In The News: Center for Business and Economic Research
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 effective closure of the Strip by the coronavirus pandemic, job losses have soared to record levels in Nevada.
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 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.
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.
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.