Jonathan Fine was forced to close his taverns last year, faced eviction threats from landlords, tossed out hundreds of kegs of beer, and reopened multiple locations with the help of a federal relief program.
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After the pandemic turned Las Vegas Boulevard into a ghost town for a while, the fallout from the outbreak has, for the most part, not been kind to the roadway’s real estate market.
The state saw a 52.8 percent increase in initial claims filed for the week ending March 27, according to the Nevada Department of Employment, Training and Rehabilitation.
An estimated 9.9 percent of the valley’s workforce was unemployed in January. Only one other metro area with a population of at least 1 million has a higher unemployment rate.
Las Vegas’ jobless rate has fallen below double digits for the first time since the pandemic shut off much of the economy a year ago.
The COVID-19 pandemic marks the second time in a decade that Southern Nevada was among the hardest hit by a global economic crisis, though its recovery could be shorter this time.
Apollo Global Management is making a multibillion-dollar wager on America’s casino capital and hoping it’s rolling the dice on the way out of a national crisis, not on the way in.
Southern Nevada homebuilders made more than 11,000 net sales last year, the most since 2007, according to figures from Las Vegas housing tracker Andrew Smith, president of Home Builders Research.
The pause comes at a volatile and uncertain time for Southern Nevada, its workforce and its rental market.
Tourism has fueled the economy for decades. The pandemic has painfully exposed its dangers.