THE CHILL IN THE AIR MEANS SUMMER IS FINALLY OVER IN LAS VEGAS.

IT WAS A SUMMER DOMINATED BY A SPIKE IN COVID CASES AND A RETURN TO SOMEWHAT NORMALCY.

WHAT DID THE SUMMER TELL US ABOUT LAS VEGAS' RETURN AND RECOVERY?

THAT'S THIS WEEK ON NEVADA WEEK.

♪♪♪ SUPPORT FOR NEVADA WEEK IS PROVIDED BY SENATOR WILLIAM H. HERNSTADT AND ADDITIONAL SUPPORTING SPONSORS.

>> KIPP ORTENBURGER: THE SUMMER HEAT MIGHT HAVE BEEN THE ONLY CONSISTENT FROM A TYPICAL LAS VEGAS SUMMER.

OUR RETURN AND RECOVERY FROM THE CORONAVIRUS PANDEMIC HAS REALLY BEEN A MIXED BAG.

NOW, WHILE GAMING NUMBERS HAVE HIT RECORD HIGHS, THE NUMBER OF DELTA-VARIANT-DRIVEN CASES HAVE FILLED HOSPITALS.

STILL, SOME RESTRICTIONS HAVE BEEN LIFTED, ALLOWING FOR KEY LAS VEGAS EVENTS AND ENTERTAINMENT TO RETURN, AND PANDEMIC-RELATED FACTORS SUCH AS TONS OF FEDERAL FUNDING, A HOT HOUSING MARKET AND EVICTION MORATORIUMS ENDING HAVE PUT A CRUNCH ON HOUSING AND POTENTIALLY LONG-TERM RECOVERY IN QUESTION.

JOINING US TO DISCUSS IMPORTANT NEWS STORIES FROM THIS SUMMER IS A PANEL OF JOURNALISTS INCLUDING JOHN KATSILOMETES, ENTERTAINMENT REPORTER FOR THE LAS VEGAS REVIEW-JOURNAL; MEGAN MESSERLY, A REPORTER WITH THE NEVADA INDEPENDENT; MICHAEL LYLE, A REPORTER WITH THE NEVADA CURRENT, AND COLTON LOCHHEAD, GAMING AND BUSINESS REPORTER FOR THE LAS VEGAS REVIEW-JOURNAL.

WELCOME, ALL OF YOU.

WHAT A DIVERSE PANEL WE HAVE OF JOURNALISTS, WHICH IS KIND OF THE PURPOSE BECAUSE THERE IS SO MUCH WE CAN COVER WHEN WE ARE TALKING ABOUT RECOVERY AND WHERE WE ARE RIGHT NOW.

I WANT TO START WITH THE GOOD.

I HOPE THAT'S OKAY, A LITTLE BIT BETTER THAN MAYBE STARTING WITH SOME OF THE CHALLENGES WE HAVE.

MEGAN, I WANT TO START WITH YOU.

OF COURSE WE'VE GOT TO TALK ABOUT COVID AND WHERE WE ARE AND WHERE WE'VE BEEN OVER THE LAST COUPLE MONTHS.

WHAT'S SOME OF THE GOOD THAT'S COME OUT OF OUR SUMMER?

>> MEGAN MESSERLY: YES.

I MEAN, WE'RE CERTAINLY IN A MUCH BETTER SPOT TODAY HAVING THIS CONVERSATION IN OCTOBER THAN WE WERE A COUPLE MONTHS AGO, RIGHT?

AS MANY PEOPLE KNOW, CLARK COUNTY WAS REALLY ONE OF THE EARLIEST HIT LOCALITIES IN THE NATION BY THE DELTA VARIANT.

WE SAW THIS SURGE HERE.

YOU KNOW, I THINK FOLKS HERE ON THE GROUND REALLY FELT THAT, RIGHT?

THE MASKS CAME BACK ON.

YOU FELT IT HERE I THINK EARLIER THAN YOU DID IN PLACES ACROSS THE COUNTRY THAT WERE STILL SAYING, YOU KNOW, HEY, THE VACCINES ARE HERE.

WE'RE HAVING OUR FUN SUMMER, YOU KNOW, AS MANY PEOPLE HAD HOPED IT WOULD BE, BUT IT'S BEEN REALLY INTERESTING TO SEE THOSE CASES DECLINE AND WHERE WE'RE AT TODAY.

THE NUMBERS IN CLARK COUNTY LOOK REALLY GOOD TODAY.

IT'S NOT QUITE THE SAME IN WASHOE COUNTY.

WE ACTUALLY HAVE SEEN A LITTLE BIT OF INCREASES AGAIN IN WASHOE COUNTY, SO NOT SURE WHERE THAT'S REALLY GOING TO GO.

BUT CERTAINLY IN A MUCH BETTER POSITION THAN WE WERE, YOU KNOW, A COUPLE MONTHS AGO.

>> LET'S TALK ABOUT THE NORTH-SOUTH PIECE OF THIS.

THAT'S SOMETHING YOU'VE COVERED EXTENSIVELY, ACTUALLY, AND WE DID SEE A BIGGER RISE EARLY ON.

THE NORTH KIND OF LAGGED, AND THEN WE DID SEE A RISE AND AS YOU MENTIONED, THAT'S STILL KIND OF A BIG CONCERN THERE.

WHAT'S THE DIFFERENCE BETWEEN NORTH AND SOUTH THAT WE'RE SEEING?

>> I MEAN, THERE'S A COUPLE THINGS I THINK YOU HAVE TO TAKE INTO ACCOUNT.

ONE, TALKING TO PUBLIC HEALTH EXPERTS, YOU KNOW, DOWN HERE IN SOUTHERN NEVADA, THERE'S THE SENSE THAT BECAUSE WE DO HAVE SO MANY TOURISTS COMING THROUGH, WHEN THERE ARE VARIANTS OF COVID-19, THOSE ARE GOING TO NATURALLY HIT US.

WE JUST HAVE A LOT OF PEOPLE COMING IN AND OUT SO THAT'S ONE POSSIBLE THEORY WHY, YOU KNOW, CLARK COUNTY MIGHT HAVE BEEN HIT EARLIER THAN WASHOE COUNTY WAS.

IT'S INTERESTING TOO WHEN I THINK ABOUT WASHOE COUNTY, THEY SAW A LATER SURGE THAN CLARK COUNTY DID, BUT IT WAS MUCH MORE SIGNIFICANT THAN CLARK COUNTY'S SURGE.

