Las Vegas Has Further to Fall in Struggling Economy
A report in the Economist this past week suggests that the gambling mecca of Las Vegas may experience further decline due with a recession now in full swing.
"It's bad and getting worse," the doomsday forecast from UNLV economist Keith Schwer suggests.
"There are some people doing as well off as a couple of years ago and some people's financial positions have improved, but for most people they have either lost jobs, have fewer hours or smaller tips," Schwer said.
Schwer predicts that the state jobless rate will hit 10 percent this year, up from 8 percent in November.
He does hold out hope that the economy will start to improve by year's end or - at the latest- early next year.
"Our future depends on what happens in Washington and when they are able to get the stimulus package out," Schwer said. "We depend on people coming here and spending their money. If they don't have jobs, they are not going to come here."
Jagajeet Chiba, Gambling911.com
