News Archives | Page 2 of 11 | Center for Business and Economic Research

The resort fee debate continues

“Transparency is a big issue for the consumer,” said Stephen Miller, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas. “If you go way back in time, when the resort fee was first introduced, people were finding that out when they checked in. That created all kinds of angst.”

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What’s the total tab for a visiting spectator to attend the first Super Bowl in Las Vegas?

After the final game day point, the Super Bowl is expected to leave behind an economic impact of around $600 million, according to the Las Vegas Convention and Visitors Authority. That impact stretches far beyond the Las Vegas Strip, according to UNLV Director of Business and Economic Research Stephen Miller.

“The market is working, and in fact, what’s happening is it’s affecting the Air BNBs as well,” Miller said inside his office, speaking of industries benefitting from the increased attention. “Uber is a market-driven price, so, depending on the demand, the price can go way up.”

He points to the large draw Super Bowl weekend already has in Southern Nevada without hosting responsibilities that typically stimulate the Clark County economy annually. More stimulation is expected this year, which Miller says may be seen in wages to the average resident.

“What’s taxed in Vegas, stays in Vegas,” Miller said. “You have people that are actually doing the jobs in the supply chain. They get paid, and if they live here in Vegas, then they spend money in Vegas.”

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What to know about Southern Nevada’s 2024 water plan

To show how water demand will increase, the authority works alongside UNLV’s Center for Business and Economic Research to project how many people may move into its service area by 2070.

The latest numbers show that Clark County’s population will grow to 3.43 million, up from 2.37 million in 2024. More Nevadans means more demand for water, which the water authority is anticipating in planning conservation measures, authority spokesperson Bronson Mack said.

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Which businesses won and lost during F1 Las Vegas weekend?

“It’s a story that Andrew Woods, director of UNLV’s Center for Business and Economic Research, knows well: which businesses won and which lost during Formula One?

“It seems like a little bit of a tale of two different cities in terms of success or not,” Woods said during a virtual interview.”

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Job disruptions to be expected as AI advances

“Despite an increase in automation or AI, some consumers will place a premium on human interaction or service, and some will shirk certain technologies because of security risks—like the major cyberattacks that took place at leisure and hospitality institutions in Las Vegas this year, said Andrew Woods, director of UNLV’s Center for Business and Economic Research.

“The idea that we’re going to get rid of all human workers, I think, is overblown,” he said.

What’s important to note, as well, is that AI may disrupt jobs—but it’s not going to destroy them, Woods said, citing similar technological advancements over the years that have not overrun the workforce.”

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Is Nevada’s economy booming or middling? It depends on the questions, who you ask

“In its latest quarterly Southern Nevada Business Confidence Index, UNLV’s Center for Business and Economic Research found a significant drop in local businesses’ confidence in the economy — from an index rating of 116 in the third quarter to 88 in the fourth quarter, suggesting “that respondents, on average, feel overall more negative than positive” about certain components of the economy, including profits and hiring.”

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Extreme Takeoffs and Soft Landings

“For 2024, I think steady as she goes in terms of how businesses continue to make rational choices in a world where interest rates and the cost of doing business, the cost of money, stay high for the foreseeable future,” said Andrew Woods, director, UNLV Center for Business & Economic Research. “We’ve been talking about this for over a year and we don’t see a recession.”

Woods expects 2024 to be interesting, especially if interest rates do what they’re supposed to do and cool demand without tipping the economy into a recession. As money and credit conditions become tighter, “We’re going to find out quickly, as Warren Buffet famously said, ‘Who’s swimming naked as the tide goes out.’ We’ll find out which businesses don’t have as sound of books or profitability as they seem to put out there to the public.”

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Business & economic researcher weighs in on impact of major sports events in Las Vegas

“Professional sports have indeed provided a boost to the Las Vegas economy. But, as in the case of F1, is the economic benefit worth the price locals have to pay?

We turn to the director of UNLV’s Center for Business and Economic Research for answers, in this edition of FOX5 Experts.

We estimated about $1.8 billion, and that was just last year, so we see it growing, but we also have questions, just like the public does, about, you know, how much of this can you quantify, what assumptions are being made about that impact,” said Andrew Woods, the director of the program.”

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Las Vegas: A Thriving Sports Hub Fueled by Economic Growth

“Andrew Woods, director of the Center for Business and Economic Research, acknowledges the need for balanced development. As Las Vegas rapidly approaches a population of three million residents and attracts nearly 50 million visitors each year, questions arise about the city’s infrastructure and its ability to accommodate larger events. Woods emphasizes the importance of ensuring that these developments benefit both the community and the visitors.”

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