I THINK THERE'S A COUPLE THINGS PLAYING IN THERE.

ANECDOTALLY, I JUST HEARD SORT OF REPORTS OF MASK USAGE.

YOU KNOW, THEY WERE A LOT BETTER DOWN HERE THAN MAYBE THEY WERE IN WASHOE COUNTY.

THE OTHER FACTOR TOO, THERE'S BEEN SOME RESEARCH ON THIS, ABOUT THE IMPACT OF WILDFIRE SMOKE ACTUALLY ON COVID-19 TRANSMISSION.

YOU KNOW, THE RESEARCH IS STILL EVOLVING ON THIS, BUT I KNOW PUBLIC HEALTH EXPERTS UP IN NORTHERN NEVADA HAVE BEEN LOOKING AT THAT AS SORT OF LIKE A CAUSAL LINK BETWEEN, YOU KNOW, IF YOU HAVE WILDFIRE SMOKE, ACTUALLY THOSE THOSE PARTICLES CAN HELP COVID-19 TRANSMIT BETTER.

SO I THINK THOSE ARE A COUPLE OF REASONS.

OBVIOUSLY, SOME OF THIS IS STILL, YOU KNOW, PEOPLE ARE LOOKING AT THE DATA, SCIENTISTS ARE TRYING TO UNDERSTAND WHY CASES GO UP HERE AND NOT THERE, SO SOME OF IT IS A LITTLE BIT OF HYPOTHESIS.

BUT IT'S BEEN INTERESTING TO SEE THOSE TRENDS, AND WE'RE SEEING THAT NOW WITH THE CLARK COUNTY CASES REMAINING LOW BUT WE'RE STARTING TO SEE A LITTLE BUMP AGAIN IN WASHOE COUNTY AS, YOU KNOW, MAYBE IT GETS COLDER, FOLKS START TO GO BACK INSIDE A LITTLE MORE.

>> AND AS YOU MENTIONED, SO MUCH OF WHAT WE'VE BEEN SUSPECTING IS BASED ON HYPOTHESIS, AND I THINK WE'LL HAVE MORE SOLIDIFIED ANSWERS IN THE FUTURE.

COLTON, I WANT TO GO TO YOU.

SOMETHING THAT'S MAYBE NOT SO MUCH OF A HYPOTHESIS IS WHERE OUR GAMING REVENUE HAS BEEN LATELY.

MAYBE THAT'S THE GOOD, OR MAYBE THERE'S OTHER THINGS WE NEED TO TALK ABOUT IN GAMING AND TOURISM AND HOSPITALITY RIGHT NOW THAT HAVE BEEN REALLY STRONG POINTS OF THE SUMMER.

>> COLTON LOCHHEAD: LIKE YOU MENTIONED, GAMING HAS BEEN ONE OF THE STRONGEST KIND OF INDICATORS FOR US, AT LEAST ECONOMICALLY, FOR REALLY THE LAST HALF YEAR.

WE JUST HIT OUR SEVENTH STRAIGHT MONTH STATEWIDE OF GAMING WIN EXCEEDING $1 BILLION.

IT'S THE SECOND-LONGEST STREAK THAT WE'VE HAD DATING BACK TO-- I THINK IT TIES SECOND PLACE GOING BACK TO, YOU KNOW, PRE-RECESSION 2006-2007, KIND OF A STREAK THEN, AND IT'S NOT JUST GAMING WIN.

THAT IS A BIG REVENUE DRIVER THAT WE'VE SEEN, BUT WE'VE SEEN A SLOW UPTICK OVER THE LAST-- SINCE MARCH REALLY OF VISITATION NUMBERS, OF HOTEL OCCUPANCIES, AND ROOM RATES ARE STARTING TO GO UP AGAIN.

SO WE'RE STARTING TO SEE KIND OF THOSE INDICATORS OF VEGAS MAKING ITS RETURN.

WE'RE STARTING TO SEE THOSE REALLY START TO PICK UP NOW, AND ESPECIALLY THE LAST THREE MONTHS.

WE DID SEE A LITTLE BIT OF A DIP IN AUGUST AS THE DELTA VARIANT WAS KIND OF MAKING A SURGE THROUGH HERE, BUT EVEN SEPTEMBER AND REALLY WHAT WE'VE SEEN OVER THE LAST SEVERAL WEEKS IN OCTOBER WITH JUST THESE MASSIVE EVENTS, WE'VE HAD EDC, WE'VE HAD MAJOR CONVENTIONS RETURNING, G2E, THE GLOBAL GAMING EXPO.

WE'RE SEEING THESE BIG EVENTS STARTING TO COME BACK, THE THINGS THAT REALLY VEGAS HAS BEEN KNOWN FOR IN THE LAST DECADE OR SEVERAL DECADES REALLY, THAT HAVE BEEN KIND OF THE BIG ECONOMIC DRIVERS FOR NEVADA.

WHEREAS IN MARCH, APRIL AND MAY, WE WERE REALLY KIND OF BEING BUOYED ON THE GAMING INDUSTRY BY SLOT PLAYS, AND A LOT OF IT WAS LOCALS AND THEN CALIFORNIANS DRIVING IN FROM L.A. WE'RE STILL SEEING A LOT OF UPTICK IN CALIFORNIA TRAFFIC, THAT I-15 TRAFFIC, BUT LOOKING FORWARD, WE ALSO HAVE INTERNATIONAL TRAVEL RETURNING NEXT MONTH STARTING IN EARLY NOVEMBER, AND A LOT OF ECONOMISTS ARE LOOKING AT THAT AS REALLY KIND OF LIKE THE FINAL COG IN THAT PUZZLE, FINAL PUZZLE PIECE, REALLY LIKE THE FINAL PIECE RETURNING FOR VEGAS.

>> YES, SO MANY VARIABLES IN THE FUTURE AND CURRENTLY AS YOU MENTIONED THAT ARE REALLY MOVING THIS FORWARD, SO IT DOESN'T SOUND LIKE WE'RE GOING TO SEE ANY DROP IN THE REVENUE THAT WE'RE GETTING FROM GAMING.

JOHN, I GOT TO ASK YOU, THE EVENTS SIDE OF THIS, RIGHT?

I MEAN, WE HAVE SEEN A LOT OF EVENTS COME, BIG FUNDRAISERS RIGHT NOW.

