As Vegas is basically the extreme version of everything else, I think this is the epitome of the short term nature of late stage capitalism. Catering only to the super rich is also what most...
As Vegas is basically the extreme version of everything else, I think this is the epitome of the short term nature of late stage capitalism. Catering only to the super rich is also what most successful retail is currently doing. It props up their numbers and business but tastes change and that 10% will abandon your business fast. So yes, it works this quarter, but I can't imagine it will be a successful approach for most brands unless they can actually make the pivot to "luxury brand". Same for Vegas. Will the 10% keep going to Vegas or get bored and look somewhere else? And as always, the employees will be the ones getting laid off when it inevitably fails.
Makes sense. There are a lot of problems with capitalism but this shift to short-term gains over everything else is particularly distressing. That’s an economy-wide reprioritization that has...
Makes sense. There are a lot of problems with capitalism but this shift to short-term gains over everything else is particularly distressing. That’s an economy-wide reprioritization that has happened within our lifetime. It wasn’t always this way. Corporations used to make plans and investments for long-term sustainability. Now even the biggest, oldest companies feel like they’re just flying by the seats of their pants from quarter to quarter. Everything is just precarious all the time.
I’m not an economist and I don’t have data for this. These are just vibes I’m feeling. I’d love for a rigorous counterpoint to set me straight.
I can only speak for North America, but it is definitely happening here for publicly traded companies or companies owned by private equity. Every quarter is about making their stock price go up or...
I can only speak for North America, but it is definitely happening here for publicly traded companies or companies owned by private equity. Every quarter is about making their stock price go up or stripping as much value from a struggling brand as possible while keeping your employees poor so you can also benefit from government assistance (SNAP, etc).
I mean the biggest thing people are complaining about is the exact opposite. "AI" investments is bringing massive short term loss, in search of dominance, or at least survival, in the long term....
I mean the biggest thing people are complaining about is the exact opposite. "AI" investments is bringing massive short term loss, in search of dominance, or at least survival, in the long term. It's about as far from short-term gains as you can get.
For those who might be skeptical given the source, I can tell you from personal experience that they are understating things. I used to live in Las Vegas and it’s rather annoying that most of the...
For those who might be skeptical given the source, I can tell you from personal experience that they are understating things. I used to live in Las Vegas and it’s rather annoying that most of the things I was priced out of for lack of money had raised their prices to make it too high when I had the money to spend was a real slap in the face.
I live in Southern California. I am supposed to be the Las Vegas tourism bread and butter. But why would I go there now? It’s far too expensive for glittery things that I am usually priced out of. What would I do, walk through the beautiful malls filled with products I can’t afford? Frankly it’s a better deal staying at the resorts built on reservations, which have also have the plus of knowing my dollars are going to the benefit of the tribe running it. The strange thing is that I’ve actually noticed “reverse tourism” happening a lot more. Just yesterday I met a couple visiting Knott’s Berry Farm from Las Vegas, and they are far from the only ones I’ve come across.
There is a good time to be had in Las Vegas for those who are not rich, but it’s a very different experience. As far as I’m concerned, the area around the Fremont Street Experience - downtown - is the new Strip. They’ve got cheap rooms, table games you can afford to play more than once, affordable restaurants with good quality, and it’s actually walkable unlike the actual Strip. The actual Fremont Street Experience had the balls to block it from car traffic and fill it with people. It’s a modernized version of the idealized “old Vegas”.
The problem with it is that it’s very much a party area, so if you aren’t young or looking for that kind of atmosphere it isn’t going to be the best vacation for you. There are many places outside the strip and Fremont to stay for a more restful experience, but for Californians I would say you would likely be better served by the resorts operated by native tribes.
Learned a lot about Vegas from this video. Never been, but my wife went once with a friend to see a band they love. Many folks were I live (Alberta) go to Vegas, or used to. I haven’t heard any of...
