Its Official: Nevada's economy dead last

[zengrifter]

Nevada's economy dead last -
Decline since January '07 worst in nation

By ED VOGEL
REVIEW-JOURNAL CAPITAL BUREAU

CARSON CITY -- Nevada's economy has declined more than that of any other state since January 2007 and could get even worse as the national economic downturn becomes more severe, a report released Tuesday indicates.

The damage is just beginning for state government budgets, with further tax and payroll declines expected in coming months, according to the report by the Rockefeller Institute of Government.

"The last fiscal crisis for the states, which occurred in the midst of a mild recession, was dubbed the perfect storm. This one could be more perfect," co-author Donald Boyd said in the report, referring to the aftermath of the Sept. 11, 2001, terrorist attacks.

MORE- http://www.reviewjournal.com/news/nevadas-economy-dead-last

 

[zengrifter]

I love it! zg

Losses, debt may push MGM, Sands, Boyd closer to bankruptcy
RENO - Any one of three major Nevada gaming companies based in Las Vegas could
face the prospect of bankruptcy because of heavy debt and falling stock prices, a
University of Nevada, Reno professor and gaming expert said.

Gaming stocks fall to new all-time lows
LAS VEGAS, October 24, 2008 - Gaming stocks fell to new all-time lows this morning
as the overall stock market was down more than 400 points about an hour after opening.

 

[zengrifter]

Whats not to love? zg

Will Trump Fall Like Kerkorian?
If Kirk Kerkorian’s financial empire is crumbling, can Donald Trump’s even shakier financial empire be far behind? They’ve both gotten filthy rich by leveraging themselves to the eyeballs, so it stands to reason that both would be on the ropes with asset values now collapsing across-the-board.

 

[InPlay]

Why do you wish misery on other people ? Don't you know their are thousands of jobs at risk and the lively hood of many ? Don't be such a hater ? Maybe if your job was at risk you would feel different but then your job as a poster on a bulletin board would never be at risk would it ? Remember what I said be happy and you will be a better person. Go ahead and post something happy now you will feel better.

 

[bj bob]

Why do you wish misery on other people ? Don't you know their are thousands of jobs at risk and the lively hood of many ? Don't be such a hater ? Maybe if your job was at risk you would feel different but then your job as a poster on a bulletin board would never be at risk would it ? Remember what I said be happy and you will be a better person. Go ahead and post something happy now you will feel better.

Aw, Zg's just venting his spleen since old Kirk beat him to the punch over his buying up all the land south of the Strip to the Cal. state line. It WAS a good idea at the time. It's either that or something having to do with being interred in an Armenian P.O.W. camp in one of his previous lives, if I remember correctly.

 

[zengrifter]

Why do you wish misery on other people ? Don't you know their are thousands of jobs at risk and the lively hood of many ? Don't be such a hater ? Maybe if your job was at risk you would feel different but then your job as a poster on a bulletin board would never be at risk would it ? Remember what I said be happy and you will be a better person. Go ahead and post something happy now you will feel better.

When I say "I love it" I am expressing my happiness and lack of worry. Right? zg

 

[zengrifter]

Las Vegas casinos go empty as risk-averse patrons play safe

27 Oct, 2008, 0354 hrs IST, REUTERS

LAS VEGAS: With just days to go until the US presidential election, financial gloom hangs like a pall over visitors to Las Vegas. Wayland Ferguson
, a New Mexico resident in town for a conference, said he had no interest in gambling or splashing out during his trip. “People need to get back to the idea of living on less than they make, not more than they make,” he said, as he stood with friends outside one of Las Vegas’ attractions, a mall modelled after the forum in ancient Rome. “We’ve become a society that lives on credit. We need to increase our savings.”

During the good times, the gaudy neon lights of the famed Las Vegas strip fuel dreams of hitting the jackpot, and even breaking the bank at the casinos. For Justin Pagliarulo, from Georgia, the biggest worry was his retirement fund, which is invested in financial markets through a 401(k) plan. “I’m losing lots of money on my 401(k) right now, so that’s a big concern,” said Pagliarulo, who still found some money for a flutter in the casinos, and visit an upscale show by Cirque du Soleil.

Las Vegas’ spectacular excess lures nearly 40 million visitors a year from across the United States and beyond, who last year spent some $41.6 billion in the city.

