LAS VEGAS (KLAS) — As Las Vegas prepares for the Thursday grand opening of Resorts World, economic experts said they are seeing signs of a real economic recovery across the valley.
“It’s really amazing,” Las Vegas visitor Noah Staashaught said. “To see how people are rebounding from this.”
After a year of ups and downs, casinos are packed, business is booming and visitors told 8 News Now the vibe is everything they hoped to experience.
“It’s definitely what you hear about when you hear about Las Vegas,” Staashaught added. “And you hear of the crazy crowds coming through.”
It looks like our city is a piece of a bigger puzzle, as a new study by Top Agency ranks Nevada as the seventh fastest state in the nation for economic recovery from the COVID-19 pandemic.
For a look at that study, CLICK HERE.
UNLV Professor of Economics Stephen Miller attributes the valley’s revival to pent up demand and financial security from stimulus and CARES Act money.
“People have the resources now to actually do something fun,” Miller said. “Like go to Las Vegas!”
Miller also said new resorts, like Circa and Resorts World could also help our bottom line.
“There may be some residual or marginal effect on visitor volume, certainly on those visitors that are already coming,” Miller explained. “They are going to want to see the new resorts, so they will take an extra trip.”
As for those making a stop in Southern Nevada, said they are surprised to see the strides we’ve made here locally, calling it the start of a true return to normal.
“I wasn’t thinking it was going to be as busy as it was,” visitor Jayson Bonk told 8 News Now.
“It’s a good sign that things are coming back to help the economy,” visitor Leo Basit concluded.
Miller said economists predict a full economic rebound for Las Vegas by the third quarter of 2022, but calls this a conservative estimate, as it could happen more quickly.
Miller also said that while the signs we’ve been seeing are positive, experts are keeping an eye on the COVID-19 Delta Variant, which he said could lead to future issues.