<\/p>\n
With concerts at the Sphere, Raiders games at Allegiant Stadium and Formula One racers flooring it, Las Vegas has upped its offerings outside casinos in recent years.<\/p>\n
The surge of new entertainment provides more reasons to visit Vegas, or at least more places to spend money, and boosts a segment of the local workforce. But a big question remains.<\/p>\n
Does it diversify Las Vegas\u2019 tourism-heavy economy?<\/p>\n
From a data standpoint, it doesn\u2019t, as entertainment jobs are part of Las Vegas\u2019 already-dominant leisure and hospitality sector. Experts who track the local economy say that more shows, sporting events and the like diversify and enhance the region\u2019s main industry.<\/p>\n
But they had differing views on whether this makes Southern Nevada, with its track record of economic booms and busts, more resilient to a broader slowdown \u2014 a pressing issue yet again this year as tourism <\/a>slumps<\/a>.<\/p>\n David Schmidt, chief economist with the Nevada Department of Employment, Training and Rehabilitation, said the question of whether increased entertainment helps insulate the economy can be viewed in a few ways.<\/p>\n On the one hand, it further diversifies the tourism sector, and with more shows and bigger venues, Las Vegas can host events that have more sustained demand.<\/p>\n For instance, fans may view a blockbuster concert in Vegas as a once-in-a-lifetime opportunity and travel here for the show.<\/p>\n On the other hand, Schmidt indicated, this still boils down to a type of spending that people can easily cut if they need to save money.<\/p>\n Tourism drop<\/span><\/p>\n Southern Nevada has long relied heavily on visitors traveling here to spend big eating, drinking, partying, gambling and going to shows and conventions to fuel the economy. With tourism sliding this year, America\u2019s gambling mecca is again feeling the effects.<\/p>\n Around 22.6 million people visited Las Vegas this year through July, down 8 percent, or a drop of almost 2 million people, from the same seven-month stretch last year, according to the Las Vegas Convention and Visitors Authority.<\/p>\n Amid the slowdown, Las Vegas shed 4,300 jobs<\/a> last month, and consumer spending has tumbled<\/a> in some key ways, according to state data.<\/p>\n Las Vegas consultant John Restrepo, founder of RCG Economics, noted that entertainment has long been part of Southern Nevada\u2019s DNA and enhances the tourism experience.<\/p>\n But it does \u201cvery little, if anything\u201d to make the economy more resilient, he said.<\/p>\n Restrepo noted that Las Vegas is an economically volatile area and that it needs to become less reliant on discretionary spending if it wants more stability.<\/p>\n