LAS VEGAS — There are many cities across the country that are beginning to see the first glimpses of the end of the recession.
Las Vegas Faces Its Deepest Slide Since the 1940s
By ADAM NAGOURNEY, New York Times, 10.02.2010
Monica Almeida/The New York Times
The 76-acre City Center complex on the Las Vegas Strip was conceived before the downturn.
This is not one of them.
The nation’s gambling capital is staggering under a confluence of economic forces that has sent Las Vegas into what officials describe as its deepest economic rut since casinos first began rising in the desert here in the 1940s.
Even as city leaders remain hopeful that gambling revenues will rebound with the nation’s economy, experts project that it will not be enough to make up for an even deeper realignment that has taken place in the course of this recession: the collapse of the construction industry, which was the other economic pillar of the city and the state.
Unemployment in Nevada is now 14.4 percent, the highest in the nation and a stark contrast to the 3.8 percent unemployment rate here just 10 years ago; in Las Vegas, it is 14.7 percent.
August was the 44th consecutive month in which Nevada led the nation in housing foreclosures.
The Plaza Hotel and Casino, which is downtown, recently announced that it was laying off 400 workers and closing its hotel and parts of its casino for eventual renovation, the latest high-profile hit to a city that has seen a steady parade of them.
“It’s been in bad shape before, but not this bad,” said David G. Schwartz, director of theCenter for Gaming Research at the University of Nevada, Las Vegas. “If you look at the gaming revenues, they have declined and continue to decline over the past three years. “
“Sept. 11 set off a two-year slowdown,” Mr. Schwartz said. “But nothing of this magnitude.”
Mayor Oscar B. Goodman said in a recent interview that he was “very bullish on our future,” offering as evidence the packed airplanes he encountered both ways on a recent trip east to appear on “The Colbert Report.”
But, he added: “Our daily room rate average is not what it was. Our hotel room rates are bargains now. People aren’t spending on gambling as they have in the past. Ordinarily Las Vegas was the last to go into a recession and the first to come out. This one is different. As soon as they feel secure in their financial position, then Las Vegas will come back stronger than ever.”
The drop in the city’s gambling revenues, at first glance, tracks historical trends: Americans cut back on recreational travel and gambling during a recession. There are some signs that gambling revenues, which are down to 2004 levels, have at least stabilized. After months of precipitous decline, revenues increased 3 percent in the first quarter of 2010, but then dropped 5 percent in the second quarter, according to the Center for Gaming Research..........read more
Call Project Technology Solutions today to arrange a live demonstration of the power of web based construction software.
Project Technology Solutions (ProTech)
Preferred Dealer for Procore - Web Based Construction Software
866-570-4640
Monica Almeida/The New York Times
The 76-acre City Center complex on the Las Vegas Strip was conceived before the downturn.
This is not one of them.
The nation’s gambling capital is staggering under a confluence of economic forces that has sent Las Vegas into what officials describe as its deepest economic rut since casinos first began rising in the desert here in the 1940s.
Even as city leaders remain hopeful that gambling revenues will rebound with the nation’s economy, experts project that it will not be enough to make up for an even deeper realignment that has taken place in the course of this recession: the collapse of the construction industry, which was the other economic pillar of the city and the state.
Unemployment in Nevada is now 14.4 percent, the highest in the nation and a stark contrast to the 3.8 percent unemployment rate here just 10 years ago; in Las Vegas, it is 14.7 percent.
August was the 44th consecutive month in which Nevada led the nation in housing foreclosures.
The Plaza Hotel and Casino, which is downtown, recently announced that it was laying off 400 workers and closing its hotel and parts of its casino for eventual renovation, the latest high-profile hit to a city that has seen a steady parade of them.
“It’s been in bad shape before, but not this bad,” said David G. Schwartz, director of theCenter for Gaming Research at the University of Nevada, Las Vegas. “If you look at the gaming revenues, they have declined and continue to decline over the past three years. “
“Sept. 11 set off a two-year slowdown,” Mr. Schwartz said. “But nothing of this magnitude.”
Mayor Oscar B. Goodman said in a recent interview that he was “very bullish on our future,” offering as evidence the packed airplanes he encountered both ways on a recent trip east to appear on “The Colbert Report.”
But, he added: “Our daily room rate average is not what it was. Our hotel room rates are bargains now. People aren’t spending on gambling as they have in the past. Ordinarily Las Vegas was the last to go into a recession and the first to come out. This one is different. As soon as they feel secure in their financial position, then Las Vegas will come back stronger than ever.”
The drop in the city’s gambling revenues, at first glance, tracks historical trends: Americans cut back on recreational travel and gambling during a recession. There are some signs that gambling revenues, which are down to 2004 levels, have at least stabilized. After months of precipitous decline, revenues increased 3 percent in the first quarter of 2010, but then dropped 5 percent in the second quarter, according to the Center for Gaming Research..........read more
Call Project Technology Solutions today to arrange a live demonstration of the power of web based construction software.
Project Technology Solutions (ProTech)
Preferred Dealer for Procore - Web Based Construction Software
866-570-4640
Posted by ProTech at 10/5/2010 12:19 PM 
Categories: News
Tags: procore dealer project technology solutions construction cloudware web based construction software protech las vegas economy
Categories: News
Tags: procore dealer project technology solutions construction cloudware web based construction software protech las vegas economy
Comments