Vegas is very much like the rest of the world - supply and demand.

There are tons of conventios - go during one of them and rooms will be high. There are tons of weddings - go during wedding season and rates will be high. New Year's is the most expensive night of the year - go then and you'll pay $500 for a dump.

Now, go in the summer and you'll get cheap rates. Go over xmas and you'll get cheap rates. Go when people don't want to and you'll get cheap rates. Book a package and you'll get good rates. Stay off strip and take a shuttle or cab to the strip and you'll get good rates.

What you'll also find is that comps are stiff - but available. Go a lot and gamble some and you'll get very good rates most times of the year, particularly if you can book well in advance or very last minute or for a slow time of year.

What will hit Vegas hard will be things like convention traffic going way down (fewer conventions and fewer people attending them); less discretionary income to fill boxing matches and rock concerts with tourists (as opposed to locals); people spending a larger portion of their vacation budget on airfare and not spending as much once they get there. Those things will hurt Vegas. High priced rooms and expensive restaurants not as much - those things will adjust or can be gotten around.