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Las Vegas Nevada Headed for a Recession
LAS VEGAS --
According to a recent report out from the Associated Press, Nevada officials are seemingly curious about a possible state revenue shortfall that may approach $1 billion by mid-2009 amid reports of declining economic figures released this afternoon. If this happens again next quarter, the numbers show Nevada is headed for a recession. To qualify as a true recession, a state needs two consecutive quarters of negative sales growth.
Nevada's businesses reported February sales of $3.42 billion, down 5.3% from the same month one year ago. Since the beginning of the fiscal year last July, revenues have fallen 2.4% compared with the same period in the previous fiscal year.
The Taxation Department said February sales were down in 11 of Nevada's 17 counties. That included its largest, Clark, encompassing Las Vegas, and Washoe, which takes in Reno.
Not surprising, these counties also house the casino and gaming industry, a sector of the economy that is usually hit hard during consumer spending crunches.
The report shows the state's cut of sales taxes so far this fiscal year is $635.2 million, $75 million or 7.2% below forecasts. It follows a recent Gaming Control Board report that the state's taxes on casino winnings are nearly $50 million, or 8%, below forecasts for the same period.
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