Vegas, Baby: Not so Recession Proof

Gaming revenue is off nearly 25 percent.

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Vegasgoers aren't such high rollers these days: They're spending less at fancy restaurants, and (gasp!) not ordering that second glass of wine, according to Time.

The number of visitors is only down 3 percent, notes Time, but gaming revenue is off 8.5 percent for the year, and a whopping 24.3 percent for October versus October 2007. Construction has fallen off, and Nevada's unemployment rate jumped to 8 percent in November--the highest since 1984.

Vegas was once considered "recession-proof," or "recession resistant." Some think the reason that's changed is that gamblers' options were historically more concentrated, and today, entertainment and lodging expenses are a bigger part of casino companies' revenue.

Or maybe gamblers are just toning it down in light of the recession.