Market Update: We break down the business implications, market impact, and expert insights related to Market Update: Lombardo, business leaders discuss Southern Nevada economy – Full Analysis.
LAS VEGAS (KSNV) — Business leaders across Southern Nevada gathered with Governor Joe Lombardo to talk about the state’s economy and what it means for local businesses.
“Since 2022, we’ve increased the labor force by 44,500 new jobs,” Gov. Lombardo said.
Still, local business owners said they have been going through a tough time after a decline in tourism and an increase in prices. Some said recent growth — particularly tied to the sports industry — along with a recent increase in travel numbers, is making them more optimistic about what’s ahead.
“Small business owners stay positive because I think things will turn around for us and we will see the growth we have seen previously when we had more customers in Las Vegas,” said Lorraine Marshall, a small business owner in Southern Nevada.
Marshall owns 35 stores at Harry Reid International Airport, a major hub that can reflect shifts in visitor traffic and consumer spending.
“Right now, with the travelers being down in the state and the city, it is impacting us,” she said.
Business leaders pointed to major sports-related developments as a source of renewed confidence.
Mary Beth Sewald, president and CEO of the Vegas Chamber, said upcoming events could help ease the uncertainty affecting the economy and local businesses.
“In addition to the NBA announcement, we just got the Super Bowl for 2029,” she said. “With all of the new events we have coming, new events and legacy events that we’ve had forever, those kinds of benefits, economically, always trickle down to our smallest businesses.”
At a sold-out event, Lombardo addressed concerns from the business community while highlighting recent efforts aimed at reducing barriers for small businesses, including changes to licensing, permitting, and regulations.
“We originally had 1,200 in the troph of regulations that were identified for evaluation, and through a three-and-a-half-year process, we actually either modified or appealed over 900 of those,” Lombardo said.
Lombardo also emphasized a recent 15% decrease in the modified business tax.
“You have to take a constant look at everything and every aspect of the business environment to ensure that we have success,” he said.
For some business owners, the question now is whether sports-driven growth can help offset the downturn in tourism.
“Is sports the answer? Yeah, in my opinion, it is the answer,” Lombardo said.