Analyst: Las Vegas economy sick with ‘jobophilia’

After two years of being on life support, the Las Vegas economy is showing a slight pulse, a faint heartbeat, though it’s still afflicted with serious ailments, Applied Analysis principal Jeremy Aguero said today at Preview Las Vegas 2010.

Most worrisome is "jobophilia," or the massive loss of jobs, the economic analyst told more than 2,000 business professionals who attended the annual presentation by the Las Vegas Chamber of Commerce at Cox Pavilion.

"Everyone knows jobs are the lifeblood of our economy," Aguero said. "We’ve been diagnosed with chronic Type-A jobophelia and the bleeding continues today."

Las Vegas showed substantial employment growth of 20,000 to 40,000 jobs a year throughout most of the 1990s and into the first decade of the new century, adding 24,600 jobs as recently as 2006. The number shrunk to 8,400 in 2007 before turning negative in 2008-09, when some 100,000 jobs were lost.

The economy needs to add 124,000 jobs to bring the unemployment rate back to 5 percent or 6 percent, Aguero said.

Those jobs aren’t going to come from the casino industry this time. There won’t be any new major hotel or casino development on the Strip for 10 years following December’s opening of CityCenter, MGM Mirage Chairman and Chief Executive Officer Jim Murren said at Preview.

Some of the emerging employment sectors that will not only bring new jobs to Las Vegas but diversify the economy include health care and renewable energy, Aguero said.

"We’re going to have to make an investment in renewable energy," he said. "We’ve got some momentum going. We get 300-plus days of sunshine, which makes us as competitive as anywhere in the United States."

Las Vegas is also battling obesity morbidium per real estatus, or extreme overbuilding in real estate, Aguero said. The city has an estimated 40,000 to 50,000 excess housing units, 23 percent office vacancy, 13 percent retail vacancy and 10 percent office vacancy.

"We’re not accustomed to that," he said. "Taking down this inventory is going to take time. We’re overweight and this unique form of obesity is somewhat viral."

Aguero named other conditions affecting economic health such as immodicus debtum coronary symptom, or blockage caused by massive debt, and spendfluenza, which is caused by people spending money they don’t have.

"The goal is to get the economy out of the emergency room and get the economy into recovery," he said.

Murren was fairly upbeat after what he described as a "near-death experience" with CityCenter.

"You probably heard last year we were within hours of shutting down CityCenter. We got plenty of advice. Shut it down, cut off the arm to save the MGM body, you can’t make it, your problems are too big. The truth is, we were minutes away," he said.

"We kept fighting to the last minute because we knew laying off 10,000 construction workers would have profoundly damaged our state for years to come. It wasn’t easy, but we knew it was the right thing to do for our company, for our employees and for our community," Murren said.

That near-death experience gave MGM Mirage a "new lease on corporate life," he said. Hotel occupancy rates rose for the first time in two years, visitor volume has increased for several months and gaming revenue is up for the company, he said.

Rossi Ralenkotter, president and chief executive officer of the Las Vegas Convention and Visitors Authority, said he watches three indicators for Las Vegas: consumer confidence, employment and travel intentions.

He pointed to some positive signs such as the 6.6 percent increase in attendance at the Consumer Electronics Show, the largest convention in Las Vegas, as well as increased visitor volume in November and December and more automobile traffic from Southern California.

"It doesn’t signal the end of the recession, but those are things I feel good about," Ralenkotter said.

He credited MGM Mirage and M Resort for showing "unbelievable confidence" in Las Vegas, building in the face of the recession.

Tourism is a $25 billion economy for Las Vegas and 2009 was probably the most difficult economic challenge anyone has seen, he said. Convention travel came under attack from politicians who saw Las Vegas and other destinations as a junket.

"I’ve never seen that before," Ralenkotter said. "We had to go to Capitol Hill and fight because we were a target."

Las Vegas hosts about 20,000 conventions and meetings, employing some 45,000 people and generating nearly $7 billion in revenue, he said.

Contact reporter Hubble Smith at or 702-383-0491.

