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  • Automotive
    Tips for Crossing Water in Your Jeep Wrangler

    Tips for Crossing Water in Your Jeep Wrangler

    4 Helpful Tips for Giving Your Car a Glossy Finish

    4 Helpful Tips for Giving Your Car a Glossy Finish

    4 Common Mistakes To Avoid With Car Restorations

    4 Common Mistakes To Avoid With Car Restorations

    Signs That It Might Be Time To Get a New Car

    Signs That It Might Be Time To Get a New Car

    Mercedes-Benz Charging Network

    Mercedes-Benz to Launch Global Branded High-Power Charging Network in North America

    Ways To Surprise Your Partner Who Loves Cars

    Ways To Surprise Your Partner Who Loves Cars

    5 Important Tips for Every New Jeep Owner

    5 Important Tips for Every New Jeep Owner

    The Best Ways To Increase the Value of Your Car

    The Best Ways To Increase the Value of Your Car

    Why Jeeps Are Awesome for Off-Roading Adventures

    Why Jeeps Are Awesome for Off-Roading Adventures

    Trending Tags

    • Mercedes-Benz
    • Mustang
  • Business
    Tips for Designing an Industrial-Style Restaurant

    Tips for Designing an Industrial-Style Restaurant

    Los Angeles implemented a new tax on luxurious real estate to finance affordable housing and combat homelessness

    Los Angeles implemented a new tax on luxurious real estate to finance affordable housing and combat homelessness

    Working shorter hours: 38 companies in the USA are testing the 4-day week

    Working shorter hours: 38 companies in the USA are testing the 4-day week

    World’s largest trial in the UK: 86 percent want to keep 4-day week

    World’s largest trial in the UK: 86 percent want to keep 4-day week

    Rewarding “Good” Companies—How the Economy for the Common Good Wants to Change the World

    Rewarding “Good” Companies—How the Economy for the Common Good Wants to Change the World

    Redistributing 11 billion dollars: Colombia’s left-wing president wants to fight poverty with a wealth tax

    Redistributing 11 billion dollars: Colombia’s left-wing president wants to fight poverty with a wealth tax

    Ban or regulate: The world searches for a way to deal with cryptocurrencies

    Ban or regulate: The world searches for a way to deal with cryptocurrencies

    Bolivia: Less poverty and booming economy through nationalisation of mineral resources

    Bolivia: Less poverty and booming economy through nationalisation of mineral resources

    “Creating Prosperity Together”: How the social economy model saved the English city of Preston

    “Creating Prosperity Together”: How the social economy model saved the English city of Preston

    Trending Tags

    • Fashion
      Essential Tips for Planning a Great Fashion Show

      Essential Tips for Planning a Great Fashion Show

      Signs That Your Tuxedo Doesn’t Fit Right

      Signs That Your Tuxedo Doesn’t Fit Right

      Make a Bold Style Statement With These Wide-Leg Pants

      Make a Bold Style Statement With These Wide-Leg Pants

      Power Your Winter Workouts With The Best Zip Hoodies for Men

      Power Your Winter Workouts With The Best Zip Hoodies for Men

      The Ultimate Watch Buying Guide

      The Ultimate Watch Buying Guide

      Outdoor Enthusiasts, Take Note: These Watches Are as Tough as You

      Outdoor Enthusiasts, Take Note: These Watches Are as Tough as You

      Our 7 Favorite Field Jackets for Tackling Fall Weather

      Our 7 Favorite Field Jackets for Tackling Fall Weather

      The Best Leather Jackets for Guys – No Matter Your Budget

      The Best Leather Jackets for Guys – No Matter Your Budget

      Campus-Ready Backpacks for Storing *All* the Books

      Campus-Ready Backpacks for Storing *All* the Books

      Trending Tags

      • Food & Drink
        Cheese Tortellini in Creamy Marinara

        Cheese Tortellini in Creamy Marinara

        Unusual Products That Come From Animals and Their Uses

        Unusual Products That Come From Animals and Their Uses

        Tips for Creating a Homemade Wine Cellar

        Tips for Creating a Homemade Wine Cellar

        How the wine you choose can help you have an eco-friendly home

        How the Wine You Choose Can Help You have an Eco-Friendly Home

        Rum and Cola Holiday Ham

        Special Centerpieces for Holiday Celebrations

        ChefsGiving 2020

        This Holiday Season, How about Cooking for a Cause?

