Like Atlantic City, Nevada took a major economic hit from the coronavirus pandemic, in part because of its reliance on a hospitality industry that got hammered.
So it should come as no surprise that data from the U.S. Treasury Department revealed more than 42,000 loans issued to businesses in the state, with some of the largest recipients of more than $4 billion in loans going to the hospitality industry.
The pandemic impact has created a major budget crisis and one of the highest unemployment rates in the country. Full-service restaurants received between $138 million and $260 million in loans from the Paycheck Protection Program, according to the Associated Press.
Casino resorts obtained from $42 million to $98 million in loans; non-hotel casinos got between $32 million and $72 million. Strip clubs and other night spots also got a helping hand of up to $1 million per spot. The Wild Horse Saloon, a restaurant attached to the Mustang Ranch brothel owned by Lance Gilman, obtained a loan for as much as $350,000.
The $659 billion PPP program helps smaller businesses stay open and keep their workers employed during the pandemic. Taxpayer money will pay off the loans if borrowers use them on payroll, rent and similar expenses.
