..

Nevada In The Toilet

Written by:
Aaron Goldstein
Published on:
Dec/19/2010
Nevada

The unemployment rate in the casino rich state of Nevada has now hit 14.3 percent and things do not seem to be getting much better. The percentage rose from 14.1 in October. 

Hurting the most, the construction and hospitality sectors.

The Las Vegas Review Journal reports that, for the first time since February 1995, construction employment in Nevada has dipped below 60,000 jobs.

"It's debatable as to whether we're going to see Nevada lead the nation in terms of population growth for two decades running like we did before," Bill Anderson, chief economist for the state employment department, told the Las Vegas Review Journal. "That's going to lessen the need for expansion in our housing base. In construction, I doubt we will ever get back to where we were. Two decades down the road, perhaps we'll be back to where we were, but for the foreseeable future, I don't see that happening."

As for hospitality, the industry's jobs base has fallen to its lowest level since October 2001.

It’s not all bleak in regard to the hospitality and casino sector. Tourism and gaming are showing slight improvements and that trend is expected to continue the next two years, at least where Las Vegas is concerned.

"Whatever other industry does well in the nation, those people are going to come to Las Vegas for their vacations and gaming will do well as a result of that," Dr. Stephen Brown with UNLV's Business & Economic Research Department told 8 News Now.

Slight improvements in the economy are expected through 2012 and that should have a trickle-down effect on Vegas and other Nevada hot spots, according to a report released by Dr. Brown’s department at UNLV.

“We are at the point where we think tourism and gaming will pick up, but it’s still what I would characterize as a weak recovery,” Brown said.

UNLV projects visitor volume will grow 3.2 percent in 2011 and 3.3 percent in 2012 after growing 2.4 percent in 2010. Gross gaming revenue will increase 1.9 percent in 2011 and 2.3 percent in 2012 after increasing 1.2 percent in 2010.

Nevada has led the nation in joblessness, bankruptcies and foreclosures.

- Aaron Goldstein, Gambling911.com

Business/Financial News

Bitcoin, Ether Slump as Market Selloff Widens

Bitcoin, Ether Slump as Market Selloff Widens

Cryptocurrency prices sank on Monday as concerns over the spillover risk to the global economy from Chinese property group Evergrande's (3333.HK) troubles spread across financial markets.

The Online Casino Bookie

If you are ready to join the sports betting business, then make sure to do it right, with the right help and tools, so that you can make sure to get the best results out of it. With Price per Head, you get a golden chance to have full backup and support from a fully operative sportsbook company, with all the best tools and services, and for the lowest price and risk possible. 

Hungary: Statue Honoring Mysterious Bitcoin Founder Unveiled

Hungary: Statue Honoring Mysterious Bitcoin Founder Unveiled

An imposing bronze statue was unveiled in Hungary’s capital on Thursday which its creators say is the first in the world to pay homage to the anonymous creator of the Bitcoin digital currency.

Fake News: Litecoin Foundation Says No Deal With Walmart

Walmart had earlier disputed the claims after a number of outlets reported on the fake story.

Bitcoin is Barter, Not Money, Mexico Central Bank Chief Says

Bitcoin is Barter, Not Money, Mexico Central Bank Chief Says

Bitcoin is more like a means of barter than "evolved" fiat money, Mexico's central back chief said on Thursday, calling it a high-risk investment and a poor store of value.

Syndicate