I KNOW THIS IS A LITTLE BIT OUT OF THE SUMMER, BUT THE FALL IS KIND OF THE FUNDRAISER SEASON.

WE'VE SEE SOME OF THOSE BIG ONES COME THROUGH, BUT LET'S GO BACK TO A LOT OF OUR SHOWS ARE BACK ONLINE, TOO.

>> JOHN KATSILOMETES: YES, WE HAVE TWO SURGES HAPPENING SIMULTANEOUSLY RIGHT NOW.

WE HAVE THE VARIANT SURGE THAT WE KNOW ABOUT, AND WE HAVE THE RETURN OF LIVE ENTERTAINMENT IN ITS OWN SURGE.

THESE ARE HAPPENING ON DIFFERENT PLANES BUT AT THE SAME TIME.

YOU KNOW, I THINK WHAT'S GOOD IS THAT OUR ENTERTAINMENT PROFESSIONALS-- NOT TO MY SURPRISE, BY THE WAY-- HAVE FIGURED OUT HOW TO DEAL WITH THIS.

WE HAVE A VERY ADAPTABLE COMMUNITY OF ENTERTAINMENT PROFESSIONALS IN THIS CITY FROM THE PERFORMERS, THE PRODUCERS OR DIRECTORS AND EVERYBODY FROM THE PEOPLE WHO STAGE THE SHOWS TO THE VENUE OPERATORS, THEY KNOW HOW TO TAKE A LIST OF PROTOCOLS AND POLICIES AND WORK WITH THEM.

THAT'S WHAT THEY DO.

IT TOOK A LONG TIME FOR THEM TO GATHER AND GET THEIR FOOTING ABOUT WHAT EXACTLY THEY COULD DO BECAUSE THEY FELT LIKE THEY WERE GETTING SOME CROSS SIGNALS FROM THE STATE ABOUT WHAT COULD AND COULDN'T BE DONE, HOW MUCH DISTANCE AND ALL THAT KIND OF THING AND, YOU KNOW, HOW MANY PEOPLE YOU COULD HAVE IN A VENUE, WHAT PERCENTAGES, ALL THAT, BUT THEY FIGURED IT OUT.

LIFE FINDS A WAY.

WE FOUND A WAY TO DO IT HERE IN LAS VEGAS, IN OUR CITY.

THAT'S BEEN GOOD.

I'VE LOOKED AT SOME INDICATORS LIKE THE RETURN OF CIRQUE DU SOLEIL SHOWS, WHICH IS THE PREEMINENT PRODUCTION COMPANY IN OUR CITY ON THE STRIP FOR A LONG TIME.

THEY'RE RETURNING ALL BUT ONE OF THEIR SHOWS THAT WERE RUNNING DURING THE PANDEMIC.

ZUMANITY THEY HAD TO CLOSE PERMANENTLY, BUT KA IS OPENING IN NOVEMBER, AND THAT'S THE LAST ONE IN LINE.

THEY'RE OPENING A NEW SHOW AT NEW YORK-NEW YORK IN JANUARY THAT IS THEMED FOR NEW YORK, SO THAT IS A GOOD SIGN FOR ALL SHOWS IN LAS VEGAS IF CIRQUE DU SOLEIL CAN COME BACK.

I'M INTERESTED IN WHAT'S HAPPENING WITH SPIEGELWORLD WHICH HAS PRODUCED A BONA FIDE, UNQUALIFIED HIT WITH ABSINTHE AT CAESAR'S PALACE.

THEY'RE RUNNING 14 SHOWS A WEEK THERE, AND THEY'VE REOPENED THEIR OTHER TWO SHOWS.

THE ATOMIC SALOON SHOW AT GRAND CANAL SHOPPES AT THE VENETIAN AND OPIUM AT THE COSMOPOLITAN ARE OPENING, AND THEY'VE JUST SIGNED A HUGE DEAL WITH CAESARS ENTERTAINMENT FOR $75 MILLION TO OPEN A SHOW HERE BY THE END OF NEXT YEAR AND TWO OTHERS IN NEW ORLEANS AND ATLANTIC CITY.

THAT'S ALL-- I MEAN, IF YOU'D TOLD ME THAT BY MARCH, APRIL OF LAST YEAR, I'M LIKE, THAT'S GOOD.

THAT'S ALL GOOD.

SO I THINK WE'RE STILL KIND OF GATHERING OUT OF THIS.

THE THING THAT THE ENTERTAINMENT COMMUNITY HAS TO BE DEALING WITH RIGHT NOW IS THE MASK MANDATES HAVE KNOCKED DOWN SALES ACROSS THE URBAN LANDSCAPE BY 20%, 30%, 40% DEPENDING ON THE SHOW.

WHEN THAT HAPPENED, EVERYTHING DIPPED.

WHEN THE MASK DIRECTIVES ARE RELAXED AND YOU CAN GO BACK INTO A SHOW WITHOUT WEARING A MASK NEXT MONTH, THEY'RE SAYING THAT WILL HAPPEN, YOU'LL SEE THE NUMBERS UPTICK.

SO THEY'RE IN GOOD POSITION NOW, AND INTERNATIONAL TRAVEL IS THE KEY TO THE WHOLE THING.

THEY NEED THAT TO BE BACK IN PLACE FOR A LOT OF THESE SHOWS.

>> I WANT TO CIRCLE BACK TO THAT.

I ALSO WANT TO CIRCLE BACK TO OF COURSE A LOT OF CHALLENGES WITH A LOT OF ENTERTAINERS, THE ENTIRE ENTERTAINMENT INDUSTRY OF COURSE WHEN WE WERE HAVING THOSE CLOSURES.

I WANT TO TALK ABOUT RESILIENCY AND SOME OF THE CHALLENGES THERE IN JUST A SECOND, BUT GREAT NEWS THAT WE HAVE NEW EVENTS AND NEW SHOWS THAT ARE COMING ON IN ADDITION TO OUR RECURRING.

REALLY, REALLY GOOD.

MICHAEL, I WANT TO GO TO YOU.

I MEAN, THIS IS, YOU KNOW, MAYBE A POSITIVE, MAYBE A NEGATIVE.

I DON'T KNOW REALLY HOW TO START WITH THIS, BUT I MEAN, EVICTION MORATORIUMS ENDED DURING THE SUMMER TOO.

WE THOUGHT WE WERE GOING TO SEE THIS HUGE TSUNAMI.

