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Sun partner In Business Las Vegas reports the business community remains pessimistic about Southern Nevada's economy, and those in the real estate and finance fields hold the dimmest views, according to a third-quarter survey by UNLV's Center for Business and Economic Research. "Far and away, most people believe that national and local conditions will be somewhat worse during the third quarter of 2008 compared with the second quarter, and that the difficulties are far from over," the survey says. About half of the people who responded didn't expect further deterioration in the housing market or thought that conditions would be moderately weak. Forty-five percent remained pessimistic, the survey says.
Local economy: The glass is more than half empty
(via In Business Las Vegas) · August 2, 2008 · 10 AM
Discussion: 23 comments so far...
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Gas prices are killing Las Vegas.
While the article doesn't say much, it's at least a little more realistic than the guys over at Boyd who say "10 to 12 months from now the economy will be significantly improved, so we'll resume construction on Echelon then."
What do these people base their opinions on? I have seen nothing, locally or nationally, to make me think we're close to a bottom. If these opinions are based on gas finally being under $4 a gallon, they're in for a rude awakening.
My daily 2 cents worth...
Look, it appears that the economy runs in cycles and the liklihood is that in a year or so things will be better - folks will get used to costly gas and the price may modify - the republicans will be hiding out in the shadows - and construction will resume! Then again I lived in Buffalo, NY for nearly 30 years and there the economy just kept getting worse - the best was that it wasn't too bad - hope that doesn't happen - people here are new and fresh and bring energy from the whole country! So that is the way it will likely be! My daily 3 and one half cents worth!
Gaming stocks have dropped over 33%.
The banks are no longer lending to the gaming companies. Echelon is dead. City Center/MGM is having problem finding lenders.
Station Casinos are on the verge of bankrutpcy.
Gas prices are killing Las Vegas.
They will probably go higher next summer than $4.50 a gallon.
Also, except lower state revenues this year and next year.
Expect government layoffs.
People with money are betting against Las Vegas financial fortunes.
Gas prices are killing Las Vegas.
There are trillions of oil and gas that has been locked away by Democrats and they continue to lock it away.
It has hurt us, it is hurting us and will continue to hurt us.
I agree, high gas prices are hurting us!
The republicans could have voted last week to help, but they said NO!
They blocked bill after bill after bill. No relief in sight, thanks to the republicans!
Now they want to drill so that the oil companies can profit?
For shame!
We need to demand the do-nothing republicans like Jon Porter and Dean Heller stand up to their oil company contributors and vote to help us!
They have to stop blocking everything. Then, they had a party to celebrate!
We will remember in November, Jon Porter!
The Democrats have majorities in both in the House and the Senate so they can pass anything they want to.
All the Republicans wanted was a full and free debate where they could offer amendments that the Democrats can easily vote down if they wanted.
The Democrats did not want to vote on some things because it would embarrass them to vote no or they would voted "yes" and things would have passed that Pelosi and Reid did not want to pass.
Does anyone realize the oil companies pay about 50% of their profits to taxes after they have already paid royaly and lease fees. If Exxon is making 5million an hour, so is the government. They then get tax from the shareholders on the dividends paid out. The money that is left is for more exploration and trying to open more energy. If you want less of something tax it, if your want more of something, cut the taxes on it. Econ 101
Why is it that every discussion here turns into Democrats vs. Republicans? Are politics really the root cause for ALL of our problems?
No, "politics" is NOT the cause of all of our problems.
It's the people who INSIST on turning EVERY discussion into "Democrats vs Republicans" that is the cause of all of our problems.
And neiman1, I'd love to see a citation (from a valid, non-oil company source) for this one:
"Does anyone realize the oil companies pay about 50% of their profits to taxes....."
Neiman1 is totally wrong.
Oil companies do not pay 50% of their profits to taxes.
They pay 57% of their profits to taxes.
Here is their annual SEC report that is complied and certified by a CPA firm.
http://www.exxonmobil.com/corporate/file...
Exxon
Net Income (Profit) in 2007 before taxes:
$70 billion
They Paid in taxes:
$40 billion
So they paid 57% of profit to taxes.
Who owns Exxon?
Many of you do.
If you have a 401K retirement plan then you most likely are an Exxon shareholder.
If you are a government employee and have one of those Platinum retirement plans where you will get over 60% of your salary in retirement then your state pension plan is most likely a Exxon shareholder.
Dear Republicans,
Please continue exposing the plight of the oil companies. I'm sure many Americans can feel the pain of only earning 30-70 billion dollars in pure profit in 12 months.
The Republicans have earned million of dollars in campaign cash from the oil companies, and now we're hearing the sob story they've been paid to promote.
