In fact, one Las Vegas journalist said “this community’s ability to adapt, especially in the hardest of times, is unmatched.” He went on to say that “these unpredictable times are a moment for rebirth and to reach new heights through bold visions rooted in the DNA of Vegas.” The city, whose economy is largely based on discretionary spending, has more experience weathering boom-and-bust cycles than most other metropolises. Plus, unemployment continues to drop from a record-high of 34.2% in April.Īnd then there’s the fact that Vegas has been in tough spots before.
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Sectors like technology, retail, and software services continue to grow. While it’s certainly a tough time for Las Vegas, not everything is gloom and doom. The group estimates that the battered hospitality industry will cost the Southern Nevada economy an estimated $38.9 billion.
Indeed, the statistics paint a grim picture:
With the lion share of the city’s economy built on tourism, gaming, and conventions, the coronavirus pandemic has hit the City of Sin particularly hard. To say that Las Vegas is going through a tough time would be putting it lightly.