Checking In by Stephen J. Cloobeck

Author:Stephen J. Cloobeck
Language: eng
Format: epub
ISBN: 9781626345539
Publisher: Greenleaf Book Group Press
Published: 2018-10-15T16:00:00+00:00

Doubling Down

It’s been said that we can’t change the cards we’re dealt, only how we play our hand. And from experience, let me tell you that this holds equally true in Las Vegas and in life.

Everyone has their own story and memory of the 2008 financial crisis (or as we all have come to know it, the Great Recession). The shared reality of the day was dislocation. The recession knocked families out of homes, pushed hardworking professionals out of jobs, and shook the faith in the cornerstones of the American economy for each and every one of us. For a young company with huge responsibilities to our team members, our vendors, our owners, and our guests, there was no swifter test to our values, beliefs, and principle-centric business practices.

A 2010 report in the Journal of Travel Research using multiple data sets on tourism from 2004 to 2009 looked at how the financial crisis affected travel. Consider the following facts regarding the United States from this report:

♦Tourism within and to the United States fell steadily in the year and a half following the September 11, 2001, attacks. “Over the six quarters from peak to the fourth quarter trough, real travel demand fell by 9.5%. In contrast, the nation’s real GDP rose by 1% during this period,” the report stated. From this low point, demand grew at a rate of 3.7 percent per year until reaching a new peak in the third quarter of 2007. At the same time, real GDP lagged, growing just 2.7 percent a year.

♦The current economic downturn began in December 2007; by early 2009, the GDP of the United States fell by nearly 4 percent, the severest decline since World War II.

♦By the first quarter of 2009, real travel demand had fallen 6 percent over six quarters. The report read, “This drop so far has been considerably milder than what had occurred after the 9/11 attacks. But the decline has been at twice the rate as real GDP has fallen.”

♦Tourism employment accounted for nearly six million jobs in the first quarter of 2008. From then through the first quarter of 2009, more than 250,000 jobs in the sector were lost.2

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