A new report from the Las Vegas Convention and Visitors Authority (LVCVA) revealed total economic output related to visitor spending reached a record $79.3 billion/ £69.7 billion in 2022, a 24.7% increase from the previous record set in 2019. The annual Economic Impact of Southern Nevada’s Tourism Industry report outlines economic impacts associated with the region’s tourism industry and convention travel, including visitor spending on rooms, dining, shopping, sports, local transportation and other activities and amenities.
Las Vegas, as a tourist destination, has experienced dramatic growth in recent years with the addition of new resort properties, expanded convention and meeting space, professional sports teams, and new venues such as Allegiant Stadium. Following the disproportionate impacts suffered by tourist destinations like Las Vegas during the pandemic, Las Vegas demonstrated a strong rebound as a favourite location for pent-up travel demand. Visitor spending in 2022 hit an all-time high of $44.9 billion/ £39.5 billion, exceeding pre-pandemic levels. Total spending by visitors in 2022 outpaced the prior year by 24.4% and the 2019 total by 21.8%.
“These results are a powerful testament that what we do in concert with our resort partners to market this destination has an undeniable impact on our community. We’re proud of this city and this industry and know that the upcoming offerings in the destination will add to that success.” said Steve Hill, CEO and president of the LVCVA.
The report also notes that Southern Nevada’s tourism industry remained the largest regional employer in 2022, directly employing an estimated 229,440. With direct and indirect impacts included, total impacts reached an estimated 358,880, a 21.3% increase over the prior year.
“As we emerged from the pandemic, our consumer research made clear it was the perfect moment for us to capitalise on pent-up travel demand. We’re thrilled to see not only the strong rebound in visitation, but also the significant impact our visitors have on our state’s economy.” said Kate Wik, chief marketing officer of the LVCVA.
The report’s findings are based on data sourced from the LVCVA; the Nevada Department of Employment, Training and Rehabilitation; the Nevada Gaming Control Board; Clark County School District; the Nevada Commission on Tourism; and the Bureau of Economic Analysis. The report was compiled and presented by Applied Analysis on behalf of the LVCVA.
Other key findings include:
• The total economic output related to visitor spending in 2022 (including direct, indirect and induced impacts) reached an all-time high of $79.3 billion/ £69.7 billion, equivalent to about half of the region’s gross economic output.
• Despite 2022’s 38.8 million visitation tally falling 3.7 million visitors short of the 2019 visitation total, overall spending increased dramatically due to a 33.4% rise in per-trip visitor spending compared with 2019.
• Per-trip visitor spending climbed to an all-time high of $1,156 /£1,016 in 2022, 3.3 percent higher than 2021.