Two Black Men Arrested at Starbucks Share Their Story
Two Black Men Arrested at Starbucks Share Their Story Rashon Nelson and Donte Robinson sat down with ABC’s ‘Good Morning America’ on Thursday and said the Starbucks manager called the police two minutes after they arrived. Donte Robinson, to 'Good Morning America' Donte Robinson, to 'Good Morning America' The men were meeting with a friend for a business meeting at the store’s location at around 3:45 pm on April 12 and declined to make any purchases. Starbucks CEO Kevin Johnson issued a public apology and vowed to fix the issue by closing 8,000 stores nationwide next month for training on unconscious bias. Both Nelson and Robinson were released without charges after spending hours in jail, and the manager is no longer with the company.
Hero Southwest Pilot Was One of the Navy’s First Female Fighter Pilots
Hero Southwest Pilot Was One of the Navy’s First Female Fighter Pilots Tammie Jo Shults is being called a hero after safely landing the crippled Southwest Flight 1380 in Philadelphia. According to a spokesperson, Shults began her Navy career in 1985 and was one of the first female pilots to “transition to tactical aircraft.” She served for another eight years before moving to the Naval Reserve, retiring completely in 2001 with the rank of Lt. Commander. The Southwest flight, which was headed for Dallas from New York, was forced to make an emergency landing after one of its engines blew. One passenger was killed in the explosion when shrapnel flew through a window. Seven others suffered minor injuries aboard the flight, which carried 149 people. Passenger Peggy Phillips, to NBC News Passenger Peggy Phillips, to NBC News
Prince death investigation coming to an end
Prosecutors in Minnesota plan an announcement Thursday on the two-year investigation into Prince's death from a drug overdose Prince was 57 when he was found alone and unresponsive in an elevator at his Paisley Park estate on April 21, 2016. An autopsy found he died of an accidental overdose of fentanyl. Search warrants unsealed about a year after Prince died showed that authorities searched his home, cellphone records of associates and his email accounts to try to determine how he got the drug. The county attorney has scheduled a morning announcement at which time charges could be filed.
David Copperfield executive producer testifies during the magician's civil trial
A British tourist is suing illusionist David Copperfield saying he was injured during a trick. Chris Kenner, executive producer for illusionist David Copperfield, was on the witness stand all day Tuesday, April 17. Kenner testified that a business manager for the show talked to the man after he fell. Kenner testified that the tourist, Gavin Cox, said he was OK moments after the fall. Cox later told the crew: “Maybe I will have this looked at.” Copperfield is the next witness in line for Cox’s attorneys. K.M. Cannon/Las Vegas Review-Journal
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
CCSD Teacher Is a Living Organ Donor
June Monroe speaks about her kidney donation to her brother and advocacy work with the National Kidney Foundation.
Shadow Ridge High School teachers protest
Shadow Ridge High School teachers protest. Teachers are upset over many things, including the fact that the district is fighting an arbitration ruling for pay raises. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Clark County commissioners debate getting rid of Henderson, North Las Vegas constables
Clark County commissioners are debating whether to get rid of the Henderson and North Las Vegas constables after RJ's story pointing out questionable spending by the Henderson Constable Earl Mitchell. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
1 Dead, 7 Injured After Southwest Airlines Flight Makes Emergency Landing
1 Dead, 7 Injured After Southwest Airlines Flight Makes Emergency Landing Dallas-bound Southwest Airlines Flight 1380 out of New York, which had 143 passengers and a crew of five onboard, landed in Philadelphia on Tuesday. According to NBC10, a female passenger was partially sucked out of a broken window, which was a result of the plane's engine ripping apart. It's not known if the female passenger was the one who died. Emergency personnel met the battered plane upon its landing. According to the Federal Aviation Administration, the blown engine resulted in a smashed window and a damaged fuselage. Southwest Airlines The FAA said that the NTSB will lead the investigation into what happened.
Single vehicle crash kills man
A man died Tuesday morning in a single-vehicle crash in northeast Las Vegas. The crash occurred Tuesday morning on the 1900 block of Pasadena Boulevard, near Lake Mead Boulevard and Mt. Hood Street. Police had few details, but Metro's fatal detail was on the scene investigating.
Sunset Park Homicide (update 2)
LVMPD gives update about suspect in homicide at Sunset Park (Blake Apgar)
Sunset Park Homicide (update)
Update from LVMPD on Sunset Park homicide. Releasing suspect's name (Blake Apgar)
Sunset Park Homicide
Police give details about Sunset Park homicide on Sunday, April 15, 2018. (Blake Apgar)
Parents of autistic child talk about their experience waiting for care
Parents of autistic child talk about their experience waiting for care. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Donald Trump Calls Out James Comey After Book Details Emerge