I'm sure that's gonna be a winning argument come election day!
http://www.boughtbybigoil.com/
Dear Democrats:
Please continue to do not care about the impact of high gas prices on America.
Americans are extremely happy that you have shut the lid on trillions of dollars of oil and gas for decades.
Your continue stubbornness is appreciated.
In November we are going to demonstrate on our passion.
Sincerely,
The 75% of Americans that according to the Latest Gallup Poll Think that New Drilling should be allowed.
P.S. When we lose our jobs due to high gas prices, like 1,000’s of Las Vegas already have, then our passion will only triple.
jfnance32, you seem very concerned with giving the oil companies more money. I think 70 billion dollars in profit is enough!
That is more than most companies are worth!
I am not concerned with the oil companies like the republicans are. I think they are doing ok. Exxon just made more money than any company ever in the history of the United States!
You think we should drill in Anwr, which would only reduce the price of gas by a penny! That is not a good idea!
Many voters will ask themselves if they are better off now than they were eight years ago, when George Bush and Jon Porter went into government. I don't know anyone who can say yes!
And Jon Porter has taken so much money from the oil companies, I am sure he is worried about their profit! That's why he didn't help us when he had the chance!
And I laugh when I see the pictures of John McCain hugging George Bush. They seem to be very good friends.
That is sad that you are looking forward to people losing their jobs, though. No one should wish for that!g
The oil thing - the everyday drivers have it in their power to improve their gas mileage by 15 to 20 per cent yet my wife and I recently returned from a 20 day road trip in which we covered nearly 6000 miles and drove 5 to 10 miles below the speed limits which improved our mileage by about 5 miles per gallon. Of course everyone passed us and I know people don't want lower speed limits - maybe we need to adopt a national standard like the state of Virginia that there be a compulsory fine of 300 bucks for going 10 miles over the speed limit - people slowed up - of course that is still too fast. Apparently we don't object enough to the high price of gas and the high profits of the oil boys and the speculators. Keep it up - don't seize the initiative which is within your power and pat yourself on the back for all of our political resolutions and generalities!
I want high gas prices to come down.
I do not them to continue to go up, up, up and up for the next 10 to 20 years.
I believe down deep that you love high gas prices. Can you admit that you love them?
There are trillions of oil and gas that is locked by the Democrats.
I guess you prefer that America ship trillions of cash oversees to get the oil and gas from there.
Instead of God Bless America we should say God Bless Saudi Arabia.
If you want prices to go down, you should not praise those who stood in the way of energy reform last week.
You should not praise the party that fought long-term strategies like solar and wind and increased CAFE standards for cars.
You should not praise the party that kept screaming "LET THE MARKET DECIDE! DON'T MAKE US DO ANYTHING! THE MARKET WILL DECIDE!" And when the market decided oil prices were $140 a barrel, they could only throw their hands in the air and ask the oil companies what to do.
You have made incorrect statement after incorrect statement about the amount of oil we could get from ANWR, about whether the Republicans passed drilling legislation in the '90's, about fake quotes from Obama or Reid or Pelosi, about so many things, and now you say I love high gas prices?
You really have no clue.
You can continue to vote against your interests. You can believe "down deep" that the republicans really want to help, but they don't. You can continue playing a martyr for the oil companies and their profits.
Actions speak louder than words, jfnance32. The republicans chose not to act.
And the American people deserve better.
Solar and wind has nothing to do with current oil prices.
Also, solar and wind are limited technologies because they are not cost effective 24/7 generators of energy.
Also there is no cost effective electric car to pour electricty from solar and wind into the car.
I, like most Republicans, want to increase spending on solar and wind and R & D on an electric car and R & D on cost effective solutions to make wind and solar true cost effective 24/7 generators of energy.
Republicans being practical in their approach, also want to increase nuclear power and clean coal power.
"You should not praise the party that kept screaming "LET THE MARKET DECIDE! DON'T MAKE US DO ANYTHING! THE MARKET WILL DECIDE!" And when the market decided oil prices were $140 a barrel"
The market has picked $140 a barral because the capacity of supply is marignally above peak summer demand. It was the Democrats that have sat on trillions of dollars of gas oil and have suppressed supply and continue to do so. If we did not have these restrictions then supply would be more abundant than now and the capacity of supply will have the proper safety margin over peak demand.
"You have made incorrect statement after incorrect statement about the amount of oil we could get from ANWR"....what?????
"about whether the Republicans passed drilling legislation in the '90's" Yes Republicans passed out of the house and Senate ANWR and Bill Clinton veto it. Are you disputing that?
After Clinton's terms, Republicans tried to pass ANWR out the Senate again but Democrats filibuster that. Are you disputing that?
