By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant changes in expectations came from: Retail Sales (MoM) decreasing by half from 0.6% to 0.3% Industrial Production (MoM) declining by more than half from 0.4% to 0.1% Housing Starts (SAAR) increasing by 8.7% from 1,283K to 1,395K READ THE ORIGINAL ARTICLE

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant changes in expectations came from: Import Price Index (YoY) increasing from -3.0% to -1.4%, but still remaining negative Core CPI (YoY) declining by 0.2 ppt from 4.3% to 4.1% CPI (MoM) declining by 0.3 ppt from 0.6% to 0.3% READ THE ORIGINAL ARTICLE

10,000 jobs up for grabs ahead grand openings of MSG Sphere, Durango Casino Resort & Fontainebleau By: Jaewon Jung Posted at 8:56 PM, Sep 18, 2023, last updated7:00 AM, Sep 19, 2023< LAS VEGAS (KTNV) — Major new developments are coming to the Las Vegas valley by the end of this year. This includes the MSG Sphere, slated to open by the end of September, Durango Casino and Resort, set to open in November, and the Fontainebleau, set to open in December. Currently, MSG Sphere is looking to fill 3,000 positions. For Fontainebleau, that number is 6,500. Durango Casino & Resort said it has filled about 40 percent of open positions and is now looking to fill 700 more open positions. “This is probably more of a workers’ market than I’ve ever seen in my 30 years in business,” said economist John Restrepo. UNLV economics professor Stephen Miller agrees and says this gives workers more power. “We know in recent months and actually a couple of years now, the labor market has been extremely hot,” said Miller. “The labor has received more power in the labor market versus management. So the management is having to consider higher [...]

The good, the bad and the ugly: Legalization of marijuana? SEPTEMBER 9, 2023 OPINION EDITOR – MARIANA CHAMORRO ORIGINALLY PRINTED ON NOV 10, 2022 The attempt to make marijuana legal in the United States has been controversial for many years. Recently, various states across the country have made cannabis legal. Other states, however, refuse to make this change. The real question to be asked is why? Why have some states decided to legalize marijuana, while others are against it? Already, 19 states have legalized cannabis for adult recreational use. One reason for it is the economic benefits their state has reaped. Sales of marijuana have resulted in massive tax revenues. According to Investopedia, “In 2021, Washington collected $559.5 million of legal marijuana revenue, over $85 million more revenue than in 2020. Meanwhile, Colorado collected $423 million of marijuana tax revenue in 2021, up almost 10% from the year prior.” States like California and Nevada have created numerous jobs and economic impacts just by setting up dispensaries for medical marijuana. 41,000 jobs in the state of Nevada could be provided just by the legalization of recreational marijuana, according to an [...]

Can Las Vegas Balance Automation’s Efficiency with Job Security? Aamir Sheikh - September 7, 2023 TL;DR Breakdown Las Vegas is witnessing a surge in AI and automation adoption in service industries. Concerns arise as research predicts up to 65% of jobs may become automated by 2035. Calls are rising for the diversification of the economy and the implementation of safeguards to prevent AI from replacing positions. Las Vegas, renowned for its vibrant entertainment and hospitality sector, is currently in the midst of a technological revolution that has both captivated and concerned its workforce. The city’s service-oriented tourism economy is undergoing a significant transformation with the increasing integration of artificial intelligence (AI) and automation. While robots now pour drinks at bars and check-in booths handle hotel arrivals, a growing unease about job security lingers in the air. This story delves into the thriving rise of automation in Las Vegas, exploring how it is reshaping the city’s industries and prompting calls for innovative solutions to safeguard employment. CONTINUE READING THE ARTICLE

Unveiling the Robotic Transformation in Las Vegas: How Automation is Reshaping Traditional Job Roles September 6, 2023 by Jonathan Ryan The tourism-heavy economy in Las Vegas has made workers vulnerable to being replaced by robots, and experts recommend diversifying the city’s economy to ensure job opportunities for humans. Hotels and establishments like the Tipsy Robot in Planet Hollywood have already started using robots for tasks such as bartending, and many hotels have implemented self-check-in kiosks, according to a report by NPR. Studies indicate that up to two-thirds of jobs in Las Vegas could be automated by 2025 due to the increasing use of artificial intelligence. A recent report by the Chamber of Commerce ranks Las Vegas as the city with the highest potential job losses to AI. John Restrepo from RCG Economics in Las Vegas states that the resort industry will replace human workers wherever possible to save money, as long as it doesn’t affect productivity, profits, or the customer experience. Restrepo suggests that the city needs to transition from a hospitality-centered economy to jobs that are more highly skilled and less easily replaced by AI. However, hospitality workers are fighting [...]

