In The News: Center for Business and Economic Research
MGM Resorts International has furloughed about 140 managers at its Las Vegas properties. That’s while it also is planning to hire 400 seasonal pool workers starting next month, according to local news reports.
Penn National Gaming is the latest US casino operator to lay off workers, with word this week that 159 employees are being let go at Henderson, Nevada’s M Resort Spa Casino.
The COVID-19 recession was a faster, larger drop than the Great Recession, said Stephen Miller, director, Center for Business and Economic Research (CBER) at UNLV. Recovery started much faster because it’s not a typical recession, but one caused by the pandemic and, ultimately, the stay-at-home orders.
With the Strip’s annual New Year’s Eve midnight fireworks show canceled, fewer roadways will be closed to vehicular and fewer officers will be required to patrol them, Las Vegas police said.
Nevada Gov. Steve Sisolak’s (D) decision on Sunday to continue at least through Jan. 15 the 25 percent capacity restrictions on casino floors, restaurants, and bars has met with disapproval. But he argues the limit will help curb the spread of COVID-19, and balances health and economic needs.
A typical New Year’s Eve in Las Vegas could be a textbook case on what not to do during a pandemic.
After an unprecedented, pandemic-caused shutdown during the spring of 2020, Las Vegas continues its slow recovery. Sin City aims to manage the coronavirus pandemic until vaccines begin arriving for the most vulnerable people, hopefully before New Year’s.
Cancel everything and stay home. That’s what residents in Los Angeles are being asked to do as COVID-19 cases skyrocket there.
Now that a COVID-19 vaccine is starting to be distributed, provided it works as well as everyone hopes, life might return to normal sooner than what had been expected. That’s the optimistic position gaming analysts and executives are taking, and they now eye a possible 2022 return to pre-coronavirus levels. If this holds true, it will beat previous expectations considerably, as some industry analysts have previously asserted that a return to normal levels wouldn’t be possible in Las Vegas until at least 2023.
The pandemic may have hit the local and national economies like a ton of bricks, but economists are optimistic that both will undergo speedy recoveries.
The Las Vegas business community, including those in the gaming industry, is becoming increasingly optimistic about a quick recovery from the COVID-19 pandemic.
Nevada Gov. Steve Sisolak’s (D) temporary, tighter new restrictions on the state’s gaming properties and restaurants — as well as other enterprises — could lead to some businesses closing, possible layoffs, and a slower economic recovery, according to a prominent local economist.