Local expert weighs in on economic future as recent furloughs fuel uncertainty

Local News

LAS VEGAS (KLAS) — Though recent MGM Resorts furloughs have fueled financial uncertainty in the local entertainment industry, a local economic expert told 8 News Now we have better days ahead. 

Blue Man Group drummer Jeff Tortora knows the uncertainty COVID-19 can bring, as he’s gone without steady work since March 2020 due to closures and cutbacks. 

“I definitely didn’t predict this,” Tortora told 8 News Now of the changes. “I didn’t see this coming.”

“It gets to the point where there have really been no updates in months,” Tortora added. “Because it’s just too hard to predict when you can make it financially.”

Others in the industry agree it’s difficult to stay positive, especially as MGM Resorts announced it furloughed 140 Las Vegas managers Thursday, citing a lack of business demand. 

“We’ve been dealing with it a long time,” Raiding the Rock Vault performer Cian Coey told 8 News Now. “Longer than we would have expected to be dealing with it.”

However, Principal Analyst of Applied Analysis Jeremy Aguero said our local future looks brighter. 

“We never want to hear about people being furloughed or laid off or anything along those lines,” Aguero explained. “But I certainly don’t see this as a harbinger of things to come in 2021.”

Aguero explained that our track to recovery has begun, but a full rebound to pre-pandemic economic health is at least two years away. 

“In six months, I think we are going to start that track to recovery,” Aguero said. “And I continue to believe the track to recovery, and that is going to take some time.”

While better days are still a way away, Tortura urges others to hang on a while longer. 

“Things will get better,” he concluded. “We just have to stay positive.”

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