        Iced Cold Moscow Mule cocktail with lime and pomegranate

        Holiday Spirits: The Cranberry Smash Moscow Mule

        The Most Beautiful Liquor Bottles in the World

        The Most Beautiful Liquor Bottles in the World

        Tao Group Virtual Chef Experience

        Entertain Your Guests Virtually This Fall ?

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        • Health
          Dental Therapists Help Patients in Need of Care Avoid the Brush-Off

          Dental Therapists Help Patients in Need of Care Avoid the Brush-Off

          Personal Medical Debt in Los Angeles County Tops $2.6 Billion, Report Finds

          Personal Medical Debt in Los Angeles County Tops $2.6 Billion, Report Finds

          How the Mixed Messaging of Vaccine Skeptics Sows Seeds of Doubt

          How the Mixed Messaging of Vaccine Skeptics Sows Seeds of Doubt

          Burnout Threatens Primary Care Workforce and Doctors’ Mental Health

          Burnout Threatens Primary Care Workforce and Doctors’ Mental Health

          Debt Deal Leaves Health Programs (Mostly) Intact

          Debt Deal Leaves Health Programs (Mostly) Intact

          A Windfall in Health Insurance Rebates? It’s Not as Crazy as It Sounds

          A Windfall in Health Insurance Rebates? It’s Not as Crazy as It Sounds

          Massage Therapists Ease the Pain of Hospice Patients — But Aren’t Easy to Find

          Massage Therapists Ease the Pain of Hospice Patients — But Aren’t Easy to Find

          A ‘Payday Loan’ From a Health Care Behemoth

          A ‘Payday Loan’ From a Health Care Behemoth

          As Fewer MDs Practice Rural Primary Care, a Different Type of Doctor Helps Take Up the Slack

          As Fewer MDs Practice Rural Primary Care, a Different Type of Doctor Helps Take Up the Slack

          Trending Tags

          • Lifestyle

            The History and Meaning of Memorial Day

            Ways To Make Your Partner Feel Loved and Appreciated

            Ways To Make Your Partner Feel Loved and Appreciated

            Values and principles, even when faced with temptations, challenges, or potential negative consequences.

            Acknowledging Racism within Familial and Social Circles: An Examination of Cognitive Dissonance and Socio-Cultural Factors

            Definition of ethics

            The Interconnectedness of Racial Opinions and Ethics

            Sacrifice States: the US Nuclear Sponge

            woman with gun near thief at night in parking lot

            Why it’s Important to know Your 2nd Amendment Rights

            Tips for Growing a Fuller and Healthier Beard

            Tips for Growing a Fuller and Healthier Beard

            Fulfilling Side Hustles for Good Money in 2023

            Fulfilling Side Hustles for Good Money in 2023

            5 Tips on How To Run Your First Charity Event

            5 Tips on How To Run Your First Charity Event

            Trending Tags

            • Politics
              LIV Golf’s opaque lobbying operations raise questions around foreign influence amid PGA Tour merger

              LIV Golf’s opaque lobbying operations raise questions around foreign influence amid PGA Tour merger

              Companies that publicly condemned legislation targeting the LGBTQ+ community send political contributions to state lawmakers who advanced anti-LGBTQ+ bills

              Companies that publicly condemned legislation targeting the LGBTQ+ community send political contributions to state lawmakers who advanced anti-LGBTQ+ bills

              Chris Christie launches 2024 campaign following years of lobbying and staying close to donors

              Chris Christie launches 2024 campaign following years of lobbying and staying close to donors

              SEC sues Coinbase, Binance in blow to crypto industry efforts to shape cryptocurrency regulations

              SEC sues Coinbase, Binance in blow to crypto industry efforts to shape cryptocurrency regulations

