The Monster That is Destroying Las Vegas

In today's video we are covering a topic that I think has gotten largely overlooked in how much Southern Nevada is struggling in terms of its economy. When many people think of Las Vegas, they think of gambling because it has been legal in Nevada for decades before it became more common in other states. In recent years Las Vegas has diversified itself more in the travel and hospitality industry by offering world class shows, restaurants, shopping and nightclubs. Those are other ideas that come to mind for many people when they come to Las Vegas because they fit well with entertaining people when they are here on vacation.

However, even though many people visit Las Vegas simply for leisure, there are millions of people who visit Las Vegas every year for business purposes. This includes, conferences, conventions, trade shows, workshops and trainings. This segment of tourists is critical to the hospitality industry in the Vegas Valley because business clientele tend to spend more than those traveling for a getaway vacation. Many business travelers can deduct many of their expense for tax purposes while they are here traveling. Even though Nevada reopened in June after closing down in March, we still have no conventions taking place right now. We have gambling available, bars you can drink at, restaurants you can eat in, and entertainment options, but the business crowd is missing from Las Vegas right now. And in a city that has three of the 10 largest convention centers in the United States, that hurts Las Vegas much more than most people realize. With that demographic of travel being destroyed right now, Vegas can only rely of leisure travelers.

Leading convention centers in the United States as of August 2017, by size
https://www.statista.com/statistics/255171/convention-centers-in-the-us-ranked-by-size/#:~:text=As%20of%20August%202016%2C%20McCormick,Convention%20Center%20in%20Orlando%2C%20Florida.

5 Most Popular Convention Cities in the US
https://www.thebalancesmb.com/the-5-most-popular-convention-cities-in-the-us-1888287

Las Vegas Convention Center Expansion
https://www.vegasmeansbusiness.com/meeting-facilities/convention-centers/las-vegas-convention-center-expansion/

Encore at Wynn Las Vegas changes operating hours due to low demand
https://www.8newsnow.com/news/local-news/encore-at-wynn-las-vegas-changes-operating-hours-due-to-low-demand/

Las Vegas Sands Keeping Palazzo Dark During Weekdays, Casino Remains Open
https://www.casino.org/news/las-vegas-sands-keeping-palazzo-dark-during-weekdays-casino-open/

LVCVA Executive Summary of Southern Nevada Tourism Indicators
https://www.lvcva.com/research/visitor-statistics/

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