While the economic indicators in Las Vegas first dropped like a rock and \u2026 have begun to recover, they still have a long way to go to complete their recovery,\u201d<\/strong> Miller said.<\/p><\/blockquote>\n“For instance, the number of passengers flying through McCarran International Airport is ‘one of the slower statistics to recover,'” Miller continued.<\/p>\n
There were 4.3 million passengers in December 2019, falling to 153,000 passengers in April, and recovering to 1.1 million passengers in June. Drive-in visitors nearly completely recovered, but they are a small share of total visitors, Miller added.<\/p>\n
Also, Las Vegas taxable sales were $4.2 billion in December 2019 and fell to $2.5 billion in April. They recovered to $3.4 billion in June.<\/p>\n
V-Shaped or K-Shaped Recovery<\/h2>\n
There are questions, too, whether the economic recovery will be V-shaped or K-shaped, Miller confirmed.<\/p>\n
The data that I am looking at now suggest a V-shaped recovery. But a second wave of the virus and\/or a bad flu season could call off the recovery,\u201d<\/strong> Miller told Casino.org<\/em>.<\/p><\/blockquote>\nBut Miller points out the Las Vegas economy has some sectors that require face-to-face contact between people and other sectors that do not require such close interaction.<\/p>\n
“The face-to-face sectors tend to be lower-paid sectors such as leisure and hospitality, eating and drinking places, and so on,\u201d Miller explained. \u201cSo, the pandemic is contributing to a worsening of income distribution and economic pain in our economy.\u201d<\/p>\n
In that way, it is referred to as a K-shaped recovery \u201cwhere the haves are doing well, and the have-nots are not doing well,\u201d Miller said.<\/strong><\/p>\nMiller also wants to see more national relief programs. \u201cMost analysts are surprised by the strength of the recovery so far,\u201d he said. \u201cI attribute it to the unprecedented fiscal action by Congress and the [Trump] Administration through the CARES Act and the related support funding.\u201d<\/p>\n
As far as second-quarter personal income, Nevada at 15.6 percent was second among the states in year-over-year growth rate behind Hawaii at 15.9 percent, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gross Gaming Revenue (GGR) in the locals\u2019 casino region near Las Vegas jumped 10 percent in August compared to the month in 2019, according to recently released data. \u201cLocals growth was stronger than we expected \u2026 based on broader regional trends,\u201d Truist Securities said in an investors\u2019 note co-written by analysts Barry Jonas and Jeffrey […]<\/p>\n","protected":false},"author":44,"featured_media":151076,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,18943],"tags":[],"acf":[],"yoast_head":"\n
GGR in Nevada\u2019s Locals\u2019 Region Increases By Strong 10 Percent: Analyst<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n