The Economic Performance of Las Vegas: Shaping Culture and Identity Through Economic Policy

The broad economic issues that Las Vegas currently faces pose an interesting and complex situation. The main economic businesses are unable to sustainably support the rest of the local economy. A lack of diversity in industries in Las Vegas has led to a singular focused strategy followed by local policy initiatives. This main issue is also its major draw point and focus of the city’s tourism. Las Vegas focuses heavily on gambling and the entertainment industry. This creates a difficult situation to solve. The framework for creating a more diverse and effective local economy focuses primarily on how to manage the already existing factors of production, and the organization of how those factors impact the human dimension. Our research reflects the fact that the factors of production, primarily the existing infrastructure involved in the entertainment industry, provide a beginning of the ability to change policies. To solve these issues, we recommend two main policies. The first policy is to connect universities and research to regional growth. The second policy is to invest in a cultural economy initiative, supporting the creative class within Las Vegas. These policies will be effective and specifically catered to the people of Las Vegas, who will keep their identity and create a space of growth in their community.