EDITORIAL: Nevadans optimistic that Las Vegas will bounce back

Consumer confidence has a major impact on individual spending decisions and business investment, which are the lifeblood of a market economy. That’s why it was encouraging to see the results of a recent Review-Journal poll showing that 72 percent of Nevadans surveyed were optimistic that Las Vegas is poised to bounce back from the pandemic-induced recession.

“We are no longer having discussions about how deep or long the COVID-19 crisis will be but how quickly we can anticipate the recovery,” said Jeremy Aguero, a prominent local economic analyst. “That, in and of itself, is a significant step in the right direction.”

The state will take another move forward next week when many businesses — including Strip casinos — will be allowed to run at 50 percent capacity, up from the current 35 percent. Conventions, trade shows and conferences will also have more freedom to operate. May 1 marks another milestone: The state will cede certain decisions on public gatherings and business capacity to local officials.

These developments come as case numbers continue to drop in Nevada and across much of the country. The New York Times reports that the number of confirmed cases has fallen 12 percent nationally in the past two weeks, while deaths are down 18 percent and hospitalizations 34 percent. In some parts of the country — such as Arizona — confirmed cases have plummeted nearly 90 percent since mid-January.

Overall, those numbers should continue to fall as more vaccinations are administered. As of last week, more than 18 percent of Americans had received at least one shot, and the country is vaccinating more than 2 million people a day, according to the Centers for Disease Control and Prevention.

The key for Southern Nevada, of course, remains the resiliency of the tourism and entertainment trade, particularly the airline industry. Many consumers will no doubt remain wary about traveling for the near future, but continued progress in the COVID war will hasten the day that those fears abate.

“As people dip their toes back in the travel waters,” said Nehme Abouzeid, president of Launch Vegas LLC, “Las Vegas is a pretty safe first trip in terms of value for the money.”

True enough. And as more shows and conventions are able to safely open their doors at ever-increasing attendance thresholds, the city will become even more attractive to stir-crazy travelers.

Nevadans picked themselves up off the mat after the state was among the hardest hit by the 2008 Great Recession. They remain confident that Las Vegas will be up to the challenge once again. And that’s half the battle.