There is the compromise of the 10 senators that includes new offshore drilling. I think that compromise is interesting and should we all should take a look into it.
If you're too ignorant to realize the tree hugging democrats have voted no on a combined 214 VOTES over 25 years to stop power plant building and oil drilling than you're just too much of an idiot to LIVE IN AMERICA!
NO SPIN, NO FOX, NO BS, THAT'S THE FACTS!
It's now cost us trillions!
If you're ignorant enough to continue to vote for these democrat yahoos and buy into their republican rants, YOU DESERVE TO GO BROKE!
Next election, you painfully stupid people are going burger king on us.
You'll have it your way!
The loony left led by (mormon cult leader ried, and liberal whacko pelosi) will control all three branches with Obama in the white house..
Gas will go to $7 a gallon, (i'm in international banking and the world's future markets are betting on that price because of Obama, NO LIE).. WAKE UP we're the ones making money because we know America is too dumb to get it!
Babies will continue to be slaughtered WITH NO SO CALLED CHOICE be the females in that group and there will be nothing to blame but your OWN ignorance..
Did you know 80% of ALL DEMOCRATS vote that way becasue their parents did or because they are ethnic alone? Think about the level of ignorance in that!
GOD, PLEASE HELP US!!!!!
Take the easy way out and blame the oil companies or the politicians. There is more at work here. Here are a couple of examples. The enviro nazis use the courts to block anything they can't get the politicians to block. Just recently BP was set to drill in the Arctic Ocean and the wackies sued saying that they should never have been granted the permits to drill. Result: no drilling. I owned stock in an American oil company that operates in Africa. They spent money to seismic map their lease area, looking for oil of course, and the greedy Wall Street morons beat up the stock. A hedge fund stepped in and bought a huge block of stock and demanded that the company cease spending money on anything except to pump the oil from the current wells. They demanded the company put themselves up for sale so as to "maximize shareholder value". Millions of dollars that could have been spent on drilling was used to try and fight off these vultures whose only concearn was the quick buck.
You might want to ask your State representative energy conservation? How much gas, oil and electricity we could save, if we sent illegal aliens packing.
We cannot keep up the demand for it right now! Oil! Diversity Alliance for Sustainable America.(earthtimes) stated in it's article that if the U.S. grants amnesty and gives citizenship to 12 to 30 million illegal migrants already here, as McCain, Obama and the majority of Democrats propose. That all those naturalized citizens could possibly add 120 million U.S. and foreign-born relatives to the U.S., in the next 20 years whom all will CONSUME MAJOR ENERGY. Does the American people need to escalate the 315 million plus population, the census estimates we have now? To a new total of 435 million?
The executive director of (DASA) admitted "Proposal to reduce energy costs in the U.S. will not work unless we also simultaneously curb U.S. population growth by reducing immigration and curbing teen pregnancies." Severing the illegal immigration occupation and deporting those already here is a good start, but not the complete solution to this serious energy problem that cannot be reversed. Unless another Nikola Tesla, an underrated genius of the 19th century invents a some new form of energy, we will be reliant on fossil fuels for years to come? Clean coal, geothermal, eco-fuel and of course wind power and solar. The latter is energy that is a perpetual source of unimaginable power that knows no bounds.
Footnote:
As an American patriot and a Independent (populist) I have just donated $50.00 to judicial watch. They are a non-profit law group Promoting Integrity, Transparency and Accountability in Government, Politics and the Law & enforce citizens rights. The 9th District Court is a liberal-socialist, anti-sovereignty, pro-illegal immigration group of judges, who interprets the law from the bench. They undermined Californians Proposition 187, that would have terminated $billions of dollars in welfare benefits to illegal immigrants. Donate to JUDICIAL WATCH cause to effectively get the FEDERAL 'RICO LAW' interpreted by the US Supreme court and stop the travesty of our immigration laws and, fine, confiscate assets and imprison predatory employers. GOOGLE--Judicial Watch website for all details on government corruption. Join also NUMBERSUSA for free and read the truth, not lies released by our liberal, biased press.
I'm from Houston and I love Vegas!!! We are arriving today for 4 days.
Do yourselves a favor and get rid of Harry Reid, he is in favor of high gas prices that are killing your wonderful city.
Raising taxes on oil companies will not lower gas prices, it will raise them further. Imposing price ceilings will create lines and shortages. We need to drill, drill, drill & build refineries at the same time. We need to be very careful of the environment but we should tar and feather all environmental-activist attorneys who make a living filing lawsuits that hamstring this sector of the economy. All politicians need complete a high school level economics class on the dynamics of supply & demand.