In The News: Department of Economics
Cancel everything and stay home. That’s what residents in Los Angeles are being asked to do as COVID-19 cases skyrocket there.
The boom or bust nature of the Southern Nevada economy jeopardizes our growing gig economy. “Gig workers” are self-employed individuals who file 1099 forms instead of W2 forms to the IRS, where the employer withholds payroll taxes from their employees’ earnings. Payroll taxes fund government safety-net programs, notably unemployment insurance. However, 1099 workers do not receive many of the benefits that W2 workers do since they do not pay into those safety-net taxes.
Now that a COVID-19 vaccine is starting to be distributed, provided it works as well as everyone hopes, life might return to normal sooner than what had been expected. That’s the optimistic position gaming analysts and executives are taking, and they now eye a possible 2022 return to pre-coronavirus levels. If this holds true, it will beat previous expectations considerably, as some industry analysts have previously asserted that a return to normal levels wouldn’t be possible in Las Vegas until at least 2023.
The pandemic may have hit the local and national economies like a ton of bricks, but economists are optimistic that both will undergo speedy recoveries.
The Las Vegas business community, including those in the gaming industry, is becoming increasingly optimistic about a quick recovery from the COVID-19 pandemic.
Nevada Gov. Steve Sisolak’s (D) temporary, tighter new restrictions on the state’s gaming properties and restaurants — as well as other enterprises — could lead to some businesses closing, possible layoffs, and a slower economic recovery, according to a prominent local economist.
Nevada Gov. Steve Sisolak’s (D) temporary, tighter new restrictions on the state’s gaming properties and restaurants — as well as other enterprises — could lead to some businesses closing, possible layoffs, and a slower economic recovery, according to a prominent local economist.
Las Vegas’ businesses, employees and economy are still reeling from the state’s first shutdown. Is the city ready for another?
Nevada Gov. Steve Sisolak is intimating about new health restrictions on Nevada gaming properties as COVID-19 cases continue to escalate. Las Vegas casinos have yet to fully recover from earlier closings.
Nevada Gov. Steve Sisolak is intimating about new health restrictions on Nevada gaming properties as COVID-19 cases continue to escalate. Las Vegas casinos have yet to fully recover from earlier closings.
Nevada Gov. Steve Sisolak is intimating about new health restrictions on Nevada gaming properties as COVID-19 cases continue to escalate. Las Vegas casinos have yet to fully recover from earlier closings.
Nevada Gov. Steve Sisolak is intimating about new health restrictions on Nevada gaming properties as COVID-19 cases continue to escalate. Las Vegas casinos have yet to fully recover from earlier closings.