Long Road to Recovery for Las Vegas
Experts have forecasted that it will take up to three years for Las Vegas to return to its previous economic position. That is all very dependent on the Corona Virus. It has already made a huge impact on tourism and the Las Vegas economy. Vegas relies heavily on tourism and gambling with a large amount of casinos and hotels in the city. The recovery timeline is just a forecast and could easily change.
If a vaccine is delayed this means the timeline for recovery will be extended. Some people believe the Las Vegas market will see a quick recovery if a vaccine is successful.
As a state, Nevada has always been focused on both tourism and gambling as its main sources of revenue. Tourism resulted in $19 billion last year in the state – $6.8 billion from the Strip casinos – and accounted for almost half a million jobs (450,000). However, Nevada’s unemployment rate jumped to 28.2% in April. It currently sits at around 15%, which is 5% higher than the national average.
Unsurprisingly, the revenue in the state has plummeted this year. Compared to last year the revenue has been off by as much as 61.4%.