              WEBINAR SERIES:  Federal and State Lobbying Masterclass for Journalists

              WEBINAR SERIES: Federal and State Lobbying Masterclass for Journalists

              OpenSecrets releases report on out-of-state donations’ rising role

              OpenSecrets releases report on out-of-state donations’ rising role

              Independent Sen. Krysten Sinema continues using liberal platforms to fundraise for 2024 reelection campaign

              Independent Sen. Krysten Sinema continues using liberal platforms to fundraise for 2024 reelection campaign

              Watchdog bites Ron DeSantis for alleged “soft money” campaign finance violation

              Watchdog bites Ron DeSantis for alleged “soft money” campaign finance violation

              Press Release: Over 30,000 White House financial disclosures to be made public in first for transparency and accountability

              Press Release: Over 30,000 White House financial disclosures to be made public in first for transparency and accountability

              Trending Tags

              • Real Estate
                Ways To Invest in Real Estate With No Experience

                Ways To Invest in Real Estate With No Experience

                How To Make Your Rental Property More Eco-Friendly

                How To Make Your Rental Property More Eco-Friendly

                Things To Consider Before Investing in Real Estate Overseas

                Things To Consider Before Investing in Real Estate Overseas

                Incredible Areas in Florida To Buy a Vacation Home

                Incredible Areas in Florida To Buy a Vacation Home

                Helpful Home Staging Tips for Virtual Tours

                Helpful Home Staging Tips for Virtual Tours

                Ways To Decorate and Design a Lake House

                Ways To Decorate and Design a Lake House

                Challenges To Managing a Rental Property

                Challenges To Managing a Rental Property

                The Best Landlord: How To Show Tenants You Care

                The Best Landlord: How To Show Tenants You Care

                The Best Locations To Invest in a Second Home

                The Best Locations To Invest in a Second Home

                Trending Tags

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                  • Opinion
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                • Automotive
                  Tips for Crossing Water in Your Jeep Wrangler

                  Tips for Crossing Water in Your Jeep Wrangler

                  4 Helpful Tips for Giving Your Car a Glossy Finish

                  4 Helpful Tips for Giving Your Car a Glossy Finish

                  4 Common Mistakes To Avoid With Car Restorations

                  4 Common Mistakes To Avoid With Car Restorations

                  Signs That It Might Be Time To Get a New Car

                  Signs That It Might Be Time To Get a New Car

                  Mercedes-Benz Charging Network

                  Mercedes-Benz to Launch Global Branded High-Power Charging Network in North America

                  Ways To Surprise Your Partner Who Loves Cars

                  Ways To Surprise Your Partner Who Loves Cars

                  5 Important Tips for Every New Jeep Owner

                  5 Important Tips for Every New Jeep Owner

                  The Best Ways To Increase the Value of Your Car

                  The Best Ways To Increase the Value of Your Car

                  Why Jeeps Are Awesome for Off-Roading Adventures

                  Why Jeeps Are Awesome for Off-Roading Adventures

                  Trending Tags

                  • Mercedes-Benz
                  • Mustang
                • Business
                  Tips for Designing an Industrial-Style Restaurant

                  Tips for Designing an Industrial-Style Restaurant

                  Los Angeles implemented a new tax on luxurious real estate to finance affordable housing and combat homelessness

                  Los Angeles implemented a new tax on luxurious real estate to finance affordable housing and combat homelessness

                  Working shorter hours: 38 companies in the USA are testing the 4-day week

                  Working shorter hours: 38 companies in the USA are testing the 4-day week

                  World’s largest trial in the UK: 86 percent want to keep 4-day week

                  World’s largest trial in the UK: 86 percent want to keep 4-day week

                  Rewarding “Good” Companies—How the Economy for the Common Good Wants to Change the World

                  Rewarding “Good” Companies—How the Economy for the Common Good Wants to Change the World

                  Redistributing 11 billion dollars: Colombia’s left-wing president wants to fight poverty with a wealth tax

                  Redistributing 11 billion dollars: Colombia’s left-wing president wants to fight poverty with a wealth tax

