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Nevada today and in the 1990s
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2004-01-05
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Nevada used to be one of the richest, growing, and glamorous countries in the 1990's.
Its economy was at its peak and today everything looks so different�
Next month an annual Comprehensive Financial Report will be issued by the state Controller Kathy Augustine and it will include an entire scan on Nevada in a comparison to how it was and the way it is today.
By the report, the growth in Nevada will go beyond the national growth rate.
From the report: "a key development will be the degree to which the recent peak in tourist and gaming trends can be kept.
luckily, sustained growth in the gaming business, especially in Southern Nevada, is recounting."
The person who started the whole thing is Steve Wynn, which had a vision and a gut feeling and he took a chance to make his dream come true.
He started with the old Desert Inn and opened several more resorts�after several years the gaming industry expanded like crazy
The gaming win in the state fell by 3.1 percent in fiscal 2002 but inched up by 1.5 percent in fiscal 2003 that ended last June, the report said.
Augustine said that Global Insight, a firm under contract with the state, is forecasting average annual job growth of 3 percent in the 2003-2005 period and 2.5 percent during the three-year period following that.
"The reason for the increase has a lot to do with the regulators and their corporation in the matter, then and today" She said.
Personal income is supposed to grow an average of 6.1 percent during 2005 and by 6.8 percent from 2005 to 2008, setting it at the top among all states.
"While a return to the tremendously powerful growth of the 1990's is not probable, economic movements in Nevada are still anticipated to be quite exciting, both in absolute terms and relative to the rest of the nation."
MGM Mirage of Las Vegas dominates the state in evaluated property hooked at $2.1 billion on its options followed by Park Place Entertainment Corp. at $798 million; Mandalay Resort Group at $694.5 million; Nevada Power Co. at $629.4 million and real estate developer F.S. Rouse LLC at $490.5 million. Assessed value is 38 percent of full cash value. In fiscal 2003, the report said 39.9 million travelers turn up and leave Nevada's airports.
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(By Liat)
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