After more than ten months in a pandemic, Las Vegas is finally getting good news. Unemployment has fallen across the country, people are ready to host meetings and conventions in Las Vegas, and casino net income has increased from 2019.
The congress business is making a comeback
Although state mandates limit event capacity to 25 percent or 50 people, whichever is less, conventions are already planning to return to Las Vegas. World of Concrete, the gigantic construction convention that has been postponed for June 8-10 at the Las Vegas Convention Center. If those dates hold, it could be the first major convention returning to Las Vegas face-to-face meetings. Previous World of Concrete conventions drew more than 60,000 attendees.
A new study by the Las Vegas Convention and Visitor Authority of Heart + Mind Strategies of Reston, Virginia found that 91 percent of respondents miss in-person meetings and 58 percent are burned out from virtual meetings and conferences. The survey company asked 510 business travelers for their thoughts, and found that 77 percent would prefer to attend conferences, conventions, and trade shows in person, and 74 percent believe Las Vegas is ready to safely host in-person events in the second half of 2021 to the Lass Vegas Review Journal. [LVRJ]
Unemployment is falling across the country
For the first time since the pandemic began and the state shut down unnecessary businesses last March, Nevada’s unemployment rate fell to 9.2 percent in December. That was a decrease from November’s numbers and the first time unemployment had hit single digits. This number is offset by a decline in the number of unemployed. The state recorded 8,200 non-agricultural jobs in December. Nationwide, the unemployment rate in December was 6.7 percent.
Still, 37,310 initial unemployment claims were filed, an increase of 4,697 or 14.4 percent from November figures.
In November, Las Vegas had the highest unemployment rate in the country among major metropolitan areas. At the time, the US Bureau of Labor Statistics estimated that 11.5 percent of the Las Vegas workforce were unemployed in November. This is the highest rate among 51 metropolises with at least 1 million inhabitants.
Nevada ran out of unemployment funding after nine months of unemployment during the pandemic and borrowed $ 133.5 million federal loans to keep the unemployment paid, RJ reports. [LVRJ]
Casinos make money
The Nevada Gaming Control Board released its fiscal 2020 figures and found that 267 Nevada casinos with revenues of $ 1 million or more had net income of $ 2.9 billion from total revenues of $ 18 , Grossed $ 3 billion. Compare that to fiscal 2019, when it had total sales of $ 24.5 billion and net income of $ 2 billion. These numbers include money spent on rooms, food, drinks, attractions and games. Gambling accounted for $ 6.7 billion, or 36.8 percent of total revenue. Clark County had 157 casinos with revenues of $ 1 million or more for combined net income of $ 2.9 billion out of total revenues of $ 16.3 billion. [EaterWire]
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