Donald Trump Calls Out James Comey After Book Details Emerge The President took to Twitter to criticize the former FBI director as information emerges from Comey’s new book, ‘A Higher Loyalty’. According to 'The New York Times', Comey describes Trump in the book as “unethical, and untethered to truth and institutional values.” James Comey, A Higher Loyalty, via The New York Times A Higher Loyalty hits stores on April 17.
Big Bounce America visits North Las Vegas
Billing itself as "the biggest bounce house in the world," Big Bounce America visits Craig Ranch Regional Park in Las Vegas.
Endangered Devils Hole Pupfish numbers enough for concern, but not panic
Researchers from the U.S. Fish and Wildlife Service and Death Valley National Park came together at Devils Hole, about 90 miles west of Las Vegas, for a biannual count of the Devils Hole Pupfish, an endangered species. Their count this time – 87. (Video by Patrick Connolly)
Hickey Elementary Students Put Harry Potter on Trial
Liliam Lujan Hickey Elementary School students learned how the judicial system works by putting Harry Potter on trial for the illegal use of magic.
David Copperfield in court after man injured during magic trick
The attorney for a British man who is suing illusionist David Copperfield said his client suffered serious injuries after being called on stage during Copperfield's show at MGM Grand.
The Clark County Museum Turns 50 This Month
The Clark County Museum has an extensive collection, dating back to prehistoric times in Southern Nevada up through the present day. It was first established in April 1968 and has had several locations before it's current home on South Boulder Highway.
Route 91 Artifacts Will Be On Display This October
Clark County Museum Administrator Mark Hall-Patton explains what artifacts will be on display in October as part of the museums Route 91 shooting memorial exhibit called "How We Mourned."
Bullet grazes woman's head
Las Vegas police investigating calls of a shooting early Friday morning found a woman who suffered a wound to her head. A bullet grazed the woman's head while she was inside her Village Square apartment on Nellis Oasis Lane. She did not have to be hospitalized, and police said she might have been an "unintended" victim. The shooting occurred around 4 a.m. Police are looking for the shooter.
Aces Host Draft Party
The Las Vegas Aces host a WNBA draft party at the Mandalay Bay for season-ticket holders, and have the number one overall pick.
Las Vegas man stands with president at White House
President Donald Trump delivered remarks in the Rose Garden Thursday about how the GOP tax cut plan helped working families across the country. To his left stood Richard Kerzetski, president of Universal Plumbing & Heating Co. in Las Vegas. Debra J. Saunders/Las Vegas Review-Journal
Transgender Man Running for Assembly District 42
U.S. Army veteran La Don Henry is hoping to become Nevada’s first openly transgender state legislator.
Erik Weihenmayer is the First Blind Person to Summit Mount Everest
Erik Weihenmayer talks about how he first got into mountaineering in 1995 with the ascent of Denali, the tallest peak in North America, and what he loves about climbing.
New Theater Coming to Neonopolis
Ken Henderson explains his concept for Notoriety, a 57,000-square-foot theater complex on the third floor of Neonopolis intended to host comedy, music and theater acts.
Politicians, Tenants Come Together at Neonopolis
Neonopolis Owner Rohit Joshi explains the concept behind the Nevada Business Forum, which brings Neonopolis tenants and politicans together once a month to discuss issues that are important to them.
USPS is holding a class for mail carriers for dog bite prevention week
USPS is holding a class for mail carriers on preventing dog bites just in time for dog bite prevention week. Sponsored by the U.S. Postal Service, is a public service campaign that offers safety tips and emphasizes the need for increased owner responsibility in the prevention of dog attacks. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Las Vegas Strip robbery spree ends in casino parking garage
A pair of robbery suspects led police to three parking garages around the Las Vegas Strip before they were caught early Tuesday morning. The first robbery took place at the Treasure Island parking garage, where two suspects "battered" a 71-year-old, her adult daughter and a juvenile girl. The suspects, one of who was armed, next demanded money and property from a pair of 18-year-olds at Fashion Show mall. The suspects were later spotted at the SLS Las Vegas parking garage. They tried to get away by ramming a patrol car with their vehicle. That effort failed and they were taken into custody.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
Calvary Christian Learning Academy, “There was no fair warning.”
Samantha O’Brien, whose three-year-old daughter attended the Calvary Christian Learning Academy daycare, found out Monday night when her daughter’s teacher called about the school closing.
Companies bet their futures on cryptocurrency
Two Las Vegas entrepreneurs talk about finding their niche in blockchain enabled technologies and digital currency.
Solar panels reduce energy bill for CCSD
Wilbur and Theresa Faiss Middle School is one of 42 CCSD schools with solar panel installations, saving approximately $514,000 per year in energy costs.
News Headlines
News Video
Home Front Page Footer Listing
You May Like

You May Like