Economic recovery Las Vegas will take at least 3 years
The economy of casino city Las Vegas has been hit very hard by corona. Experts fear recovery could take up to three years. Or even longer. On Wednesday, March 18, all casinos, restaurants, theaters and cafes in Las Vegas had to be closed by order of the US government. The reason: the coronavirus outbreak. From one day to the next, the normally buzzing casino capital of the world turned into a deserted ghost town.
19 billion dollar up in smoke
A number of casinos are now open again, but due to all the corona measures and the absence of tourists, they are running at half to minimum strength. There are still no shows in Las Vegas and many hotels, restaurants and bars are still closed. This is a big disaster for the Las Vegas economy, which largely depends on gamblers and tourists. In 2019 tourists brought in $ 19 billion and 450,000 jobs were needed to service the tourists and gamblers that paid Las Vegas a visit.
Those $ 19 billion are largely gone for this year and the question is if there is hope for a speedy recovery afterward? Many casino experts are quite pessimistic about the future of the gambling capital of the world. A striking number of experts assume a three to four year malaise before the turnover returns to pre-corona level. That means that the casinos will have to fight to survive until 2023 or 2024. And with a stretch that long they all agree that not all casinos will survive. The state’s economy is also disproportionally dependent on people getting in a car or getting on a plane and going on vacation.
Zero is exactly how many convention attendees the Las Vegas Convention and Visitors Authority clocked from the beginning of April till the end of July, the last month for which numbers are available. By comparison, 2.06 million conventioneers traveled to Las Vegas during that period last year. Las Vegas’ economy, forever dependent as it is on tourism and events, shed 142,200 jobs — 82,700 of them in the entertainment and hospitality fields — during the 12 months ending in June, according to the U.S. Bureau of Labor Statistics.