Nevada's Economy is on a Give and Take Mode
Published July 23, 2002 by OCR Editor
On Thursday neighboring economists said to believe that Southern Nevada's financial system is recovering although lodging figures, guest size and gambling profits are still on a downfall.
Keith Schwer, an economist who spoke at the Midyear Economic Outlook 2002 event at UNLV, said, "If we wanted to put a summary of this year's economy on a bumper sticker, it would say 'We're Back. Even though economists projected a slow revival for the hotel business after September 11th, the Industry's guest rates seems to have remained the same even before the terrorist's attacks. A UNLV professor and associate administrator of the research center for economics, said, "We have a very savvy set of hotel-casino operators in Las Vegas. They saw that (occupancy) rates were down and they lowered prices, marketed more and increased incentives for people to come here." On the other hand, gambling profits are behind by 1.6% rather then the estimated 0.3%. The number of tourists also fell by 2% as opposed to the anticipated 0.6%. However, reputable- based employment services increased by 1%, while housing dropped by 12.6%.