MAYBE WE DIDN'T SEE IT THE WAY WE DID, MAYBE THAT'S GOOD NEWS, MAYBE IT'S NOT.

WHERE ARE WE OUT THERE?

>> MICHAEL LYLE: SO TO A LOT OF SURPRISE, A LOT OF PEOPLE INCLUDING THE WORKERS AT LEGAL AID, WE DIDN'T SEE A TSUNAMI QUITE HIT.

WE DON'T KNOW WHAT'S GOING TO COME IN LATER DOWN IN THE FALL, BUT I THINK IT'S BECAUSE OF THE THINGS THAT WE PUT IN PLACE.

DURING THE LEGISLATIVE SESSION, WE PASSED LEGISLATION THAT CONNECTED THE RENTAL ASSISTANCE APPLICATION PROCESS TO THE EVICTION PROCESS, WHICH REALLY ACTED AS A NET TO CATCH SOME PEOPLE FALLING THROUGH.

DID IT CATCH EVERYONE?

NO.

I GET STORIES ALL THE TIME, EMAILS TO ME OF PEOPLE THAT EITHER DID NOT KNOW ABOUT RENTAL ASSISTANCE OR DID HAVE RENTAL ASSISTANCE AND FOR SOME REASON STILL GOT SWEPT THROUGH THE EVICTION PROCESS.

BUT WE DID NOT SEE EVICTION HIT.

WHAT WE ARE SEEING THOUGH IS THE COUNTY HAS BEEN ABLE TO DISTRIBUTE MONEY AT A PRETTY GOOD RATE COMPARED TO THE COUNTRY.

I MEAN, WHEN THE EVICTION MORATORIUM ENDED OVER THE SUMMER, THE TREASURY PUT OUT A REPORT OF HOW MUCH ASSISTANCE HAD GONE OUT ACROSS THE COUNTRY AND THEY FOUND THAT ABOUT 80% HAD STILL NOT BEEN ALLOCATED ACROSS THE COUNTRY, BUT NEVADA IS ACTUALLY, I THINK, WITHIN THE TOP 10 OF DISTRIBUTING RENTAL ASSISTANCE.

SO THE PROBLEM ISN'T DISTRIBUTING THE ASSISTANCE FOR THE MOST PART, THE PROBLEM IS ONCE THAT ASSISTANCE GETS TO THE TENANTS, RENTS ARE RAISING.

THE COUNTY REPORTED THAT THEY'VE SEEN A 20% INCREASE OF RENT SINCE FEBRUARY OF 2020, WHICH IS SO HIGH.

LIKE PEOPLE ARE SAYING AS SOON AS THEY GET THEIR RENTAL ASSISTANCE COVERED BY THE COUNTY THROUGH THIS ASSISTANCE PROGRAM, THEY'RE SEEING THE RENTS RAISE FOR THE NEXT COUPLE OF MONTHS SO I THINK THAT BECOMES A PROBLEM TOO.

SO YES, WE HAVE TOURISM THAT'S COMING BACK, WE HAVE ENTERTAINMENT THAT'S COMING BACK, BUT THE PEOPLE THAT ARE MAKING THIS WORK, THAT ARE MAKING OUR CITY RUN, ARE HAVING FINDING THEMSELVES HOUSING INSECURE BECAUSE OF THE WAY THAT RENTS ARE RISING RIGHT NOW, AND THERE'S ACTUALLY A DECREASE IN SUPPLY.

THE COUNTY ALSO REPORTED AT ANY GIVEN TIME, THEY USUALLY SEE ABOUT 11,000 UNITS AVAILABLE.

RIGHT NOW, IT'S ABOUT 6,000 UNITS AVAILABLE, SO WE'RE COMING UP AGAINST SOME PRETTY STARK ODDS.

>> YES, AND REDUCED SUPPLY OF COURSE IS GOING TO INCREASE DEMAND AND INCREASE PRICES EVEN MORE, ESPECIALLY IN THE RENTAL MARKET TOO, WHICH THEN TRANSITIONS ME TO THE BIGGER RELIEF QUESTION TOO.

THE AMERICAN RESCUE PLAN ACT MONEY IS A BIG CHUNK OF MONEY THAT'S COMING TO OUR STATE AND COMING TO OUR MUNICIPALITIES TOO.

WE'VE JUST SEEN THIS HUGE LISTENING SESSION THAT'S BEEN OCCURRING OVER THE ENTIRE SUMMER, ACTUALLY.

WE'VE HAD OUR GOVERNOR AND OUR TREASURER AND A LOT OF OUR LEGISLATORS DOING THESE LISTENING SESSIONS.

I KNOW YOU'VE BEEN COVERING THOSE.

I MEAN, IS THIS A BRIGHT SPOT?

>> I THINK SO.

I MEAN, IT'S A HUGE CHUNK OF MONEY-- TOTAL IT'S $6.7 BILLION.

THE STATE HAS ABOUT $2.7 OF FLEXIBLE SPENDING.

EACH LOCALITY'S TOTAL WILL GET ABOUT A LITTLE BIT NORTH OF A BILLION DOLLARS, AND THEN THERE'S LITTLE POCKETS OF MONEY, TOO.

THERE'S ABOUT $338 MILLION FOR HOUSING, $388 FOR FAMILY ASSISTANCE, $1.7 FOR EDUCATION, AND LIST GOES ON AND ON.

I THINK THERE'S OVER 100 DIFFERENT ALLOCATIONS OF DIFFERENT POTS OF MONEY, SO THERE IS A BRIGHT SPOT.

AND LIKE YOU SAID, WE JUST CONCLUDED A LISTENING TOUR FOR 75 DAYS KIND OF GOING THROUGH-- CRISS-CROSSING THROUGH THE STATE TO DETERMINE WHAT PROJECTS WE CAN INVEST THIS MONEY IN.

IT BECOMES A LITTLE BIT OF A DANCE RIGHT NOW OF WHETHER IT'S THE STATE SHOULD BE INVESTING THAT MONEY, WHETHER IT'S THIS SPECIFIC POT OF MONEY THAT WILL BE ALLOCATED TO-- IT KIND OF BECOMES A DANCE OF HOW YOU SPEND THIS MONEY RIGHT NOW.

SO THEY RECEIVED ABOUT 2,500 PROPOSALS, SOME OF THEM ARE DUPLICATES, AND THEY'RE GOING THROUGH THAT RIGHT NOW DETERMINING HOW DO WE INVEST?

