In The News: Center for Business and Economic Research
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 ÐÔÊӽ紫ý'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 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 ÐÔÊӽ紫ý, 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.
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.