We asked 20 Las Vegas professionals, "Can Las Vegas' economy get any worse?"
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"Conceivably, any economy can get worse. The real question is: Will the Las Vegas economy get worse? That answer is a definite maybe."
John M. Stater, research and GIS managere, Colliers International
“There’s a real possibility of a double-dip recession. As a recruiter, we worry about the impact to the job market, which was just starting to rebound.”
Bill Werksman, managing partner, Resource Partners
“The economy could worsen if macroeconomic growth reverses. Business travelers led the recovery so we need to watch whether they show up and spend. We’re better prepared, but I fear marketers are unprepared.”
Patrick Bosworth, cofounder, Duetto Consulting
“If we operate businesses with a positive attitude, we can turn this around.”
Nina Gallagher, senior tax manager, Tompkins & Peters CPAs
“With our current administration, we’re surely on a downward spiral.”
Randi Reed, principal, The Sixth Degree
“Good chance it will if jobs and education continue to deteriorate.”
David Moline, owner, Advertising Marketing Partners
“Yes it could. It depends on what happens to the national economy. The wild card is what’s going on in Europe. It’s not really clear how far out of the recession we’ve come.”
Stephen Miller, chairwoman of economics, College of Business, UNLV
“Vegas is the entertainment capital of the world and will rebound when the casinos realize they have to aggressively market to baby boomers who have desposible income.”
Steve Tobis, director, TLC Charters
“No. The commercial real estate market is still declining, but the luxury home market is picking up.”
Cristine Lefkowitz, certified international property specialist, Prudential Americana Group
“At this point it can’t get any worse. To get worse casinos would start closing. I don’t see that happening.”
Joel Jarvis, sales executive, Kaercher Campbell and Associates Insurance Brokerage
“I don’t think it can get any worse.”
Dina Salas, owner, S.A.D.D.I.E. Marketing Group
“I totally think it can get a lot worse. We’re not succeeding at luring business and innovation to Vegas, and we are moving back into the mindset that gaming is the only solution.”
Raymond Satopietro, president, Focus Internet Marketing & Services
“Yes. With unemployment benefits expiring, many Las Vegans won’t have any financial means.”
Renee Roberts, vice president, Fierro Communications inc.
“Absolutely it can. I don’t believe there are as many indicators that we’re coming out of the recession as the media is leading us to believe.”
Debbie Rose, owner/president, Paragon Communications
“Anything’s possible. You don’t have to drive too far outside of Clark County to see the shells of cities that got worse. I don’t think it will. There are a lot of positive signs going on right now that show it’s stabilized.”
Trevor Hayes, president, Hayes Law Firm, Las Vegas
“Yes. Demand for Las Vegas’ core economic engine—the Strip—is at risk due to the broader economy.”
Randall A. Fine, managing director, The Fine Point Group
“We’ll encounter additional issues in the housing market with more foreclosures. However, there will be marked improvement in the job market and unemployment.”
Chris Ferro, multimedia marketing specialist, Proforma Impact Branding
“Everything in Las Vegas is a gamble. Of course, it could get worse. We’ve hit the bottom, and people are saving more and buying smarter. Business and home prices will still see some drops, but I think that’s a sign of supply finally being available.”
Brent Leavitt, financial services specialist, Massmutual Financial Group
“There are some positive signs of economic improvement in our city, but at a slow rate. ”
Melanie A. Hill, principal, Law Office of Melanie Hill
“The Las Vegas economy may get worse. We should all be thankful it’s as good as it is. I’m grateful for PR Plus and our clients. Times like these should remind us to work smarter, harder and better.”
Laura Herlovich, owner, PR Plus