AND ALSO PART OF THAT DANCE IS DO WE INVEST IN THE SHORT TERM VERSUS LONG TERM, SO IT'S A BALANCING ACT KNOWING THERE'S AN IMMEDIATE NEED RIGHT NOW BUT YOU HAVE SYSTEMIC ISSUES THAT WE'VE LONG IGNORED.

>> YES, AND REMEMBER THIS IS STATEWIDE MONEY TOO.

SO HOW THAT'S GOING TO PLAY OUT, YOU KNOW, WE'LL TALK ABOUT THAT A LITTLE BIT ACTUALLY IN THE FUTURE OF HOW THAT PROCESS IS LAID OUT AT LEAST AS IT IS RIGHT NOW.

LET'S TALK A LITTLE MORE ABOUT MAYBE SOME OF THE CHALLENGES.

WE'RE HAVING INDICATORS THAT MAYBE WE'RE NOT RECOVERING AS FAST.

MEGAN, I HATE TO GO TO YOU AND YOU KNOW, TALK ABOUT THE DELTA VARIANT WAS SUCH A BIG HIT.

OF COURSE IF WE LOOK AT WHERE WE WERE LAST YEAR, WE SAW A SPIKE IN THE SUMMER, THEN WE SAW A DROP, AND THEN WE SAW A HUGE SPIKE IN THE FALL.

WHERE ARE WE AT?

YES, LET'S JUST START WITH THAT.

>> YES.

I MEAN, I THINK THAT'S A BIG QUESTION FOR A LOT OF PEOPLE, RIGHT?

ARE WE GOING TO SEE A SURGE LIKE WE DID LAST FALL AND WINTER?

THAT WAS REALLY DEVASTATING.

I MEAN, IT'S WORTH NOTING BACK THEN WE DIDN'T HAVE THE VACCINE, RIGHT?

AS OF TODAY ABOUT 63% OF NEVADANS ARE EITHER FULLY OR PARTIALLY VACCINATED AGAINST COVID-19.

THAT NUMBER IS EXPECTED TO SOON INCREASE WITH, YOU KNOW, FORTHCOMING APPROVAL OF THE PFIZER VACCINE FOR 5-TO-11-YEAR-OLDS.

THAT'LL ADD ABOUT 280,000 MORE ELIGIBLE NEVADANS TO THAT POOL WHO JUST AREN'T ELIGIBLE FOR THE SHOT TODAY.

SO I THINK THERE'S SOME QUESTION ABOUT OKAY, GOING INTO THE FALL AND WINTER, WHAT KIND OF IMPACT DOES THE VACCINATION HAVE?

YOU KNOW, ARE WE GOING TO SEE SOMETHING THAT LOOKS LIKE THE FLU WHERE WE SEE IT-- YOU KNOW, WE SEE THESE SORT OF SEASONAL, CYCLICAL TRENDS WHERE, YOU KNOW, NUMBERS GO UP, NUMBERS GO DOWN, THINGS GET BETTER.

I THINK THAT SORT OF REMAINS TO BE SEEN.

I THINK THERE'S A FEW SCHOOLS OF THOUGHT.

YOU KNOW, ONE SAYS THAT NUMBERS WILL KIND OF BE LOW AND STAY LOW, MAYBE INCREASE IN THE SPRING.

OTHERS SORT OF PREDICT MAYBE A FALL OR WINTER SURGE.

I THINK LIKE EVERYTHING WITH THIS VIRUS, IT'S REALL UNPREDICTABLE AND HONESTLY, A LOT OF IT DEPENDS ON, YOU KNOW, IS THERE ANOTHER VARIANT THAT EMERGES?

THE DELTA VARIANT IS NOW THE VARIANT THAT'S SPREADING IN NEVADA.

YOU KNOW, AT FIRST IT WAS 50%, 75%.

NOW THAT'S JUST WHAT'S AMONG US, AND I THINK THERE'S SOME QUESTION OF, YOU KNOW, IF THERE IS ANOTHER VARIANT, IS IT MORE TRANSMISSIBLE?

IS IT LESS DEADLY?

YOU KNOW, THERE'S BEEN SOME SPECULATION AMONG SCIENTISTS THAT EVENTUALLY THIS VIRUS WILL BECOME WHAT'S KNOWN AS ENDEMIC, RIGHT?

IT'S JUST WITH US, IT'S MORE TRANSMISSIBLE BUT LESS SEVERE, AND OBVIOUSLY THAT WOULD BE THE HOPE.

YOU KNOW, WE WOULD LIKE TO SEE THIS VIRUS BECOME LESS DEADLY BUT THAT-- I MEAN, THAT ALSO UNDERSCORES THE VACCINATION EFFORT, YOU KNOW, KIDS BEING VACCINATED AS WELL.

THAT'S WHY A LOT OF PUBLIC HEALTH EXPERTS ARE LOOKING TO THAT BECAUSE THEY'RE SAYING HEY, YOU KNOW, IF WE CAN LIMIT THE SPREAD OF THIS VIRUS AS A WHOLE, WE LIMIT THE OPPORTUNITIES FOR NEW VARIANTS OF THE VIRUS TO EMERGE.

>> NEW VARIANTS, THAT REALLY SEEMS LIKE THE X FACTOR, AND I WANT TO GO BACK TO SOMETHING YOU COVERED OVER THE SUMMER TOO, THESE BREAKTHROUGH CASES, SOMETHING THAT WAS PART OF YOUR COVID CONCEPTUALIZED ARTICLES THAT YOU'RE DOING HERE.

GIVE US SOME BACKGROUND AND SOME CONTEXT ON THE SEVERITY OF THOSE BREAKTHROUGHS.

>> YES, I THINK THAT'S SOMETHING REALLY WORTH MENTIONING BECAUSE A LOT OF PEOPLE HAVE LOOKED AT THOSE CASES AND SAID HEY, THERE ARE A LOT OF BREAKTHROUGH CASES HAPPENING RIGHT NOW.

YOU KNOW, SHOULD THIS BE SEEN AS EVIDENCE THAT THE VACCINE ISN'T WORKING, AND TO THE CONTRARY THE PUBLIC HEALTH EXPERTS THAT I TALKED WITH SAY NO, THIS IS PROOF THE VACCINE IS WORKING.

