In The News: Center for Business and Economic Research
U.S. employers added a robust 379,000 jobs last month, the most since October and a sign that the economy is strengthening as confirmed viral cases drop, consumers spend more and states and cities ease business restrictions.
Two months after the death of founder Sheldon Adelson, Las Vegas Sands has sold its Las Vegas Strip properties, ending an era that began with a long-ago imploded casino that was once home to the Rat Pack.
As more people get vaccinated and COVID-19 cases decrease, you can already see the change in Las Vegas. We are on the road to recovery, but how long could it take?
As the United States prepares for a COVID-19 recovery, policymakers need to understand why some cities and communities were more vulnerable to the pandemic’s economic consequences than others. In this paper, we consider the association between a city’s core industry, its economic susceptibility to the pandemic, and the recession’s racially disparate impact across six select metropolitan areas. We find that areas with economies that rely on the movement of people—like Las Vegas with tourism—faced substantially higher unemployment at the end of 2020 than cities with core industries based on the movement of information. Further, we find the hardest-hit areas have larger Hispanic or Latino communities, reflecting the demographic composition of workers in heavily impacted industries and susceptible areas. We conclude by recommending targeted federal policy to address the regions and communities most impacted by the COVID-19 recession.
Lori Calderon has looked through so many job applications that she often finds herself evaluating potential hires for Resorts World on her personal time.
Las Vegas’ jobless rate remains the highest in the nation among large metro areas, a new report shows, yet another sign of the pandemic’s crushing financial effects.
Nevada’s economy must expand beyond its gaming industry reliance and add other types of industries, two economists said. Their prescription comes in response to a recent call by Gov. Steve Sisolak (D) to diversify the industries in the state, given the coronavirus economic downturn.
Las Vegas continues to operate at a fraction of normal capacity, as vaccine deployment brings hope to end the COVID-19 pandemic. This is the January Vegas economic update; here is my Vegas economic report from December 2020, discussing the likelihood of a K-shaped recovery.
Nevada’s gaming floors, bars, and restaurants must keep in place the 25 percent occupancy limit for another 30 days due to coronavirus risk, Gov. Steve Sisolak (D) announced on Monday. But the move led experts to question its effectiveness and the impact on the economy.
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.