Las Vegas jobless rate among highest in US, again
Las Vegas’ jobless rate was again among the highest in the nation for big metro areas in June, new data shows, as tourism keeps sliding in America’s casino capital.
The Las Vegas-area’s unemployment rate, 5.8 percent, was third highest among the 50-plus metro areas with at least a million people, according to non-seasonally adjusted data from the U.S. Bureau of Labor Statistics.
It was only slightly lower than the 5.9 percent jobless rate in Riverside, California. Topping the list was Fresno, California, at 8.5 percent.
Las Vegas’ unemployment rate in May was second highest in the country among big metro areas, lower than only Fresno.
Southern Nevada’s jobless rate is still lower than it was at the start of the year. But visitor levels have been falling amid economic jitters nationwide, as President Donald Trump’s shifting trade wars could spark higher prices for consumers and businesses alike.
‘Weaker consumer confidence’
Las Vegas’ casino-heavy economy is fueled by tourism, but visitor volume dropped sharply in June.
Nearly 3.1 million people visited that month, down 11.3 percent from the same month last year, according to Las Vegas Convention and Visitors Authority data.
Kevin Bagger, vice president of the tourism authority’s research center, wrote in a report that the decline reflected the “broader backdrop of persistent economic uncertainty and weaker consumer confidence” and was compounded by a slower convention month.
Las Vegas’ convention attendance in June, 374,600, fell 10.7 percent from the same month last year.
Overall, around 19.5 million people visited Las Vegas this year through June, down 7.3 percent from the same six-month stretch last year, according to the tourism authority.
In a report last month, CBRE Group casino analyst John DeCree pointed to lower visitation to Las Vegas from its two main international feeder markets, Mexico and Canada.
He also cited tariff threats and economic uncertainty that “could be weighing on leisure travel,” as well as rising costs in Las Vegas that “could deter more value-oriented visitors” who are “key to the summer off-season.”
Summer promotions
Las Vegas casino operators rolled out a range of deals this summer — including free parking, lower room rates and waived resort fees — to draw visitors to their properties.
The price breaks are being offered amid not only a slump in tourism but also growing frustration over resort fees, parking costs and other expenses that can make Las Vegas a pricey place to visit.
Amanda Belarmino, a professor at UNLV’s William F. Harrah College of Hospitality, recently told the Las Vegas Review-Journal that the promotions are typical of summer.
But, she said, some would also argue that Las Vegas has become overpriced and that perhaps these deals “would be better seen as a course correction to attract a wider array of travelers.”
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
