ALL BUSINESS: A tale of 2 resorts

"We believe creativity, focused capital investment and strategic pricing have helped to make us more resilient to economic downturns than in the past, and our recent results are evidence of that," Iger said.

While Disney's business model has been trying to capture more visitors down the income ladder, Las Vegas has done the reverse. The famed Strip's cheap hotels and all-you-can-eat buffets are mostly gone, replaced by first-class resorts, fancy restaurants with celebrity chefs, luxury retailers and high-end spas.

Gambling, once the lifeblood of this desert mecca, now accounts for 41 percent of Las Vegas' revenues, while 58 percent comes from sales of food, beverages, rooms and shopping, according to a report from the investment firm Deutsche Bank. That is the exact opposite of what it was during the 1990-1991 recession.

"We were recession-proof when gaming was the No. 1 source of revenue," said Sig Rogich, who heads a marketing firm bearing his name that advises casinos. "Now the paradigm has shifted, and we get hurt when people decide to eat out or shop less."

Gambling revenues were down by 4 percent for the greater Las Vegas area during the first two months of the year. Should that pace continue through year-end, it would be only the second time since 1970 that gambling revenues have fallen. The last time was after the Sept. 11 terrorist attacks when they fell about 0.5 percent and then were slightly lower in 2002, according to the Las Vegas Convention and Visitors Authority.

Through the end of February, the number of conventions held in Las Vegas had dropped 10.4 percent, and average daily room rates were off 3.8 percent to $129.89 in 2008, according to the most recent data available from the LVCVA.

This pullback is showing up in the quarterly results of those with big properties on the strip. MGM Mirage Inc. said business at its high-end Bellagio and MGM Grand was weaker than expected during the first quarter. Big mall company Simon Property Group Inc. also noted weakness in the Las Vegas market, where its properties include the luxury Forum Shops at Caesars and two outlet centers.

"We're seeing some softness in Nevada, Las Vegas, for the first time in quite some time," said CEO David Simon during a conference call with analysts on April 29.

Keith Schwer, director of the Center for Business and Economic Research at the University of Nevada at Las Vegas, said discounting will likely intensify in Las Vegas as it looks to win back visitors in the coming months. There are 135,000 rooms in Las Vegas, an increase of 1.5 percent from a year ago. Some 40,000 additional rooms are slated to be built over the next few years.

"If they offer the penthouse suites at Motel 6 prices, then people will come," he said. "People may be more willing to visit if they can see some value for their money."