frontier, and the Moulin Rouge. Each of the new arrivals ran into trouble almost immediately.
For the complete story, please see David G. Schwartz The downturn is bad, but Las Vegas has survived worse Las Vegas Business Press, July 14, 2008.
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