Nevada Faces Financial Crisis Due to Pandemic
Oxford Economics analyzed a number of factors to calculate economic vulnerability to the spread of coronavirus. States with older populations, those that rely on retail activity, and states with many small businesses were factors contributing to economic vulnerability. Additionally, reliance on tourism is another factor that Nevada obviously faces. Tourist attractions such as: Casinos, Clubs, Shows, and restaurants that visitors usually flock to would be closed to the public even if they wanted in.
Stay at Home Order for Nevada Coronavirus
Nevadans are currently under a stay-at-home order that will remain in effect until at least April 30, 2020. So far, there have been 2,836 confirmed cases of COVID-19 in the state. The death toll for Nevada is currently 114 people. As of April 12, 2020, the recovery rate of COVID-19 cases in Clark County was 44.23%. The recovery rate for cases in Washoe County was 13.23%.
Many employees of hotels on the strip have been laid off or furloughed. Some entertainment mainstays such as Cirque du Soleil are considering bankruptcy. Even when businesses reopen, it will be a while before tourists internationally have the disposable income to visit Las Vegas. Due to vast losses from businesses being closed, which will continue indefinitely, Nevada can expect an influx of bankruptcy filings from individuals and businesses alike. The Nevada Dept of Tourism will really need to rally to get things back to Pre COVID-19 times.
If you are struggling financially, you don’t have to wait for the stay-at-home order to be lifted to start preparing for a bankruptcy. Our Las Vegas Debt Relief office offers free consultations over the phone so you can discuss your options with an experienced professional. Additionally, our attorney has been doing bankruptcies since long before the spread of coronavirus, and will continue long after it ends. Take the first step towards a financial clean slate and schedule your consultation today.
Our Nevada debt relief team and Las Vegas Bankruptcy Lawyer and staff are experienced in Nevada debt relief. Plus, we are expecting a surge in bankruptcy filings. We are staffed and ready for the filing increase. Contact our office today and get yourself on the road to a “Fresh Start”.