Zona de Azar USA – New Report Shows Nevada Tourism Boosts State’s Economy with $90 Billion in 2022
USA.- April 25th 2023 www.zonadeazar.com The Nevada Resort Association released a report showing the state’s tourism industry generated more than $90 billion in economic activity in 2022 and shows no signs of slowing down.
The 100-page Nevada Gaming Fact Book, which comes out every other year and has been renamed The Facts, reported tourism supports 386,200 jobs – 27% of the state’s total employment. That totals $21.4 billion in wages and salaries worth $90.7 billion in total economic impact – some 43% of the state’s total gross domestic product.
Tourism generates 35% of the state’s general fund, paying $2.1 billion in industry-specific taxes and fees, more than any other industry. According to the report, the industry’s contributions ensure lower taxes for Nevadans by reducing each household’s tax burden by approximately $2,700.
The gaming industry had $14.6 billion in gaming revenue in fiscal year 2022, and current or planned major tourism-related capital investment projects amount to $23 billion. That includes $20 billion in Southern Nevada and $3 billion in Northern Nevada.
The Resort Association retained Applied Analysis, a Nevada-based economic research and analysis firm, to compile data and produce the report.
“While certain key tourism indicators have not returned to peak levels, such as visitor volume, convention attendees, hotel occupancy and others, significant gains have been made since March 2020 which has propelled Nevada’s broader economic recovery,” according to the Resort Association.
The report demonstrates in detail how the gaming and tourism industry drives the state’s economy and is foundational to Nevada’s quality of life, said Ellen Whittemore, chair of the Nevada Resort Association Board of Directors.
“As the state’s largest employment generator, biggest taxpayer and source of nearly $91 billion in economic activity, a strong resort industry lifts other businesses, creates more jobs, assists community organizations and is fundamental in ensuring our state thrives. In addition to being Nevada’s economic engine, the resort industry is equally proud of our leadership in corporate social and environmental responsibility,” Whittemore said. “As outlined in the report, our industry is dedicated to making positive contributions that help Nevadans now and in the future.”
Nevada’s tourism industry not only boasts the largest number of employees in the state, it also insures the largest number of employees. The resort industry spends more money on health insurance premiums than any industry in Nevada. In fiscal year 2022, Nevada’s resort industry paid $6.7 billion in wages, salaries and benefits.
Room tax revenue supports public education initiatives and school construction, transportation projects, local government projects such as parks, promoting tourism, and the Las Vegas Stadium Authority.
Since 2000, $1.6 billion in Southern Nevada room tax funding has been dedicated to school construction for the Clark County School District. That amount is enough to fund the construction of 48 elementary schools. In addition, Clark County room tax has generated approximately $1 billion for transportation projects since 2000, according to the report.
The report also highlights the significant ripple effect the industry has on other businesses supplying goods and services to the resort industry. It also evaluates the induced impact of spending in the community by hospitality employees.
The Facts includes information on the corporate social responsibility work of Resort Association members. Resort companies donate millions of dollars to local nonprofits each year, support and promote employee volunteerism programs and provide in-kind donations of much-needed goods and services to organizations in need.
Edited by: @MaiaDigital www.zonadeazar.com