Visitor numbers and gaming revenues on the strip are off by 1.5% and 6.7% respectively in the year to August, and hotels and resorts are having to entice visitors with discounted rooms to keep the roulette wheels spinning.

While visitors are clearly feeling the pinch from the downturn, they are divided over whether Democrat Barack Obama or Republican John McCain is the best pick to get the economy back on track. Jim Kaster, a database manager visiting from Minnesota whose retirement investments lost a fifth of their value in recent weeks, said he favoured Obama, who this week opened up a 12-point lead over his Republican rival. “We need to take the scalpel and look at the budgets, and tighten our belts,” he said, as he stood on the sidewalk by the Mirage hotel.

Sitting by a recreation of a Venetian canal, where gondoliers plied the water, financial services specialist Mark Kuchler from Arizona said he favoured McCain’s vision. “I like McCain for lower taxes. If you raise taxes, you’re stifling the economy,” he said. “People will get out and spend if they have more money. Anytime you spend money is stimulates the economy.”

But some of the visitors from across America remained doubtful that either candidate could get their arms around the current economic crisis that many economists fear could tip over into a global recession.

“I think whoever gets elected is going to have a real problem,” said McConnell. “And it’s going to take more than four years to get us out of it.”

xxx

 

[N&B]

Dunno ZG... what's goin down more... the NV economy or Lake Mead... pretty close call.

 

[mdlbj]

Let the chips fall where they may. They have been milking Social Security checks for ages... Carma is a bitch.

 

[rukus]

YES and NO

agreed that what goes around comes around.

but i wont wish financial harm on these guys. thats like hoping your non FDIC-insured bank fails with your money still locked up inside!

 

[SystemsTrader]

Dunno ZG... what's goin down more... the NV economy or Lake Mead... pretty close call.

I visited the Hoover Dam and Lake Mead this year, it had been 13 years since I was last there and I couldn't believe how low the water level is now. I think the Lake Mead thing is more serious, Las Vegas could be in deep trouble in the near future or should I say shallow trouble. I know there is a Zen Zone post about this topic somewhere.

 

[shadroch]

I visited the Hoover Dam and Lake Mead this year, it had been 13 years since I was last there and I couldn't believe how low the water level is now. I think the Lake Mead thing is more serious, Las Vegas could be in deep trouble in the near future or should I say shallow trouble. I know there is a Zen Zone post about this topic somewhere.

The water level is cyclical. At some point in the next 100,000 years, the water in Lake Mead will be much higher than it is today.

 

[zengrifter]

The water level is cyclical. At some point in the next 100,000 years, the water in Lake Mead will be much higher than it is today.

The water level there is higher NOW than it was for most of the last 5000 or so years. zg

 

[mdlbj]

Fugg them.

agreed that what goes around comes around.

but i wont wish financial harm on these guys. thats like hoping your non FDIC-insured bank fails with your money still locked up inside!

 

[zengrifter]

The casino industry heads are going to Washington to request a bailout! zg

Tough times getting even tougher in Sin City

Recession tightens grip on Las Vegas as visitation, spending fall off a cliff

By William Spain, MarketWatch
Last update: 6:15 p.m. EST Nov. 17, 2008

LAS VEGAS (MarketWatch) -- The airport cab stand said it all.
Set up to get thousands of visitors an hour into taxis, there were none of the usual massive lines on a recent weekend afternoon. In fact, there was no queue at all.

"It is worse than after 9/11," remarked one driver as she waited for a fare.
That may be a bit of an overstatement, but perhaps not by much. The town still looks relatively busy, although there is a noticeable drop in crowd levels on the gambling floors and in the restaurants. Even the legendary traffic has eased up as the plunge in consumer spending hammers Sin City.

Arrivals are falling by double-digit percentages, and the corresponding drops in casino and ancillary revenue have operators tightening their belts. Layoffs are rampant, many ambitious development projects have been postponed indefinitely and room prices have fallen through the floor.

Share prices of gambling firms like MGM Mirage are at or near historic lows with the last, according to its own auditors, needing a $2 billion infusion to avoid potential bankruptcy as it steadily ran out of cash.

MORE- http://www.marketwatch.com/news/story/tough-times-getting-tougher-sin/story.aspx?guid={E95D4A0E-05B7-4967-94D4-A56CB872648A}&dist=msr_2&print=true&dist=printMidSection​