In The News: Lee Business School

Las Vegas is many things—an icon, adult playground, neon-lit escape hatch. For decades, it has stood as the gleaming epicenter of what happens when fun and pleasure become an economic engine and a profitable business model.

For four years, Nevada’s staffing agencies were content with the status quo: a court order preventing the state from enforcing a 2021 labor law. On July 2, their dreams were dashed. That day, District Judge Lynne Jones dealt staffing agencies — which construction firms rely on for temporary workers — a critical blow by allowing the state to begin enforcing a law that could force builders to find their own temporary labor.

Experts note that cuts to services for people with disabilities are often the first to take place, but they’re vital for ensuring independence.

The price tag for the A’s baseball stadium on the Las Vegas Strip just went up again, now “up in the $2 billion range,” according to team owner John Fisher.

Health care is poised to lead job growth in Clark County, according to the latest annual report from the UNLV’s The Center for Business and Economic Research.
Hotel occupancies plummet 17 percent in early July, marking steepest decline for a major tourism market.
In early March, Anthony Curtis, the publisher of the long-running Las Vegas Advisor, noticed that Station Casinos had a startling promotion going: $5.99 for a cheeseburger and fries. He found the deal appealing but out of character for Las Vegas, and he promptly announced in his newsletter: “Has hell frozen over?”

As the cost of living continues to rise, drivers are feeling the financial strain of increasing auto insurance rates.

Coffee is all about ritual—the smell of the beans, the personalization of cream and sugar and the comfort of enjoying the cup, whether it’s in your kitchen, your car or at a cafe. And while routine is central to the coffee experience, customer behavior points to a paradigm shift when it comes to where people choose to get their morning joe.

Since 1997, Broadacres Marketplace has been a staple in North Las Vegas. A place where families gathered, music played and small businesses thrived. But today, its gates are shut. The sounds of music and bustling crowds have vanished. In their place: silence, uncertainty and over 1,100 vendors left without a place to sell or a clear path forward.
And now, as the city struggles to cope with one of its lowest points in recent history, Las Vegas hotels are being crushed by falling occupancy and revenue. The financial crisis, which has created uncertainty and chaos in the economy, has taken a heavy toll on the tourism industry. This decline is being compounded by the disappearance of overseas guests, who are hesitant to travel because of fears surrounding the global economic picture. The result? Las Vegas—formerly a bustling hub for tourists—has seen its hotels dive into performance woes, with occupancy and revenue dropping to unprecendented levels. The net result is that in Las Vegas, just as in other key U.S. tourism markets, these crises such a destruction that not only Las Vegas but handful of the major U.S. tourism-driven properties are seeing, demonstrating how deeply these crises cut.
Las Vegas hotels are posting some of the steepest year-over-year performance declines among major U.S. markets this summer as international visitor weakness and economic uncertainty take a toll.