A recent report released by the Las Vegas Convention and Visitors Authority (LVCVA) has unveiled remarkable economic achievements in 2022, demonstrating the city’s robust recovery from the pandemic’s impact. Visitor spending played a pivotal role in this resurgence, setting a new record at $79.3 billion, marking an impressive 24.7% increase from the previous record set in 2019.
Record-Breaking Visitor Spending:
The LVCVA’s report highlights that visitor spending in 2022 reached an unprecedented $79.3 billion, reflecting a substantial increase of 24.7% compared to the previous record set in 2019.
This remarkable growth signals a strong recovery after the challenging period brought on by the Covid-19 pandemic.
Economic Impact Overview:
The report, titled “Economic Impact of Southern Nevada’s Tourism Industry,” provides insights into the economic contributions of the region’s tourism industry and convention travel.
It encompasses various aspects of visitor spending, including expenditures on accommodations, dining, shopping, sports, local transportation, and other activities and amenities.
Post-Pandemic Rebound:
Visitor spending hit an all-time high of $44.9 billion in 2022, surpassing pre-pandemic levels by 21.8% from 2019 and by an impressive 24.4% from 2021.
This resurgence underscores the resilience and appeal of Southern Nevada as a tourist destination.
Employment Boost:
The tourism industry remained a vital contributor to the regional economy in 2022, directly employing an estimated 229,440 individuals.
When considering indirect employment, this figure rises to 358,880, marking a significant 21.3% increase over 2021.
Insights from LVCVA Leadership:
Steve Hill, CEO and President of the LVCVA, acknowledges the positive impact of marketing efforts in collaboration with resort partners on the local community.
Kate Wik, Chief Marketing Officer of the LVCVA, emphasizes the importance of seizing the opportunity presented by pent-up travel demand.
Data Sources and Reporting:
The report’s findings are derived from various sources, including the LVCVA, Nevada Department of Employment, Training and Rehabilitation, Nevada Gaming Control Board, Clark County School District, Nevada Commission on Tourism, and the Bureau of Economic Analysis.
Applied Analysis compiled and presented the report on behalf of the LVCVA.
Las Vegas’ remarkable economic resurgence in 2022, driven by record-breaking visitor spending, paints a promising picture for the city’s future. The tourism industry’s ability to rebound and surpass pre-pandemic levels showcases the enduring appeal of this iconic destination. As Southern Nevada continues to thrive as a leading tourist hub, it reinforces its position as a significant contributor to the regional economy, providing employment opportunities and enriching the lives of its residents.