Quote:
Originally Posted by iheartthed
Vegas's problems have little to do with tourism. It's late 1990s and early 2000s economy was built significantly on heavy labor to build houses and buildings. Tourism was never expanding fast enough to absorb that. I think construction got to be something like 20% of Vegas's economy before the market crash. It was the nation's most egregious example of what happened during our real estate bubble and it's still going through the correction from that.
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The driver of any local economy is money coming from elsewhere. Tourism seems like a very large percentage of that for Las Vegas. Another chunk would be the personal wealth of people who move there.
The rest is just money shuffling around within the system. Most jobs are part of that. But they're dependent on the money entering the system to begin with.
Of course the bubble point is true as well. Las Vegas was built around people going into huge debt, and relied on their ability to do that.