A newly-released report from the Nevada Resort Association demonstrated that the state’s tourism industry has made a remarkable comeback from the COVID-19 pandemic, although some elements are still not fully recovered.
The Welcome to Las Vegas sign welcomes visitors to the renowned Vegas Strip. According to the report, travel and tourism generated $90.7 billion in economic impact in 2022, higher than the $73.2 billion in 2019, the year prior to the pandemic. This equates to 43% of the state’s total GDP.
Ellen Whittemore, Chair of the Nevada Resort Association Board of Directors, commented that the report demonstrated how the gaming and tourism industry is the basis of the state’s economy and contributes to the quality of life. She added that as the state’s largest employer and taxpayer, a robust resort industry boosts other businesses, creates more jobs, and helps community organizations to thrive.
The report highlighted that the economic impact of the tourism industry goes beyond those employed in the sector. The tax revenues generated by tourists reduce the personal tax burden by about $2,700 per household.
In addition, the report noted that casinos are no longer the mainstay of the Nevada tourism industry, with resorts diversifying and providing more amenities and experiences for consumers. The $14.6 billion in gross gaming revenue generated by the state’s major non-restricted casinos in the 2022 fiscal year was an all-time high, representing 40% of total revenues, which was lower than the figure in 2021.
Visitor numbers increased 47.2% from 33.2 million tourists in 2021 to 48.9 million in 2022, but still fell 13.5% short of the all-time high of 56.5 million in 2017. Convention traffic jumped 700% from less than 550,000 in 2021 to 4.5 million last year, but remained 39.3% lower than the 7.4 million in 2007.
The leisure and hospitality sector employed 333,100 workers in fiscal year 2022, which was still below the 360,000 in 2019. Casino jobs increased from 87,700 in 2020 to 141,300 in 2022, yet the number of casino jobs had been gradually decreasing since 2014.