Learned a lot about Vegas from this video. Never been, but my wife went once with a friend to see a band they love. Many folks were I live (Alberta) go to Vegas, or used to. I haven’t heard any of my friends or colleagues saying they are visiting recently. Personally I was never drawn to it because a lot of the fun seems to be around things I don’t enjoy. I don’t gamble unless you count the occasional lottery ticket. I quit drinking may years ago. Parties and crowds I prefer in small amounts. The overall excess vibe of the place never appealed to me. I am 100% sure there are cool things to see and do, and given it’s a short flight for me I may one day make the trip, but not under the current US government.
As Vegas is basically the extreme version of everything else, I think this is the epitome of the short term nature of late stage capitalism. Catering only to the super rich is also what most successful retail is currently doing. It props up their numbers and business but tastes change and that 10% will abandon your business fast. So yes, it works this quarter, but I can't imagine it will be a successful approach for most brands unless they can actually make the pivot to "luxury brand". Same for Vegas. Will the 10% keep going to Vegas or get bored and look somewhere else? And as always, the employees will be the ones getting laid off when it inevitably fails.
Makes sense. There are a lot of problems with capitalism but this shift to short-term gains over everything else is particularly distressing. That’s an economy-wide reprioritization that has happened within our lifetime. It wasn’t always this way. Corporations used to make plans and investments for long-term sustainability. Now even the biggest, oldest companies feel like they’re just flying by the seats of their pants from quarter to quarter. Everything is just precarious all the time.
I’m not an economist and I don’t have data for this. These are just vibes I’m feeling. I’d love for a rigorous counterpoint to set me straight.
I can only speak for North America, but it is definitely happening here for publicly traded companies or companies owned by private equity. Every quarter is about making their stock price go up or stripping as much value from a struggling brand as possible while keeping your employees poor so you can also benefit from government assistance (SNAP, etc).
I mean the biggest thing people are complaining about is the exact opposite. "AI" investments is bringing massive short term loss, in search of dominance, or at least survival, in the long term. It's about as far from short-term gains as you can get.
For those who might be skeptical given the source, I can tell you from personal experience that they are understating things. I used to live in Las Vegas and it’s rather annoying that most of the things I was priced out of for lack of money had raised their prices to make it too high when I had the money to spend was a real slap in the face.
I live in Southern California. I am supposed to be the Las Vegas tourism bread and butter. But why would I go there now? It’s far too expensive for glittery things that I am usually priced out of. What would I do, walk through the beautiful malls filled with products I can’t afford? Frankly it’s a better deal staying at the resorts built on reservations, which have also have the plus of knowing my dollars are going to the benefit of the tribe running it. The strange thing is that I’ve actually noticed “reverse tourism” happening a lot more. Just yesterday I met a couple visiting Knott’s Berry Farm from Las Vegas, and they are far from the only ones I’ve come across.
There is a good time to be had in Las Vegas for those who are not rich, but it’s a very different experience. As far as I’m concerned, the area around the Fremont Street Experience - downtown - is the new Strip. They’ve got cheap rooms, table games you can afford to play more than once, affordable restaurants with good quality, and it’s actually walkable unlike the actual Strip. The actual Fremont Street Experience had the balls to block it from car traffic and fill it with people. It’s a modernized version of the idealized “old Vegas”.
The problem with it is that it’s very much a party area, so if you aren’t young or looking for that kind of atmosphere it isn’t going to be the best vacation for you. There are many places outside the strip and Fremont to stay for a more restful experience, but for Californians I would say you would likely be better served by the resorts operated by native tribes.
Learned a lot about Vegas from this video. Never been, but my wife went once with a friend to see a band they love. Many folks were I live (Alberta) go to Vegas, or used to. I haven’t heard any of my friends or colleagues saying they are visiting recently. Personally I was never drawn to it because a lot of the fun seems to be around things I don’t enjoy. I don’t gamble unless you count the occasional lottery ticket. I quit drinking may years ago. Parties and crowds I prefer in small amounts. The overall excess vibe of the place never appealed to me. I am 100% sure there are cool things to see and do, and given it’s a short flight for me I may one day make the trip, but not under the current US government.