                  Ban or regulate: The world searches for a way to deal with cryptocurrencies

                  Ban or regulate: The world searches for a way to deal with cryptocurrencies

                  Bolivia: Less poverty and booming economy through nationalisation of mineral resources

                  Bolivia: Less poverty and booming economy through nationalisation of mineral resources

                  “Creating Prosperity Together”: How the social economy model saved the English city of Preston

                  “Creating Prosperity Together”: How the social economy model saved the English city of Preston

                  Trending Tags

                  • Fashion
                    Essential Tips for Planning a Great Fashion Show

                    Essential Tips for Planning a Great Fashion Show

                    Signs That Your Tuxedo Doesn’t Fit Right

                    Signs That Your Tuxedo Doesn’t Fit Right

                    Make a Bold Style Statement With These Wide-Leg Pants

                    Make a Bold Style Statement With These Wide-Leg Pants

                    Power Your Winter Workouts With The Best Zip Hoodies for Men

                    Power Your Winter Workouts With The Best Zip Hoodies for Men

                    The Ultimate Watch Buying Guide

                    The Ultimate Watch Buying Guide

                    Outdoor Enthusiasts, Take Note: These Watches Are as Tough as You

                    Outdoor Enthusiasts, Take Note: These Watches Are as Tough as You

                    Our 7 Favorite Field Jackets for Tackling Fall Weather

                    Our 7 Favorite Field Jackets for Tackling Fall Weather

                    The Best Leather Jackets for Guys – No Matter Your Budget

                    The Best Leather Jackets for Guys – No Matter Your Budget

                    Campus-Ready Backpacks for Storing *All* the Books

                    Campus-Ready Backpacks for Storing *All* the Books

                    Trending Tags

                    • Food & Drink
                      Cheese Tortellini in Creamy Marinara

                      Cheese Tortellini in Creamy Marinara

                      Unusual Products That Come From Animals and Their Uses

                      Unusual Products That Come From Animals and Their Uses

                      Tips for Creating a Homemade Wine Cellar

                      Tips for Creating a Homemade Wine Cellar

                      How the wine you choose can help you have an eco-friendly home

                      How the Wine You Choose Can Help You have an Eco-Friendly Home

                      Rum and Cola Holiday Ham

                      Special Centerpieces for Holiday Celebrations

                      ChefsGiving 2020

                      This Holiday Season, How about Cooking for a Cause?

                      Iced Cold Moscow Mule cocktail with lime and pomegranate

                      Holiday Spirits: The Cranberry Smash Moscow Mule

                      The Most Beautiful Liquor Bottles in the World

                      The Most Beautiful Liquor Bottles in the World

                      Tao Group Virtual Chef Experience

                      Entertain Your Guests Virtually This Fall ?

                      Trending Tags

                      • Health
                        Dental Therapists Help Patients in Need of Care Avoid the Brush-Off

                        Dental Therapists Help Patients in Need of Care Avoid the Brush-Off

                        Personal Medical Debt in Los Angeles County Tops $2.6 Billion, Report Finds

                        Personal Medical Debt in Los Angeles County Tops $2.6 Billion, Report Finds

                        How the Mixed Messaging of Vaccine Skeptics Sows Seeds of Doubt

                        How the Mixed Messaging of Vaccine Skeptics Sows Seeds of Doubt

                        Burnout Threatens Primary Care Workforce and Doctors’ Mental Health

                        Burnout Threatens Primary Care Workforce and Doctors’ Mental Health

                        Debt Deal Leaves Health Programs (Mostly) Intact

                        Debt Deal Leaves Health Programs (Mostly) Intact

                        A Windfall in Health Insurance Rebates? It’s Not as Crazy as It Sounds

                        A Windfall in Health Insurance Rebates? It’s Not as Crazy as It Sounds

                        Massage Therapists Ease the Pain of Hospice Patients — But Aren’t Easy to Find

                        Massage Therapists Ease the Pain of Hospice Patients — But Aren’t Easy to Find

                        A ‘Payday Loan’ From a Health Care Behemoth

                        A ‘Payday Loan’ From a Health Care Behemoth

                        As Fewer MDs Practice Rural Primary Care, a Different Type of Doctor Helps Take Up the Slack

                        As Fewer MDs Practice Rural Primary Care, a Different Type of Doctor Helps Take Up the Slack

                        Trending Tags

                        • Lifestyle

                          The History and Meaning of Memorial Day

                          Ways To Make Your Partner Feel Loved and Appreciated

                          Ways To Make Your Partner Feel Loved and Appreciated

                          Values and principles, even when faced with temptations, challenges, or potential negative consequences.

