In The News: Center for Business and Economic Research
The U.S. convention industry is expected to lose billions of dollars in revenue, as businesses restrict employee travel and governments ban large gatherings in the face of the coronavirus, an industry group said.
Casinos on the Las Vegas Strip and in downtown Reno shut their doors. Gyms sent notices to their members that they were closing. Small businesses that form the backbone of the economy — restaurants, coffee shops, bars, salons, tattoo shops, bookstores — shut down, many forced to layoff their employees and others transitioning to only offer takeout, delivery and pick-up.
Las Vegas Mayor Carolyn Goodman said she is “painfully” aware of the many residents living paycheck to paycheck in the city and is asking Gov. Steve Sisolak to shorten the 30-day shutdown of nonessential businesses.
Cities and states around the country are practicing self-isolation or sheltering in place. Nonessential businesses around the US have closed their doors. Streets are empty nationwide.
Airlines and possibly cruise lines are seen as the most deserving. Hotels are vying for assistance, too.
Airlines and possibly cruise lines are seen as the most deserving. Hotels are vying for assistance, too.
Las Vegas casinos are beginning to shut down in response to the novel coronavirus, with MGM Resorts Properties closing all of its casinos Tuesday, along with the Wynn, Encore and The Cosmopolitan.
The spreading coronavirus has sparked financial shock waves around the globe at breakneck speed, from stock market plunges to waves of canceled events and other closures.
The casino employees are the front line soldiers in the battle to contain any potential transmission of COVID 19. Hotels and casinos are releasing few details about plans if an outbreak takes place in Las Vegas.
As coronavirus concerns continue around the world and in Las Vegas, many small business owners and hospitality industry employees are concerned about its local economic impact.
As coronavirus grips the globe, government agencies and employers are giving advice that could be problematic for this tourism mecca: Travel less.
As coronavirus grips the globe, government agencies and employers are giving advice that could be problematic for this tourism mecca: Travel less.