[armyjimb]

How is this possible? How can unemployment be this high? I know its bad in Las Vegas but this is really bad. How high can the unemployment rate go? Are we looking at a unemployment rate of 15% at the end of the year?

My sister in-law just got her lay-off notice from a job which she held for 6 years as a store manager for a check cashing place. She said that since the majority of her business is dependent on people who have current employment which not too many people have; the owner decided to close all 10 locations.

[dawgs63]

Las Vegas is a town completely reliant on tourist dollars. While the occupancy and traveler volume hasn't dropped significantly, the amount of money people are spending, has plummeted.

Think of it this way. A round trip flight averages about $250 to Vegas. Average daily room rate is hovering around $112 and the average number of nights people are staying is around 3. So for one person, for 3 days in Vegas is just under $600...dirt cheap. Previously, the room rates were around $175 with an average of 3.5 nights/person. At that, it was about $860 for 1 person.

With the decrease in room rates and the decrease in gambling revenue, you'll also see a decrease in spending in general. Vegas was hit hard and that only accounts for leisure travel. If you add in the loss of business travel, things look even worse.

I will turn around, but probably not for awhile. The service industry is always hit first by recessions and unfortunately, Las Vegas is nothing but service industry.

[BellevueWa]

People are just not spending as freely as they did before.Whne you don't know if you will have a job in 6 months you are more cautious how you spend money. tourism is what made Vegas. when the us has a positive savings rate,that is money not being spent in places like Vegas.

For Vegas its a catch22. You drop the rates and people think its cheap and a cheaper clientle come visit. Keep it rates high and less people come.

Ya can't win.

This is the result of having a GDP that is 75% internal consumption. the money can only go in circle so many times.

I'll be down in August

[airics]

hmm i look at it this way... lines are buffet are shorter, more opportunities for free show tickets, mostly cheaper all the way around...the pool we are thinking of building is 25k with a load of options, top end pumps, marbletech stone, led lighting... etc.. it was 40k 3 years ago... i guess there is a positive to everything.

[Buzz123]

Besides the slow down in tourism due to workers in other areas being out of jobs, there are several thousand workers in Las Vegas that depend on the nearly 4,000 conventions and trade shows normally held each year in the country's largest convention center, as well as the other large convention centers in the hotels. When Osama O'Bama made an ill-timed, off the cuff, negative remark about conventions in Las Vegas, that business nearly dried up. I haven't researched it, but I imagine the same thing happened in the Reno/Sparks area. Add to that the fact that the legislature raised the costs of running a small business (doubled in some cases), and that over 90% of all Nevada business is small business, there will be a lot more workers being laid off. The federal government is about to follow suit and also add to the cost of running a business so look for that to happen too.

[LVinWA]

May I have the source for this figure, please?

[Buzz123]

Originally Posted by LVinWA

May I have the source for this figure, please?

Which figure are you referring to?

[LVinWA]

Originally Posted by buzz123

which figure are you referring to?

12.3 %

[Buzz123]

Las Vegas unemployment soars to 12.3 percent - Breaking News - ReviewJournal.com

[BellevueWa]

Originally Posted by Buzz123

Besides the slow down in tourism due to workers in other areas being out of jobs, there are several thousand workers in Las Vegas that depend on the nearly 4,000 conventions and trade shows normally held each year in the country's largest convention center, as well as the other large convention centers in the hotels. When Osama O'Bama made an ill-timed, off the cuff, negative remark about conventions in Las Vegas, that business nearly dried up. I haven't researched it, but I imagine the same thing happened in the Reno/Sparks area. Add to that the fact that the legislature raised the costs of running a small business (doubled in some cases), and that over 90% of all Nevada business is small business, there will be a lot more workers being laid off. The federal government is about to follow suit and also add to the cost of running a business so look for that to happen too.

Is this because the Dems control Vegas these days??