                          Acknowledging Racism within Familial and Social Circles: An Examination of Cognitive Dissonance and Socio-Cultural Factors

                          Definition of ethics

                          The Interconnectedness of Racial Opinions and Ethics

                          Sacrifice States: the US Nuclear Sponge

                          woman with gun near thief at night in parking lot

                          Why it’s Important to know Your 2nd Amendment Rights

                          Tips for Growing a Fuller and Healthier Beard

                          Tips for Growing a Fuller and Healthier Beard

                          Fulfilling Side Hustles for Good Money in 2023

                          Fulfilling Side Hustles for Good Money in 2023

                          5 Tips on How To Run Your First Charity Event

                          5 Tips on How To Run Your First Charity Event

                          Trending Tags

                          • Politics
                            LIV Golf’s opaque lobbying operations raise questions around foreign influence amid PGA Tour merger

                            LIV Golf’s opaque lobbying operations raise questions around foreign influence amid PGA Tour merger

                            Companies that publicly condemned legislation targeting the LGBTQ+ community send political contributions to state lawmakers who advanced anti-LGBTQ+ bills

                            Companies that publicly condemned legislation targeting the LGBTQ+ community send political contributions to state lawmakers who advanced anti-LGBTQ+ bills

                            Chris Christie launches 2024 campaign following years of lobbying and staying close to donors

                            Chris Christie launches 2024 campaign following years of lobbying and staying close to donors

                            SEC sues Coinbase, Binance in blow to crypto industry efforts to shape cryptocurrency regulations

                            SEC sues Coinbase, Binance in blow to crypto industry efforts to shape cryptocurrency regulations

                            WEBINAR SERIES:  Federal and State Lobbying Masterclass for Journalists

                            WEBINAR SERIES: Federal and State Lobbying Masterclass for Journalists

                            OpenSecrets releases report on out-of-state donations’ rising role

                            OpenSecrets releases report on out-of-state donations’ rising role

                            Independent Sen. Krysten Sinema continues using liberal platforms to fundraise for 2024 reelection campaign

                            Independent Sen. Krysten Sinema continues using liberal platforms to fundraise for 2024 reelection campaign

                            Watchdog bites Ron DeSantis for alleged “soft money” campaign finance violation

                            Watchdog bites Ron DeSantis for alleged “soft money” campaign finance violation

                            Press Release: Over 30,000 White House financial disclosures to be made public in first for transparency and accountability

                            Press Release: Over 30,000 White House financial disclosures to be made public in first for transparency and accountability

                            Trending Tags

                            • Real Estate
                              Ways To Invest in Real Estate With No Experience

                              Ways To Invest in Real Estate With No Experience

                              How To Make Your Rental Property More Eco-Friendly

                              How To Make Your Rental Property More Eco-Friendly

                              Things To Consider Before Investing in Real Estate Overseas

                              Things To Consider Before Investing in Real Estate Overseas

                              Incredible Areas in Florida To Buy a Vacation Home

                              Incredible Areas in Florida To Buy a Vacation Home

                              Helpful Home Staging Tips for Virtual Tours

                              Helpful Home Staging Tips for Virtual Tours

                              Ways To Decorate and Design a Lake House

                              Ways To Decorate and Design a Lake House

                              Challenges To Managing a Rental Property

                              Challenges To Managing a Rental Property

                              The Best Landlord: How To Show Tenants You Care

                              The Best Landlord: How To Show Tenants You Care

                              The Best Locations To Invest in a Second Home

                              The Best Locations To Invest in a Second Home

                              Trending Tags

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                              The Party that Never Ends, Has Ended

                              Will the Coronavirus teach Las Vegas to finally Diversify?

