Industry leaders see Nevada economy improving in 2013
Industry leaders see Nevada economy improving in 2013
Monday
11 June 2012
4:37 p.m.
11 June 2012
4:37 p.m.
CARSON CITY — The Nevada economy is expected to improve incrementally next year, representatives from a cross-section of industries told the Economic Forum, which projects revenue for the state budget.
Representatives appearing Monday before the Economic Forum projected that 2013 will be better for Las Vegas and Nevada. Later this year, the five-member forum must predict the amount of tax revenue the state will have to spend for the next two fiscal years.
“The live entertainment tax has seen double-digit increases” in 14 of the last 16 months, state Gaming Control Board Chairman Mark Lipparelli told the forum.
Forum member Matthew Maddox said Las Vegas gets a large number of tourists from China, Asia and Hong Kong. “They come here for more than gambling. They take a week off with their families,” he said.
Rossi Ralenkotter, president and chief executive officer of the Las Vegas Convention and Visitors Authority, said 40 other states have gaming, so many people come to Las Vegas for other attractions, such as dining, shopping and spas.
Forum member Marvin Leavitt said the Las Vegas Convention Center is aiming at attracting corporate meetings, special events and the international trade.
Ralenkotter predicted 40 million visitors next year, up from the 38.9 million in 2011.
“It’s time to start looking at expansion of the Las Vegas convention center,” which could include a surrounding convention district, Ralenkotter said.
Brian Gordon of Applied Analysis, meanwhile, said sale of residential housing should rebound, said. Sales of new homes in April totaled 350, he said. “That’s not much, but it’s creeping up,” he said.
Unemployment is expected to drop from 11.1 percent this year to 10.1 percent in 2013, said Bill Anderson, chief economist for the state Department of Employment, Training and Rehabilitation.
“The economy is growing, but there is a long way to make up what we lost,” he said.
Tim Crowley, president of the Nevada Mining Association, the mining industry is to add 1,500 workers next year to its workforce of 16,000.
John Stater, research director for Colliers International in Las Vegas, said he expects some improvements in commercial and industrial real estate. “The rate of distress is slowing down,” he said.
