LAS VEGAS (KSNV & MyNews3) -- The huge Citibank campus was a key piece of the expansion of Las Vegas out west 25 years ago.
The recent announcement that the company's mortgage processing center in The Lakes area is eliminating 760 jobs is bad news for that area.
Some say the layoffs will have a ripple effect on neighboring businesses.
“It was beyond the edge of town at the time they came out there and anchored maybe the first large scale, master planned community, the Lakes at Sahara,” said Las Vegas councilman Bob Beers.
More than two decades ago, Citibank’s headquarters laid the future foundation for the city's expansion toward what would become Summerlin.
Las Vegas councilman Bob Beers says back in the 1980s, the massive facility was on the edge of town.
“It was a long time ago but this was pointed to as a major development in our Valley,” Beers said.
But that development is now downsizing after more than two decades.
Now 760 people are out of a job and Beers says the layoffs will likely have impact on nearby businesses.
“They’ve been hanging on by their fingernails for years now and for those right around the neighborhood this will be a tough blow to absorb,” Beers said.
We contacted several restaurants near the facility, and they say the layoffs will take a bite out of the lunchtime business rush.
Dennis Perea, deputy director for the department of employment training and rehabilitation calls it the ripple effect.
Not only does it affect those 760. it effects the economy as a whole,” said Dennis Perea with the Department of Employment, Training & Rehabilitation.
Parea also says these layoffs are a punch the current workforce can't absorb.
“We're going to have to look at those comparable skills, see if there are other industries where those skills can be used,” Perea said.
-- Kelsey Thomas, KSNV News 3