'Vegas Hurtin'

Las Vegas Struggles

The city is a real roller coaster.   I guess thats what happens when you build an eocnomy around tourist discretionary spending.    Sounds like some Nevada leaders might be getting the message to try and diversify.   

If history is any guide real estate will fall off a cliff in Vegas which is a shame for the people impacted - but an opportunity for investors.   The roller coaster will climb the hill again when the economy recovers and home values will explode up as much as they plummeted down.

I remember after 2008 Summerlin homes were going for $120 in the fancy, gated commuinites.   Those tripled in value by 2020.    Worth watching what happens now.

As time marches on, more and more Vegas workers will want Vegas to open.  Hunger has a way of doing that.

I truly feel for the underpaid and underappreciated Vegas hourly paid employees - they are the most affected by the loss of income. I don't feel any sympathy for the bean counters and fat cat "investors" who have ripped off Vegas visitors (and underpaid employees) of Billions of dollars with their room rates, asinine parking and "resort" fees. Rebuilding the Vegas gravy train will be difficult and a very long process. The next year/2 years will see Vegas going back to what built Vegas - comps, cheap/free rooms, hosts having the power of the pen, cheap food and better odds on games. There will still be high rollers, but not as many - they are also suffering from loss of revenue. There will be fewer people coming too Vegas because of their loss of income - they will have less "disposable income" as they pay off past due bills. For a while, the customer will be king. Home values will continue to drop - it will be a great time for anyone looking to buy a home in Vegas. Don't be surprised if Nevada implements a state income tax. 

Ecclesiastes 3:1-8

Actually, I think the casino workers are largely ok - at least for the big chains.   LV Sands,as one example, continues to pay all of its 10,000 employess their full salary and benefits throughout the duration....and they also are paying the third party restaurant workers that are on site.   Sheldon Adelson has a heart after all.

The real victims in Vegas are all the supporting businesses and destinations.....food and beverage distributors,  bars, strip clubs, fast food joints, car rentals, cabs.....did I say strip clubs?    Strip clubs.    Make sure you visit a strip club on your next visit.   Strippers have to pay the rent too.

The domono effect is devastating - I expect for many to pick up stakes and move to where they can find jobs.

The Solution in One Word:  Corona Guards

Umm, . . . or two words !

The workers should be fine for now. They are currently getting $600 a week in Federal Unemployment benefits in addition to whatever  State Unemployment benefits they would normally get. Most of them should be receiving $600 -$1000 a week in unemployment benefits right now.  

If you are talking about non-management level employees, that is likely more than they were making before they got laid off. Especially, when you factor in they don't have to pay payroll taxes on those benefits and they don't have the transportation costs of getting to and from work. 

No need for hunger if the state and federal governments provide adequate relief to the unemployed.

I don't think we should prioritize the rebuilding of a business whose sole function is to take money out of people's pockets, so I'm opposed to casino bailouts. But the workers? Give 'em what they need to survive, for however long it takes. Help them find other jobs.

Ten thousand of them could, for example, be employed in building a giant solar array or wind farm in the wasteland north of Vegas.