In The News: Lee Business School
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 University of Nevada, Las Vegas, 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.
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.
Demand for electricity is beginning to weaken in parts of the U.S. hardest hit by the coronavirus and could fall further in coming days as shelter-in-place orders spread, following a path taken by Italy’s industrial region.
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.