Tourist Spending In Las Vegas Breaks The Record
Tourist spending in Las Vegas continues to rise. In fact, figures released earlier this week by the Las Vegas Convention and Visitors Authority (LVCVA) confirm that the previous record set in 2019 was surpassed in 2022.
Tourist Spending In Las Vegas Hits All-Time High
According to an article written by Bryan Horwath on KTNV.com tourist spending in Las Vegas reached $45 billion dollars last year, beating 2021 by 24%. 2022 figures surpassed the previously held record from 2019 by 22%.
Moreover, the economic impact of all this visitor spending in our region is substantial. We also broke the previously held record from 2019 by 25%, with totals exceeding $79 billion dollars. It looks like our city remains one of the top tourist destinations in the United States. Furthermore, and business has bounced back since the COVID-19 pandemic shutdowns.
However, per the LVCVA report, visitor volume and convention attendance last year did not exceed previously held records. It may take more time to pass before more of the population feels safe enough to travel here and be amongst the big crowds.
As a matter of fact, there are more positives to consider in the LVCVA historic report. For example, our city and county did set more records in Room Inventory, Room Tax Collections, and Gaming Revenue. Furthermore, Clark County casinos did over $12 billion dollars in gaming revenue in 2022. All in all, that is quite impressive. You can track all of these figures since 1970 in the LVCVA report by CLICKING HERE.
Horwath’s article on KTNV.com goes on to confirm that the tourism industry here in Southern Nevada is still the largest employer. An estimated 230,000 people of our total population are employed by these businesses. Of course, everyone now knows the casinos are making big profits again. So, employees will want to see some of that cash trickle down to the workers and their families.
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