Wells Fargo decision creates divide

The decision by Wells Fargo to flake on a scheduled corporate retreat at Wynn Las Vegas is reverberating well beyond the local economy.

Leaders from the travel, convention and hospitality industry have all issued statements criticizing the characterization of such meetings as wasteful.

As readers may recall Wells Fargo skipped out on a proposed meeting in response to critics claiming the bank, which received $25 billion in taxpayer bailout money, was frittering away cash.

It was a chance for politicians to engage in some good, old-fashioned righteous indignation.

But it went over like a lead balloon with Las Vegas boosters and others who make money from corporate meetings.

“The perception that Las Vegas is merely a gaming and leisure destination is antiquated and uneducated," Las Vegas Convention and Visitors Authority president and CEO Rossi Ralenkotter said in a statement. "The meeting facilities in Las Vegas are among the best in the world, and the resorts represent major international companies, many of whom are publicly traded on Wall Street.”

The head of a trade group for meeting and event companies also chimed in. As did Roger Dow, leader of the U.S. Travel Association, the largest and most prominent trade group for the nation's travel industry.

“We are extremely concerned about the unintended consequences of restricting corporate meetings, events and incentive travel programs. Business-related travel creates 2.4 million jobs, $244 billion in spending and $39 billion in tax revenue at the federal, state and local level,” Dow said.