Las Vegas is Everyman's cut-rate Babylon. Not far away there is, or was, a roadside lunch counter and over it a sign proclaiming in three words that a Roman emperor's orgy is now a democratic institution. "Topless Pizza Lunch."

We are definitely slowing down and charging a lot more for it. We are out of Las Vegas. We are very much out of Miami, and we are hesitant in New York City.

Las Vegas has never been hotter, which shows in the gaming numbers through the end of the year. The casinos had record revenues of nearly $1 billion a month in gaming win, which is the best the state has ever seen.

All three factors are contributing to the deceleration in demand for Las Vegas (as a destination).

But G2E, with 700 exhibitors, shows it's an open industry. Las Vegas has thrived on openness and we should send a signal the industry is open.

I was coming back on a plane from [Las Vegas] and I kept putting something down and scratching it out, ... It struck me how difficult it is, in three or four minutes, to encapsulate what has happened over the last 30 or 40 years of my life.