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Old 07-17-2009, 08:05 AM
 
106 posts, read 209,700 times
Reputation: 46

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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.
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Old 07-17-2009, 10:46 AM
 
54 posts, read 121,095 times
Reputation: 25
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.
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Old 07-17-2009, 01:33 PM
 
Location: Bellevue WA
27 posts, read 75,162 times
Reputation: 13
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
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Old 07-17-2009, 01:58 PM
 
Location: Here and there, you decide.
12,804 posts, read 25,721,702 times
Reputation: 4874
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.
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Old 07-17-2009, 02:30 PM
 
Location: Las Vegas, Nevada
12,686 posts, read 34,122,103 times
Reputation: 5477
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.
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Old 07-17-2009, 02:30 PM
 
Location: Las Vegas, Nevada
53 posts, read 231,808 times
Reputation: 51
May I have the source for this figure, please?
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Old 07-17-2009, 02:32 PM
 
Location: Las Vegas, Nevada
12,686 posts, read 34,122,103 times
Reputation: 5477
Quote:
Originally Posted by LVinWA View Post
May I have the source for this figure, please?
Which figure are you referring to?
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Old 07-17-2009, 02:53 PM
 
Location: Las Vegas, Nevada
53 posts, read 231,808 times
Reputation: 51
Quote:
Originally Posted by buzz123 View Post
which figure are you referring to?
12.3 %
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Old 07-17-2009, 02:55 PM
 
Location: Las Vegas, Nevada
12,686 posts, read 34,122,103 times
Reputation: 5477
Las Vegas unemployment soars to 12.3 percent - Breaking News - ReviewJournal.com
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Old 07-17-2009, 03:03 PM
 
Location: Bellevue WA
27 posts, read 75,162 times
Reputation: 13
Quote:
Originally Posted by Buzz123 View Post
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??
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