|The economic after-effects of Sept 11th’s terrorist attacks could leave about one in twelve Southern Nevadans unemployed by the middle of next year as Las Vegas lays off thousands. |
Casinos have cut as many as 15,000 jobs in recent weeks, and Keith Schwer, associate professor of economics at the University of Nevada estimates that every job lost at a casino will lead to another layoff in a different local industry in the next six months.
A rising unemployment rate is not good for the casinos either, as less people will be gambling. Station Casinos, one of the largest groups on the strip, has already reported a 7-9 percent decline in daily winnings for the casino.
Although many believe that Las Vegas can weather this financial storm, the rise of unemployment may be a very real risk to revenue, especially as players continue to remain at home in the aftermath of the attack.