IF YOU LOOK AT THE LATEST NUMBERS FROM CLARK COUNTY, IT'S ABOUT 70, 75-ISH PERCENT OR SO OF CASES IN OCTOBER WERE AMONG UNVACCINATED PEOPLE COMPARED TO ABOUT 25% FOR VACCINATED PEOPLE.

SO VACCINATED PEOPLE ARE CATCHING COVID-19 AND THE GOOD NEWS IS THAT WHEN THEY ARE, THEY AREN'T GETTING SERIOUSLY ILL.

IF YOU LOOK AT THE TOTAL NUMBER OF VACCINATED PEOPLE IN CLARK COUNTY AND YOU LOOK AT THE NUMBER OF HOSPITALIZATIONS, IT'S ONLY ABOUT .04% THAT HAVE BEEN HOSPITALIZED EVER FOR COVID-19, WHICH IS GREAT.

YOU LOOK AT THE DEATH NUMBERS, IT'S EVEN BETTER, IT'S .01% WHO HAVE DIED AFTER BEING VACCINATED.

SO THIS IS WHY PUBLIC HEALTH EXPERTS ARE SAYING, YOU KNOW, OBVIOUSLY SOME PEOPLE ARE STILL MAKING UP THEIR MINDS.

THERE'S A LOT OF FOLKS THAT HAVEN'T DECIDED WHETHER THEY WANT TO GET VACCINATED BUT THEY'RE SAYING HEY, LOOK AT THESE NUMBERS.

YOU KNOW, YOU CAN TELL THERE'S WAY MORE UNVACCINATED PEOPLE CATCHING THE VIRUS AND THEY'RE GETTING REALLY SICK WHEN THEY DO, AND THEN LOOK AT THIS POOL OF VACCINATED PEOPLE WHO JUST REALLY AREN'T GETTING SICK, AND THAT SORT OF UNDERSCORES THE IMPORTANCE OF THE VACCINATION EFFORT AS A WHOLE.

>> COLTON, EVERYTHING CAN'T BE ROSY OVER IN THE GAMING AND HOSPITALITY SIDE.

WHAT ARE SOME CHALLENGES RIGHT NOW?

>> WELL, I THINK THE DELTA VARIANT OR ANY POTENTIAL VARIANT, YOU KNOW, LATER VARIANT IS SOMETHING THAT A LOT OF PEOPLE ARE STILL CONCERNED ABOUT, WHAT THAT COULD DO TO THE TOURISM INDUSTRY, IF THAT COULD KIND OF DAMPEN TOURISM GOING INTO THE FALL OR GOING THROUGH THE FALL AND INTO WINTER.

THAT'S SOMETHING THAT ECONOMISTS AND TOURISM EXPERTS HAVE BEEN CAUTIONING ABOUT.

BUT THE OTHER MAJOR THING THAT I THINK HAS BEEN NOT SO ROSY, AS YOU MENTIONED, FOR THE GAMING INDUSTRY AND TOURISM INDUSTRY IS JUST KIND OF THE SLOW RECOVERY AMONG JOBS, ESPECIALLY IN THE HOSPITALITY AND LEISURE INDUSTRY.

IT'S ONE OF OUR MAJOR-- IT IS OUR MAJOR ECONOMIC DRIVER.

IT'S OUR MAJOR EMPLOYMENT SECTOR, AND EVEN THOUGH WE'RE SEEING RECORD LEVELS OF GAMING WIN, WE'RE SEEING RECORD REVENUES AND RECORD NUMBERS COMING FROM GAMING COMPANIES REPORTING JUST INCREDIBLE NUMBERS OF LIKE CASHFLOW REVENUES OVER THE LAST REALLY NINE MONTHS, IN THE GAMING SECTOR WE'RE STILL SEEING ABOUT 60,000 JOBS OR SO THAT STILL HAVEN'T COME BACK, HAVEN'T COME BACK IN SOUTHERN NEVADA ALONE, AND THAT'S REALLY ONE OF THE MAJOR REASONS WHY WE ARE STILL THE SECOND-HIGHEST MAJOR METRO CITY OR MAJOR METRO AREA IN TERMS OF UNEMPLOYMENT.

THE ONLY CITY WITH HIGHER UNEMPLOYMENT THAN US IN TERMS OF THE 51 RECOGNIZED MAJOR METROS IS L.A. >> IT MIGHT BE SURPRISING BEING THAT WE HAD LEGISLATION PASSED FOR RIGHT TO WORK, RIGHT, OR RIGHT TO RETURN SO WE WOULD THINK THAT, YOU KNOW, THOSE THAT HAD JOBS CAN RETURN TO THEIR JOBS.

BUT WE'VE ALSO HEARD THERE MIGHT BE SOME CHOICE GOING ON HERE, THAT INDIVIDUALS JUST AREN'T CHOOSING TO COME BACK TO WORK.

WHAT ARE YOU FINDING?

>> A LITTLE BIT OF BOTH.

I THINK THE ECONOMISTS AT LEAST ARE REALLY LOOKING AT-- AND LABOR EXPERTS ESPECIALLY, THEY REALLY SEE THIS AS A TIME THAT EMPLOYEES AND WORKERS ARE HAVING-- THE FIRST TIME THEY'VE EVER HAD REALLY TO REEVALUATE THEIR JOB, A CHANCE TO THINK ABOUT WHETHER OR NOT THIS JOB IS WHAT THEY WANT TO DO.

AND WITH A COMBINATION OF WORKING FROM HOME OR BEING, YOU KNOW, AT HOME FOR THE LAST 18 MONTHS, SOME OF THE FEDERAL STIMULUS AND NOW HAVING A JOB MARKET THAT IS MORE OPEN THAN WE'VE SEEN, THEY HAVE A CHOICE AS TO WHERE TO WORK OR WHETHER TO WORK, AND THAT IS REALLY SOMETHING THAT WE HAVEN'T SEEN.

THAT'S SOMETHING THAT EMPLOYERS, AND REALLY EVEN A LOT OF ECONOMISTS, JUST HAVE NEVER REALLY DEALT WITH, SO IT'S REALLY HARD TO PREDICT WHERE WE GO FROM HERE.

BUT THAT IS SOMETHING THAT HAS BEEN REALLY FASCINATING ABOUT THIS IS JUST SEEING THE AMOUNT OF AUTONOMY WITHIN THE EMPLOYEE WORKFORCE NOW, THAT THEY JUST HAVEN'T HAD THAT LEVEL OF CHOICE BEFORE AND THAT'S SOMETHING THAT I THINK IS GOING TO CONTINUE DRIVING THE CONVERSATION AND CONTINUE TO DRIVE THE EMPLOYMENT MARKET FOR-- WHO KNOWS?

