Throughout the entire nation, the hard times of this current economy are overwhelming and causing a low-level depression in just about every household that exists. Even those people who have still managed to hold onto a job are worried that it could be taken from them at any time. And in and around Las Vegas, the local casino-focused economy has not been able to maintain any sort of immunity against this trying financial season. Places like Trump Tower, Sunrise Hospital, Las Vegas Sands and Ford Motor Credit have all been cutting back costs and that results in huge numbers of lay-offs that have been leaving families devastated and scrambling to pay their bills on time, if at all. It seems as though online casinos are still doing remarkably well given these rough conditions. But the relatively calm waters of the casino business may just be temporary.

Across the whole country, lay-offs are becoming a common place occurrence. Big-name retailers such as Home Depot and Macy’s have cut about 7,000 different jobs apiece. Intel has already slashed 6,000 and Microsoft has cut an additional 5,000. Back in December, the employment rate for the state of Nevada was hovering at around 9.1%. The national average for unemployment rate is about 7.2%.

On a statewide level, economists are estimating that some 39,300 people will lose jobs during this year. That is a sharp increase from 2008 when the job loss total was somewhere around 24,600. This kind of shift in job security takes a toll on every facet of society. Who knows what it will mean for the industry dedicated to casinos and online casinos. Only time will tell.

Tags: las vegas economy

This entry was posted on Tuesday, February 10th, 2009 at 5:25 am and is filed under Las Vegas Casinos. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.