Robots Replacing Bartenders, Hotel Check-In Staff In Las Vegas. By Editor -September 4, 2023 Las Vegas, the casino tourism mecca in the Nevada desert is seeing a wave of artificial intelligence (AI) robots replacing humans in tourism industry jobs. Check-in kiosks have replaced people at the front desk of hotels. Text-bots now make restaurant recommendations instead of a concierge. Robots can serve food, and behind the bar, machines are pouring out drinks. Automation and technology replacing jobs has long been a conversation in Nevada’s most populated city. Studies show that between 38% to 65% of jobs there could be automated by 2035. With the use of artificial intelligence on the rise, the economy of this city –which relies on tourism and hospitality — is at an inflection point, as companies look to technology to reduce labor costs. “Wherever the resort industry can replace their workers and not affect productivity, profits or the customer experience — wherever they can do that with artificial intelligence… they will,” said John Restrepo, principal at RCG Economics in Las Vegas. CONTINUE READING THE ORIGINAL ARTICLE

Robots are pouring drinks in Vegas. As AI grows, the city's workers brace for change September 4, 20235:00 AM ET Heard on All Things Considered Deepa Shivaram Walk any direction in Las Vegas and it's easy to find machines doing human work. Check-in kiosks have replaced people at the front desk of hotels. Text-bots now make restaurant recommendations instead of a concierge. Robots can serve food, and behind the bar, machines are pouring out drinks. Automation and technology replacing jobs has long been a conversation in Nevada's most populated city. Studies show that between 38% to 65% of jobs there could be automated by 2035. With the use of artificial intelligence on the rise, the economy of this city --which relies on tourism and hospitality — is at an inflection point, as companies look to technology to reduce labor costs. "Wherever the resort industry can replace their workers and not affect productivity, profits or the customer experience — wherever they can do that with artificial intelligence... they will," said John Restrepo, principal at RCG Economics in Las Vegas. "The question is, how do you factor in and how do you adapt your [...]

Industry Focus Economic Development September 1, 2023 By Nevada Business Magazine Relatively speaking, Nevada’s economy is in its infancy. And despite success in gaming, tourism and entertainment, the Silver State’s economic development faces numerous challenges. Recently, economic specialists met at a roundtable sponsored by City National Bank and held in Las Vegas to discuss the current and future economy of Nevada including its lack of funding, a missing workforce, water scarcity and success in attracting professional sports teams. Connie Brennan, publisher and CEO of Nevada Business Magazine, served as moderator for the event. These monthly roundtables bring together different industries to discuss issues and solutions. What Steps Is Nevada Taking to Develop Its Economy? Tina Quigley: We are not a state that talks about where we need to be [economically] or strategizes [for the future]. We are a state and a community that has been prosperous almost in spite of ourselves, not because of ourselves. For a long time we were the only state that had gaming. As a result of that, hospitality and entertainment [became core industries in Nevada] and we grew. [Our growth is] not because we were out [...]

By: Bloomberg Finance L.P. and Wells Fargo Economics Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts. The most significant changes in expectations came from: Personal Spending increasing by 0.2% Nonfarm Payrolls declining by 14% from 187K to 160K turning negative from 4.6% to -4.4% Total Vehicle Sales declining  by 0.8% from 15.74M to 15.6M These changes in expectations come following this weeks Durable Goods report (-5.2% MoM and +3.8% YoY) and New Single-Family Home Sales increasing 4.4%, up 31.5% YoY. READ THE ORIGINAL ARTICLE