                              by Ron Jones
                              May 18, 2023
                              in Business, Lifestyle, Opinion, Travel
                              Park MGM Closed Due to Coronavirus

                              Park MGM Closed Due to Coronavirus

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                              [su_pullquote]

                              “Few people have any next, they live from hand to mouth without a plan, and are always at the end of their line.” ― Ralph Waldo Emerson

                              [/su_pullquote]

                              Nevada has, for at least 20 years, attempted to diversify its economy by attracting non-gaming businesses. The Silver State has had mixed results, however, they have successfully brought in the likes of Zappos, Google and their new data center in Henderson, Tesla with their new Gigafactory, and some others. However, casino gaming still dominates the Nevada economy. The Nevada Gaming Control Board states there are 441 casinos in the state and, of that total, 222 of those are in Clark County. At the time of writing, there are an estimated 206k casino employees out of work and this figure does not include employees associated with gaming, but not directly employed by gaming (a casino operator per se).  One in four workers in the state of Nevada is an employee of the hospitality industry and, even more frightening, gaming taxes account for a great majority of Nevada’s revenue with 86% of gaming revenue coming from Clark County. Taxes from gambling are the second-largest revenue generator for the State of Nevada, second only to the Nevada Sales Tax. However, during a shutdown, sales tax is taking a hit with stores and retail outlets closed statewide. This is how it has always been.

                              Fast forward to our present and the Coronavirus. In two weeks we have seen the announcement of the potential bankruptcy of Cirque du Soleil, Gordon Biersch, furloughs at Penn Gaming (26k employees), the temporary layoff of Tao Group venue staff, Hakkasan Group laying off its entire 1,600 person workforce, both Caesars and MGM Resorts International has executed layoffs, Drai’s Nightclub, Beachclub and After Hours has laid off its entire staff, the shuttering of Sundance Helicopters, and the Nevada Department of Employment, Training, and Rehabilitation has reported the most unemployment insurance claims in Nevada history at a staggering 92,298.  The list of layoffs and potential bankruptcies is long, not to mention the future impact on the Las Vegas housing market which won’t be discussed.

                              When will Nevada and Las Vegas learn it cannot focus the majority of the state’s economic well-being on one industry?

                              Let’s take a lesson from Detroit, Michigan. Citing Detroit Historian Kevin Boyle,  Amy Padnani, author of “Anatomy of Detroit’s Decline” wrote “Though other cities experienced their own booms and busts, Detroit suffered more because it didn’t diversify”, “Places such as Chicago and Pittsburgh relied on other areas – like banking or education – beyond the industries that started their success.”  Las Vegas’ gaming industry is Detroit’s auto industry of the ’70s and ’80s.  Boyle goes on to say: “The auto industry “was like Silicon Valley in the 1980s, It was doing so well, he said, that Detroit officials didn’t see a need to do anything differently.”  We see this today with Las Vegas.  Boyle’s statement could very easily be reworded to The [gaming industry] is like Silicon Valley in the 1980s, it has been doing so well, that [Las Vegas] officials don’t see a need to do anything differently.

                              It is dire that Las Vegas reinvent itself.  The recession sparked interest in Nevada economic diversification, however, the Coronavirus has created yet another watershed moment for Las Vegas.  Reliance on one industry could begin the decline of a growing city.  In light of the Coronavirus permanently wiping out thousands of jobs, the gaming industry will certainly shrink during this pandemic.  A recession may follow and 2020 profits are unlikely.

                              Park MGM Closed Due to Coronavirus
                              Park MGM Closed Due to Coronavirus
                              [su_pullquote]

                              What now?

