LAS VEGAS (KTNV) — What will it take for the Las Vegas economy to bounce back from the pandemic? Getting the coronavirus under control in the city -- and elsewhere -- no matter who wins the 2020 election.
That's according to Brad Zucker with Safe Money Advisors.
"Las Vegas, just like Orlando, is dependent on hotel and tourism," he explained. "We must get control of the coronavirus to allow people to get back on a plane and visit our city and spend money."
Zucker's perspective came just moments before Park MGM made an official announcement acknowledging weekday closures for its hotel.
In a memo sent to employees Tuesday morning -- nearly six months after Gov. Steve Sisolak allowed casinos to reopen following a statewide shutdown -- the company cited low occupancy, due in part to canceled conventions and events, as the reason for the closures.
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While the hotel is partially closing down, other aspects of the property will remain open such as the casino, pool, restaurants and amenities. Still, without a government mandate, Park MGM is voluntarily reducing operations during the holiday season.
Zucker is optimistic that Vegas will see a boost in tourism and conventions will return once cases plateau.
He says a vaccine will help, but also that restrictions and safety precautions are part of the solution.
"It's not just about the vaccine. It's making our city -- the restaurants, and the bars, and the sportsbooks, and the theaters -- COVID-19 friendly," said Zucker.
When it comes to policy, Zucker painted President Donald Trump's tax plan in a more favorable light than former Vice President Joe Biden's business regulations.
"The tax cuts and the JOBS Act are President Trump's signature policy," said Zucker. "He created a plan that cut estate and income taxes putting more money into the pockets of the American people."
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"If Joe Biden gets elected, he plans on rolling back business regulations from the Obama era, which will make it tougher for businesses," he said. "And [Biden] wants to increase corporate taxes, which means corporations will have less profit."
"That could actually lead to people getting furloughed or laid off in our economy locally," he added.
No matter what happens, Zucker says the best thing you can do is save.
"Don't panic," he advised.
"Don't hit the panic button, stay calm. And plan for your future. Continue to put money away in your 401ks and retirement accounts and once the economy starts to make its upswing, you will see tremendous benefits from that."
