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Hotels, casinos brace for economic crunch11 February 2008NEW YORK -- As reported by Reuters: "The travel industry is bracing for tough times. "The slowing U.S. economy threatens the once-booming hotel industry, while the credit crunch is hampering expansion plans. "'As the economy slows down, there is going to be slowing of activity by business travelers,' Tim Behle, manager at Ernst & Young's transactions advisory services, told Reuters Television ahead of the Reuters Travel and Leisure Summit in Los Angeles, which begins on Monday. "...Similar trends are expected in the casino industry, which is dependent on conventions and meetings to fill seats at poker tables and slot machines. "'I think the industry is certainly going to be down when you add it all up in '08,' Jim Murren, president of MGM Mirage (MGM.N: Quote, Profile, Research), told Reuters in a recent interview. "...On top of the slowing revenue growth, travel companies will struggle to finance hotel and casino building projects..." |