Las Vegas Moving Forward Again

Without question, the last 24 months have been very challenging for the Las Vegas economy and the Las Vegas real estate market. However, we are starting to see encouraging signs that the worst is behind us and the corner is being turned. For example, after 22 straight months of year-over-year declines, the Nevada Gaming Control Board reports that November 2009 casino winnings actually bested November 2008 totals, albeit by a small amount. Let’s hope this is the beginning of a trend in 2010 that sees the steady return of gaming customers to our ready and waiting city. About 30% of state revenues come directly from taxes on casino winnings, so this is a big deal for budgeting gaps and governmental services state-wide. As economic stability slowly returns globally, Las Vegas should begin to see the return of visitors that haven’t “stopped by” much over the past two years. As you might expect, steady recovery in the gaming industry is key to the resumption of job growth in Southern Nevada, and renewed job growth is the key to almost everything economic that matters.

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