Summary
- The Nevada Gaming Fact Book revealed the recent boom in tourism for the state.
- The total economic impact for Nevada came in at $90.7 billion.
- Tourism generates 35% of the general fund for Nevada.
The state of Nevada continues to be a hot spot for locals, national travelers, and international guests. Players from around the world love to visit the area of Las Vegas and Reno in particular to enjoy casino gaming, fine dining, and other entertainment.
The Nevada Resort Association just revealed the findings from its “Nevada Gaming Fact Book“, showing the state generated over $90 billion in the economy for 2022 due to tourism. This was around 43% of the total gross domestic product for Nevada.
Details of the 100-Page Report
The impact report is released every other year, with the title changed to The Facts. The report shows 386,200 jobs which is around 27% of the total employment for the state. This equals $21.4 billion wages and salaries valued at over $90 billion in economic impact. Tourism in the state brings around 35% in payments to the general fund and $2.1 billion in offered in industry-specific tax payments. This amount helps to lessen the tax burden of Nevada residents by $2,700.
The gaming industry saw earnings for the 2022 fiscal year reach over $14 billion and capital investment projects for tourism at $23 billion. The amount is split with $3 billion going to the northern portion of the state and the remainder to the southern portion.
The Resort Association uses a local research company known as Applied Analysis to help with the data and reporting. The overall report shows how the gaming and tourism industry are the driver behind the economy of the state and the foundation of which residents enjoy their quality of life.
The Economic Engine for Nevada
The report clearly shows by the gaming industry and tourism is the economic engine for Nevada. The industry is the largest generator of employment, the largest taxpayer and helps to boost other businesses. The industry creates more jobs, helps community organizations, and is essential to the overall quality of life in the state.
The state benefits in many ways from the gambling industry, including via room tax payments. Room taxes help to support public education, the construction of schools, local government projects, and transportation projects.
The Southern Nevada room tax has been instituted since 2000 and in that time has provided $1.6 billion in payments. This amount could help construct four dozen elementary schools.
Overall, Nevada is doing quite well and its nice to see the tourism industry booming once again, particularly after the COVID-19 pandemic having a negative effect on tourism for several consecutive years.
About the Author
