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In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana talk about people spending less money in Las Vegas.
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Get this fewer tourists and less Spending in Las Vegas as inflation takes A toll inflation has taken its toll on Sin city as fewer tours are visiting the Gambling Mecca and those who do spend Less than usual the University of the Las Vegas business school released the Report forecasting the city's economic Outlook between 2022 and 2024 noted that Its economic turn Grim in June of this Year interest rates have gone up and we Know that we know that prices are going Up as well and that's what the FED is Trying to get their hands around and Solve so it may be that feds policies is Having an effect not only nationally but It's also affecting our economy locally One of the studies authors Professor Stephen Miller said Tom You know what's interesting about this As well Um basically people in Las Vegas are Hurting because you know you can spin Everything you want in the news and We've just covered that a little bit but There are two things that are very very True right now savings rates are Crashing and people have stuff on Um credit cards and they're using that For average purchases if you're doing That you do not have that extra 500 Bucks to go with two buddies to go see a Ball game in Vegas and gamble a little Bit you just don't have it and
That is the core of Vegas And you're you're seeing it right now And so the tourism's down and when the Tourists are there we don't spend as Much we gamble a little bit not a lot of Bit we don't party we don't have a four Thousand dollar bachelor party for our Buddy it's we spend less or we don't go That's crazy when you're saying that When when covet happened I would go to Vegas regularly because we were signing A contract with MGM granddarino so that My driver would pick me up and I would Say so tell me how I would ask everybody How's traffic in Vegas not bad kid how Is it oh everyone got laid off MGM how Many people got laid off here 90 of our People working for MGM Grand Arena laid Off no way what are they doing they're All trying to find some work but where Did they have to move out because you're In the event business right you can so a Way to gauge economy is Las Vegas a wage To gauge economy is nightclubs a way to Gauge like the story you were talking About yesterday with Miami 11 has six million dollars of Bitcoin They accepted to this year 11 000 in the Last 90 days that's just Mind-boggling to me when you hear a Number like that right so nightclubs Tells a story Las Vegas tells a story Gambling tells a story all of these Things are telling a story you know now
Somebody may come back and say well Pat Didn't we have record-breaking Black Friday and Cyber Monday that's also a Story because the numbers were up for Online sales but the numbers were down For physical going to a place which Makes sense people no longer want to go To a physical Place deal with lines Standing outside dude I just go on Amazon and buy it and it's going to be Shipped to me anyways and nowadays They're shipping faster so this you know I was so disappointed Thanksgiving day I Usually like to watch the riots at Best Buy where people come in 70 inch TV they Took the year off and uh but I mean Think about it if it's that's the Biggest sale day people are going to Spend money that they you know they get Kinder because it's 40 off but Tom what Do you think would be what's going to be Like this crash that they're talking About and I know since I've been here I've been here for six months you guys Have kind of been you know where I'll Bring around you know 6 12 18 32 you Know whatever what do you think is gonna Be be that breaking point where it's Just gonna like I'm not hoping for the 2008 crash but like people like me that Have been kind of saving and stuff Because listening to my boy Adam like We're wanting to buy Pat I want to I'm Gonna probably live in Florida for the
Rest of my life I want to buy a house I'm not going to take advantage of People's failures but I'm waiting when You think I know we've been talking About it what's going to be the the the Straw to break the camel's back I'll Defer back to Papa we've been talking on This podcast for a while that the that Goldman and others are calling top rate Was it pat five and a quarter four uh Three quarters like May right that's What they're calling top they believe That's gonna be the top now what that Means Vinnie is that's when the Increases stop because they believe they Have inflation under control based on a Lot of things they watch including Unemployment once that happens and it Comes down then you're gonna see you Know so maybe housing opportunities out There and you're not taking advantage of Somebody's Misfortune if they have to Sell that cows and you have the Capability buying that house that is a Transaction it may not be as good as Those people like it but So with all the craziness taking place I Believe future looks bright if you Believe future looks bright get your Latest Future looks bright hat of Valuetainment it says future looks Bright here future looks bright here we Got them in white we got them in Black We got them in red or black on black
Sold out these are about to sell out if You haven't ordered one yet we had a Person in Michigan but one then he Bought three then when those three People wore it in the office they had to Order 58 of them because people wanted The future looks bright hat especially During times like this because ain't Nobody's saying future looks bad toward Your future looks bright hat click over Here and to watch the entire podcast Click here take care everybody Foreign [Music]