                              [/su_pullquote]

                              To the officials of Las Vegas: arenas, sports teams, and concert venues are not diversification – they are still hospitality (and tourism).  Technology is a common denominator and “construction, government, hospitality, health care, manufacturing, and transportation are all, or are rapidly becoming, tech industries.” – Mark Vitner, Wells Fargo economist.  Las Vegas should plaster this quote on the walls of all leadership: “”Past performance is no guarantee of future results.” Three years ago the Las Vegas Global Economic Alliance completed its “Target Industry Validation Study“. This, very comprehensive study, researched Las Vegas’ past and Las Vegas’ future and produced a list of industries to target for the diversification of Las Vegas. The LVGEA study identifies the ideal Las Vegas businesses (2017-2012) “Target Mix” as:

                              • Business Headquarters and Services
                              • Emerging Technologies
                                Logistics, Manufacturing, and Supply Chain Management
                              • Autonomous Systems
                              • Finance, Banking, and Insurance
                              • Healthcare Services and Medical Education
                              • Gaming, Tourism, and Conventions

                              Firstly, why is “Gaming, Tourism, and Conventions” still on the list?  It may be last on the list but, including the figures for the new Raiders Stadium, over two billion dollars have been spent in this sector.  A suggestion: remove “Gaming, Tourism, and Conventions”, enough funds are already allocated to this sector.

                              As for the other categories, they seem more lip service than “targets”.

                              • Business Headquarters and Services – no significant progress.
                              • Emerging Technologies – no significant progress.
                                Logistics, Manufacturing, and Supply Chain Management – most will agree the growth of Amazon in the Las Vegas valley meets this target.
                              • Autonomous Systems – Self-Driving cars have met this target.
                              • Finance, Banking, and Insurance – no significant progress.
                              • Healthcare Services and Medical Education – the opening of the UNLV Medical School has met this target.
                              • Gaming, Tourism, and Conventions – again, billions of dollars have been spent on this target.

                              The addition of the Vegas Knights and the Raiders are proof Nevada didn’t learn the “Recession Lesson”.  The Target Industry Validation Study states “Southern Nevada stakeholders continue to pursue opportunities related to the relocation of professional sports franchises to Las Vegas. These opportunities bring significant tourism and related economic impacts to the region.”  Note the word tourism.  It is critical for Las Vegas and Nevada to have a diversified target industry mix to guide economic development efforts.  Moreover, diversification across top-line industries will benefit from some level of integration or alignment across specific elements within each industry. “In fact, this type of cross-industry alignment serves as a strategy to help unite the success of multiple industries tied to emerging dimensions or categories the region is poised to cultivate.”

                              The Coronavirus has forever changed the landscape of our cities, countries, and world.  For the citizens of Las Vegas, and every single-industry-driven city in the world, decisions made in the coming weeks and months will forever determine the success of millions of lives.

                              Las Vegas: Abandon the “entertainment and casino first” business model.  The consumer has changed, the economic landscape has changed.  Las Vegas is a beacon to travelers globally for the best food, attractions, concerts, events, conventions, and more.  Don’t put the economic future of Las Vegas on life support with hospitality tunnel vision.

                               

                              Price, M. (2020, March 25). Nevada bracing for budget hit with coronavirus hurting tourism. Retrieved March 29, 2020, from https://news3lv.com/news/local/nevada-bracing-for-budget-hit-with-coronavirus-hurting-tourism

                              Raz, N. (2020, March 27). Nevada sees record weekly unemployment claims. Retrieved March 29, 2020, from https://www.reviewjournal.com/business/nevada-sees-record-weekly-unemployment-claims-1992919/

                              Burke, T. (2020, March 27). Nevada needs Las Vegas tourism to survive shutdown. Retrieved March 29, 2020, from https://pvtimes.com/news/nevada-needs-las-vegas-tourism-to-survive-shutdown-82912/

                              Padnani, A. (2013, December 8). Anatomy of Detroit’s Decline. Retrieved March 20, 2020, from https://archive.nytimes.com/www.nytimes.com/interactive/2013/08/17/us/detroit-decline.html

                              Target Industry Validation Study. (2017, March). Retrieved March 29, 2020, from https://www.lvgea.org/research-center/target-industry-validation-study/

                              Tags: CoronavirusDetroitEconomicsLas Vegas
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