>> JOHN, I DON'T THINK THAT MR. LAS VEGAS IS MAYBE LOOKING FOR A NEW CAREER, MAYBE HE'S NOT, BUT I DO UNDERSTAND THAT HE'S NOT COMING BACK AS OF YET.

MAYBE THAT'S A LOW POINT, I DON'T KNOW.

WHERE'S WAYNE NEWTON RIGHT NOW?

>> IT'S SYMBOLIC IS WHAT'S HAPPENING WITH WAYNE NEWTON.

THIS IS THE FIRST-- 2021 WILL BE THE FIRST YEAR THAT WAYNE NEWTON HASN'T PERFORMED IN LAS VEGAS SINCE 1959.

SO WHEN YOU LOOK AT IT THROUGH THAT PRISM, IF HE'S ONE OF YOUR ESTABLISHED LOGOS OF LAS VEGAS, THAT IS A THING FOR WAYNE NEWTON FANS.

I'M FULLY EXPECTING HE'LL BE BACK ON STAGE BY JANUARY OF NEXT YEAR.

I KNOW HE'S GOING TO BE OUT AND ABOUT.

I JUST TALKED TO HIS FAMILY YESTERDAY.

HE'S PLANNING ON GOING TO THE KEVIN COSTNER SHOW IN A COUPLE OF WEEKS.

KEVIN COSTNER HAS A BAND AND WAYNE NEWTON KNOWS HIM, SO HE'S GOING TO BE MAKING APPEARANCES THAT WAY.

BUT, YOU KNOW, ANOTHER THING THAT HAPPENED IS CELINE DION IS NOT GOING TO BE OPENING AT RESORTS WORLD IN THE FIRST WEEK OF NOVEMBER, AS WE EXPECTED.

SHE'S GOT SOME HEALTH PROBLEMS.

BUT THESE ARE THINGS THAT WOULD BE HAPPENING PROBABLY REGARDLESS OF THE PANDEMIC, YOU KNOW, WE'RE BACK INTO THAT NORMAL SIDE.

I THINK THAT WHAT I'M SEEING IS WE HAVE YET TO RETURN TO FULL CONFIDENCE FOR MASS GATHERINGS IN OUR AREA.

I REALLY DON'T THINK WE'RE QUITE THERE.

WE'RE DOING IT, WE'RE SCHEDULING THEM, WE'RE PREPARING FOR THEM, BUT THERE'S STILL THIS RELUCTANCE.

THERE'S STILL AN UNEASY SENSE ABOUT WHERE WE ARE, AND I THINK PART OF IT WAS WHAT WE TALKED ABOUT WITH THE MASKS.

THE MASK MANDATE HAS, YOU KNOW, DETERRED SOME PEOPLE FROM GOING OUT TO MAJOR EVENTS AND BIG SHOWS.

BUT JUST BEFORE I CAME IN HERE TODAY, WE WERE REPORTING THAT THE FREMONT STREET EXPERIENCE IS GOING TO REOPEN THEIR BIG PARTY UNDER THE CANOPY ON NEW YEAR'S EVE AND HAVE A HUGE SHOW, YOU KNOW, BEGINNING AT 6 P.M. THAT NIGHT, ON NEW YEAR'S EVE.

I WAS LOOKING THAT THE NATIONAL FINALS RODEO IS GOING TO BE REACTIVATED IN THE CITY FULL SCALE.

IF WE CAN DO THAT AND HAVE CONFIDENCE IN HAVING EVERYBODY DO THIS IN A SAFE WAY, I THINK WE'LL BE ALL RIGHT.

I DON'T THINK WE'RE THERE YET.

I THINK A LOT OF IT IS STILL TO BE DETERMINED UNTIL WE GO THROUGH AN ENTIRE CYCLE OF WHAT WE'VE BEEN GOING THROUGH OVER THE PAST COUPLE OF-- PROBABLY SINCE MID-SUMMER.

>> BUT NEW YEAR'S DOES SEEM LIKE A NEW YEAR'S THAT IS NOT COMPARABLE TO THEIR PREVIOUS NEW YEAR'S OF 2020.

AT LEAST WE SEEM TO BE MOVING IN THAT DIRECTION.

>> OH, IT'S BACK TO-- YES, IT'S BACK TO '19.

YOU KNOW, PRE-PANDEMIC SCALE, YES.

I MEAN, YOU KNOW, AS FAR AS THAT GOES, IT'S GOING TO BE A TYPICAL FREMONT STREET EXPERIENCE EXPERIENCE THAT NIGHT.

THEY GOT THE VILLAGE PEOPLE AND VANILLA ICE AND TONE LOC AND BOBBY BROWN OUT THERE, AND IT'S GOING TO BE CRAZY-- 30,000 PEOPLE.

>> HARKENS BACK TO MY HIGH SCHOOL DAYS.

>> THERE YOU GO.

YES, THAT'S NOT ALL BAD, RIGHT?

BUT I STILL THINK THAT THERE'S A-- WE STILL HAVE TO SEE-- I'LL TELL YOU THIS: IN TALKING ABOUT CIRQUE DU SOLEIL, YOU KNOW, THEY'VE REOPENED THEIR SHOWS BUT I KNOW THEY'RE NOT WHERE THEY WANT TO BE WITH THEIR NUMBERS EVEN CLOSE YET, EVEN THOUGH THEY'RE RETURNING THEIR SHOWS.

I UNDERSTAND VERY CONFIDENTLY THAT THEY'RE NOT GOING TO BE BACK TO THEIR PRE-PANDEMIC SCALE IN LAS VEGAS REALLY UNTIL 2023.

THEY'RE PREPARING FOR THAT AS A COMPANY.

THAT'S FOUR YEARS ABOUT OF, YOU KNOW, DEALING WITH THIS, SO THAT'S A GRIND.

BUT AT LEAST THEY'RE BACK, AT LEAST THEY HAVE PEOPLE BACK TO WORK, AT LEAST THEIR ENGINE IS RUNNING AGAIN.

SO YOU JUST HAVE TO BE PATIENT AND GRIND IT OUT, YOU KNOW, >> GRIND IT OUT, AND MICHAEL, I WANT TO COME TO YOU.

