Quote:
Originally Posted by Da_Nit
^^^ Dburg brings up an interesting point, very nice perspective.
Thanks for the shout, Da_Nit!
Follow up (this is gonna seem harsh). The next six months to one year are going to be super important to what Las Vegas is going to look like 2-3 years from now.
As I said, for every ten thousand casino/hotel workers who lose their jobs, there is, conservatively, five hundred million dollars taken out of the greater Las Vegas economy. That's 500M$ not spent in local's restaurants, bars, grocery stores, 7-11's, hospitals, rent, bills, etc.
Now, there is a short term gap between things being bad and things tipping over the edge into really ****ing bad. That gap is filled by unemployment. Although it isn't nearly as much as what people were making, it is something. Yet, unemployment runs out, people are evicted, lose homes, condos, leave the state.
The housing crisis was only ten years ago, and because of banking, tax and government policy, which did not put the brakes on wild over leveraged speculation, there's a nuclear warhead buried in the foundation of our economy. All-time record levels of debt in every sector of the economy: housing, student loans, federal deficit, small business, etc.
Lighting the fuse on that nuclear warhead with the covid19 crisis so closely after the housing crisis, baring a miracle, will see regions like Las Vegas, which rely almost exclusively on the service industries, in this case: gamboling, eating, shows, partying, could see Las Vegas become the next Detroit (told you it was gonna get harsh).
Desperate people do desperate things and the physical and psychological toll from the cumulative effect of roads and sidewalks not getting repaired, businesses being boarded-up, not enough to eat, drug use increasing, isn't an addition problem, it's a multiplication problem.
I hope I'm wrong. I hope things turn around. But other **** happening around the country sure ain't helping: fires forcing evacuations on the west coast. The recent hurricane which tore-up 1/4-1/3 of Louisiana only add to the economic issues.
Throw on top of all this the fact that every region of this country now has multiple casinos/hotels. Hell, just in Ohio, where I currently sit typing this book, there are four major casinos and a whole host of racinos which were not here 10 years ago.
I really like Las Vegas. I like downtown. I like Redrock and Mt. Charleston. I want things to turn around. I want to be able to lose what little money I have at a poker table without having to wear a mask and peer through plexiglass.
You may think I'm being dramatic with the Detroit reference, but housing crisis to covid19 crisis to debt crisis all in a 10-12 year span is gonna cause misery in this country like has never been seen before.