Commercial Debt Collection in Las Vegas
Las Vegas, known locally as “The Entertainment Capital of the World,” is famous for its enormous casinos, hotels and associated activities. As the most populated city in Nevada, Las Vegas offers warm weather, gambling, shopping, fine dining, entertainment and wonderous nightlife (Wikipedia.org). But what does it offer economically?
The Vegas Economy
Economically, Las Vegas serves as the leading financial, cultural, and commercial center for the state of Nevada. The biggest drivers to Las Vegas’ economy are the tourism, gaming and convention industries, which positively affect the retail, restaurant, and hospitality industries. The financial statistics in Las Vegas have fluctuated over the last several years with the increase of the national US debt; casinos shut down, hotels have applied for bankruptcy, and commercial collection agencies have picked up the debt of other struggling businesses.
When people skip out on bills racked up from gambling at casinos in Las Vegas, the hotel corporations have to deal with the debt. This can run hotels into billions of dollars of debt.
In March 2020, Citigroup Inc. and Deutsche Bank AG were stuck with more than $1 billion from MGM Grand and Mandalay Bay properties in Las Vegas (Bloomberg.com). MGM Grand Resorts already carries almost $12 billion in long term.
Commercial Debt laws
As businesses like Citigroup and MGM accumulate large amounts of commercial debt in Las Vegas, commercial collection agencies get involved to collect that outstanding debt. For businesses that have commercial debt, the statute of limitations for open accounts and leases is 4 years, with 6 years for written contracts, and domestic and foreign judgments.
For more information on commercial collection laws in Las Vegas and the state of Nevada, visit psicollect.com/nevada/. Does someone owe your Las Vegas business money or outstanding debt? Contact Prestige Services, Inc., for efficient and effective commercial debt collection via (800) 523-2797 or by email at email@example.com.