Bankruptcy “Stays” in Vegas
This Time, It’s Not Just Trump Casinos Getting a Bad Draw
“The Hangover” was the biggest comedy blockbuster of the last decade, but its lifeblood Las Vegas casino strip setting has seen far better days. In 2009, Las Vegas’ bankruptcy “stays” of protection are just as prevalent as the exploits of your hedonistic getaways that supposedly “stay” tucked away in its vaunted vaults of vice.
Currently, Nevada holds the rhinestone and ostrich feather crown for the highest amount of bankruptcies in the country. The total for the year through November is 26,786 bankruptcies, a 46% increase from the total in 2008.
One reason for Nevada’s abundant bankruptcies is that the value of the dollar fell in 2009, for a myriad of reasons starting with a loss of trust in our nation’s banks. In years to come when the dollar fares better, those now-constant “Cash for Gold” advertisements will conspicuously fade. Simply put, consumers simply don’t have that much of this fallen-value money to toss around. The majority of Nevada’s bankruptcy filings were Chapter 7 personal bankruptcy filings.
Chapter 11 business filings no doubt contributed to its 10.1%unemployment—making a decent job in Nevada harder to come by than the starring role in “Goddess!”
Much of casino investment has slackened due to the diversification they thought would be fail-safe. Casinos that sought to amp up the “luxury resort” angle of their casinos were impacted by rising airfares, and many were forced to halt renovations and tighten their budget on big name entertainers.
Bankruptcy in Nevada is showing some signs of slowing, as it peaked in February 2009 and has slowed down a bit. But will bankruptcy in Nevada slow in time for Cher’s next farewell stay at the Bellagio? Only time will tell.
If you live in a state with a sky-high unemployment and bankruptcy rate, Legal Helpers is here to help. We have 94 locations all throughout the country, including one centrally located in Las Vegas. To learn more, please call a legal professional at 1-800-260-1402 for a free initial consultation.
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