In The News: Center for Business and Economic Research
A few neon lights at the casinos are still flashing, “open 24 hours”, stands above a closed burger bar. A homeless person sets up in a restaurant entrance for the night. On a pedestrian bridge over the Strip, the legendary entertainment mile in Las Vegas, Cici Ballard - pink hair, tattooed forearms - stands with friends and points to the deserted sidewalks below them, the closed bars, the silhouettes of the hotel towers. "It's kind of scary," she says, pulling her cigarette deeply.
From 2007 to 2009, the Great Recession affected Las Vegas more than anywhere else in the United States. The Las Vegas’s economy will, once again, be dealt a difficult hand as a result of the COVID-19 global pandemic, according to Stephen M. Miller, director of the Center for Business and Economic Research (CBER) and economics professor at UNLV's Lee Business School.
Nevada could have the largest number of unemployed workers in the US due to the coronavirus pandemic. In a state where an estimated one in three workers is employed by the leisure and hospitality industry, 320,000 Nevada workers are at risk, twice the number in the late 2000s, which could push Nevada’s unemployment rate above 30 percent, according to a recent report by Las Vegas-based economic research firm Applied Analysis, reported by The Wall Street Journal.
Casinos with fewer than 500 employees can participate in the Small Business Administration’s Paycheck Protection Program if their gaming revenue last year was less than $1 million and comprised less than half of business revenue, under new SBA guidance.
With the effective closure of the Strip by the coronavirus pandemic, job losses have soared to record levels in Nevada.
With the Strip effectively closed by the coronavirus pandemic, job losses have soared to record levels in Nevada.
Hector Padilla lost his Las Vegas house after the 2007-09 recession. It could be happening all over again.
It’s hard to imagine a place that stands to lose more during the coronavirus outbreak than Las Vegas. Its economy is built on big gatherings: casinos and concerts, conferences and clubs. According to the Nevada Resort Association, a quarter of all Nevada workers are in the hospitality industry.
Stephen M. Miller, director of the Center for Business and Economic Research at the ҳ| 鶹ýӳ, gives insight into how the COVID-19 pandemic impacts American economies.
On the low end, Penn National Gaming is burning through $6.4 million daily having just 5.2 months before running out of cash, the report said.
On the low end, Penn National Gaming is burning through $6.4 million daily having just 5.2 months before running out of cash, the report said.
On the low end, Penn National Gaming is burning through $6.4 million daily having just 5.2 months before running out of cash, the report said.