Las Vegas Casinos Get Some Potentially Bad News
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Las Vegas is seeing a post-pandemic recovery. Major sports leagues are interested in moving to the city. The Las Vegas Convention and Visitors Authority is projecting the spending of $4.512 billion in 29 new projects. Las Las Vegans will have more than 158,000 hotel rooms by the close of 2024. Caesars Entertainment Inc. is expected to turn a profit this fiscal year.
Gas prices are the main concern for the U.S. Las Vegas is just emerging from the pandemic depression. Stephen M. Miller, director of research at UNLV's Center for Business and Economic Research, says the number of drive-in visitors should fall almost immediately. The town lost 172,000 jobs in leisure and hospitality between February 2020 and May 2020. It has recovered 110,00 of those jobs.
Before Russia invaded Ukraine, oil prices were rising. Now the war has exacerbated those supply issues. Western European countries are trying to limit their dependence on Russian oil. Russia produces about 7 million barrels of oil a day.
