Nevada’s resort and gaming industry continue to play a pivotal role in the state’s economy, with 2022 seeing remarkable contributions. The Nevada Resort Association has revealed that this dynamic sector generated a substantial $91 billion in revenue, showcasing steady growth over the past few years.
Gaming’s Share: $15 Billion Revenue
Out of the total revenue, a significant $15 billion was attributed to gaming activities, underlining the industry’s significance in Nevada. The state boasts 329 gaming locations and a total of 459 gaming licenses, reflecting a thriving and diverse gaming landscape.
Tourism’s Vast Impact: Leading Employer and Taxpayer
Nevada’s tourism sector, closely intertwined with the resort and gaming industry, stands as the largest employer and taxpayer in the state. It accounts for a substantial 27.9% of all jobs, providing employment opportunities for approximately 386,000 individuals. Furthermore, the tourism industry is a cornerstone of Nevada’s general fund, contributing a substantial 35% of its revenue.
Investing in the Future: $23 Billion for the Gaming Industry
In a forward-looking move, there are ambitious plans to invest $23 billion into the gaming industry in 2023. This includes a remarkable $20 billion earmarked for Southern Nevada and an additional $3 billion dedicated to Northern Nevada. These investments are poised to fuel growth, innovation, and job creation within the industry, further cementing its status as an economic powerhouse.
A Strong Resort Industry: Catalyst for Economic Growth
Ellen Whittemore, Chair of the Nevada Resort Association Board of Directors, emphasized the essential role played by the resort industry in Nevada’s economic landscape. Not only does it act as the primary employment generator, but it is also the largest contributor to the state’s tax base. The industry’s substantial $91 billion economic activity uplifts other businesses, generates more jobs, supports community organizations, and ensures Nevada’s overall prosperity.
Whittemore also underscored the industry’s commitment to corporate social and environmental responsibility, highlighting its dedication to making positive contributions that benefit the people of Nevada now and in the future.
Record Economic Output in Las Vegas
In Las Vegas, a report from the Las Vegas Convention and Visitors Authority (LVCVA) revealed that the total economic output related to visitor spending reached a record-breaking $79.3 billion in 2022. This represents a remarkable 24.7% increase from the previous record set in 2019, showcasing the enduring appeal of Las Vegas as a world-renowned destination.
February Gaming Revenue Surge
The positive momentum in Nevada’s gaming industry was further demonstrated in February when the Nevada Gaming Control Board reported that the state’s casinos generated $1.24 billion in gaming revenue, marking an impressive 11% year-on-year increase. The iconic Las Vegas Strip led the way, recording an 18% year-on-year surge in revenue, while Clark County as a whole experienced a 13.8% increase in revenue.
Nevada’s resort and gaming industry continue to serve as a driving force in the state’s economy, contributing billions of dollars in revenue and supporting hundreds of thousands of jobs. With substantial investments on the horizon, this vibrant industry is poised to continue its growth trajectory, ensuring that it remains a cornerstone of Nevada’s prosperity for years to come.