LET'S TALK A LITTLE BIT ABOUT THE FUTURE HERE.

AS JOHN MENTIONED RECOVERY IS NOT A YEAR, A TWO-YEAR, A THREE-YEAR.

I WANT TO ADDRESS SOMETHING YOU COVERED ACTUALLY BACK TO THE HOMELESS CRISIS, THE HOUSING CRISIS, BUT MORE SO THE UNEMPLOYMENT CRISIS TOO.

BROOKINGS MOUNTAIN WEST AND THE GUINN CENTER CAME OUT WITH A REPORT SAYING THAT IF WE LOOK AT WHAT HAPPENED IN OUR LAST RECESSION, WE HAVE LATENT IMPACTS THAT ARE GOING TO REACH FAR BEYOND THE NEXT COUPLE YEARS.

WALK US THROUGH WHAT OUR FUTURE MIGHT BE HERE AND WHAT YOU'RE HEARING FROM ECONOMISTS ON WHERE OUR ECONOMY MIGHT BE THREE, FOUR OR FIVE YEARS OUT FROM HERE NOW.

>> WELL, A LOT OF THIS COMES BACK TO HOUSING STABILITY.

YOU CAN'T SEEK A JOB, YOU CAN'T HAVE GOOD EDUCATIONAL OUTCOMES, YOU CAN'T DO A LOT OF THINGS YOU WANT TO DO.

YOU CAN'T BUILD A GOOD ECONOMY WITHOUT GREAT HOUSING, SO I THINK WE'RE GOING TO SEE A SIGNIFICANT INVESTMENT IN HOUSING AND HOUSING INFRASTRUCTURE.

THE NEVADA HOUSING COALITION RECOMMENDED THAT THE STATE TAKE ABOUT $500 MILLION OF ARP FUNDS AND INVEST IN AFFORDABLE HOUSING WITH 275 SPECIFICALLY DEVELOPED AFFORDABLE MULTIFAMILY APARTMENT UNITS AND REALLY HONE IN ON THOSE MOST VULNERABLE, THOSE THAT MAKE LESS THAN 30% OF AREA MEDIAN INCOME.

SO I THINK THERE IS GOING TO BE A PUSH BOTH AT THE STATE AND LOCALITY LEVEL.

THE LOCALITIES, CLARK COUNTY HAS THEIR OWN POT OF MONEY THAT THEY CAN LOOK AT, AND I THINK THEY'RE GOING TO PUT A LOT TOWARDS HOUSING BECAUSE THAT'S KIND OF THE BASIS FOR EVERYTHING.

YOU CAN'T BUILD A STRONG ECONOMY IF PEOPLE DON'T HAVE A PLACE TO LIVE, AND RIGHT NOW WE ALREADY ARE SEEING A BACKLOG.

PEOPLE ARE TRYING TO GET OUT OF HOMELESS.

OUR MOST VULNERABLE ARE TRYING TO ACTUALLY GET ON THEIR FEET.

THE SOCIAL SERVICE PROVIDERS HAVE BEEN WORKING DILIGENTLY AND MAKING HOUSING ASSESSMENTS.

THEY HAVE 3,000 PEOPLE THAT THEY'VE DONE HOUSING ASSESSMENTS ON ACROSS THE VALLEY AND NO PLACE TO PUT THEM BECAUSE THERE'S A LACK OF AFFORDABLE AND LOW-INCOME HOUSING.

SO I THINK THAT'S GOING TO BE A PRIORITY GOING FORWARD NEXT FEW YEARS.

>> REALLY, REALLY IMPORTANT, AND THAT'S THE BIG VARIABLE WE NEED TO MENTION HERE IS WE DID NOT HAVE THIS FEDERAL RELIEF WHEN WE HAD OUR LAST RECESSION.

COLTON, WE'VE GOT ABOUT A MINUTE LEFT.

I WANT TO COME BACK TO YOU.

WE WERE BOTH PART OF THE LAS VEGAS GLOBAL ECONOMIC ALLIANCE PERSPECTIVES EVENT THAT THEY HAD.

WE HAD JEREMY AGUERO FROM APPLIED ANALYSIS SAYING THERE MIGHT BE A CLIFF EFFECT HERE.

WE MIGHT BE SEEING THAT ONCE THIS RELIEF DOES EVENTUALLY END, WE MIGHT BE IN DIRE STRAITS.

COMMENT ON THAT.

>> I THINK IT'S MAINLY JUST LOOKING AT HOW WE HAVE CREATED A LOT OF THE ECONOMIC ACTIVITY THAT WE'VE SEEN.

YOU KNOW, THE TOURISM THAT WE'VE SEEN HERE IN NEVADA, HERE IN LAS VEGAS ESPECIALLY, A LOT OF THAT HAS BEEN BUOYED BY THAT FEDERAL STIMULUS MONEY.

SO THE QUESTION IS WHAT HAPPENS WHEN THAT DRIES UP?

I MEAN, ESPECIALLY WHEN YOU COMBINE THAT WITH, AS YOU MENTIONED, THIS KIND OF LAGGING EFFECT THAT HAPPENS IN OUR TOURISM-BASED ECONOMY OF WHAT HAPPENS WHEN THE FEDERAL DOLLARS ARE GONE AND WE STILL HAVE THIS HIGH UNEMPLOYMENT RATE?

WHAT HAPPENS TO THE ECONOMIC ACTIVITY AFTER THAT POINT?

>> ABSOLUTELY, AND WE DIDN'T HAVE TIME TO TALK ABOUT THE FEDERAL MONEY.

WE'LL HAVE TO HAVE MAYBE MICHAEL AND MEGAN BOTH BACK TO TALK ABOUT THAT.

I WANT TO THANK MY GUESTS, JOHN KATSILOMETES WITH THE RJ, MEGAN MESSERLY WITH THE NEVADA INDEPENDENT, MICHAEL LYLE WITH NEVADA CURRENT, AND COLTON LOCKHEED WITH THE RJ.

THANK YOU SO MUCH.

AND THANK YOU ALWAYS FOR JOINING US FOR NEVADA WEEK.

NOW, FOR ANY OF THE RESOURCES DISCUSSED ON THE SHOW, PLEASE VISIT OUR WEBSITE AT VEGASPBS.ORG/NEVADAWEEK.

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THANKS AGAIN, AND WE'LL SEE YOU NEXT WEEK.

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