Las Vegas is the shining gold in the United States. The casinos, the lights, the leisure, Las Vegas is all about luxury, tourism, and entertainment. But how is that impacting the people of Las Vegas? Well, as the pandemic is putting more people in ventilation, the Las Vegas economy is going in the same direction.
South Nevada and Las Vegas have been over-dependent on the leisure industry. There has been not much diversification in the source of work. Now, Las Vegas has 28 percent of the labor workforce from the leisure and tourism industry. Big casinos, hotels, bars, restaurants, and so on are the identification of Las Vegas and also the source of jobs. The national average for it is 11 percent for leisure and hospitality.
The COVID 19 pandemic forced the governor Steve Sisolak ordered lockdown previously. The resorts and casinos were opened later with limited capacity. However, the pandemic has not relented and Governor once again reduced the capacity from 50% to 25%. This has made things even worse for Las Vegas.
In January this year, the economy of Las Vegas was cruising along. The unemployment rate was 3.9% in February. The COVID19 pandemic then hit the Las Vegas strip, and the unemployment rate reached 34%. The unemployment rate somewhat stabilized but yet alarming 13% in October.
The tighter rules will be Las Vegas, the tougher it will become for Las Vegas. The economy of Las Vegas has previously suffered because of not so diversified employment opportunities.
When things go well, people come and party in Las Vegas. But whenever, the economy of the country goes for a toss, Las Vegas goes into auto-depression. It is probably the time to diversify the opportunities. Casinos and the leisure industry is a key part of the Nevada economy, but over-reliance on it may become a spoiled sport.