Posts Tagged With: Las Vegas economy

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cityscape of Las Vegas from top view in Nevada, USA

It appears Nevada’s tourism economy is out of the woods now after several industry-related reports—from casinos to airlines—show increased earnings and plans to resume pre-pandemic services.

A press release from the Nevada Gaming Control Board released on Wednesday, March 30, 2022, shows a significant increase in casinos gaming win of over $1 billion for a 12th straight month, which is an essential indication of the state’s economic health.

Per the report, nonrestricted gaming licensees in Nevada earned total house winnings of $1,113,148,010 for February, a 44% increase compared to the same month last year. The state brought in almost $59 million in casino taxes, a 34% increase from last year’s numbers.

However, the total earnings of $1.1 billion for February from 433 casinos statewide was below the record of $1.36 billion in July last year.

The reports also show that sports pools won an estimated $31 million, with February setting a record number of sports bets. Sportsbooks logging in over $1 billion in bets four straight months has ended with $781 million wagered.

Meanwhile, Harry Reid International Airport disclosed that on Tuesday, March 29, 2022, 16 airlines would start nonstop flights to several cities in international destinations such as Canada, Netherlands, Mexico, Germany, United Kingdom, Switzerland, and Panama.

The airport also detailed that passenger traffic in February has doubled compared to last year, with an estimated $3.3 million in arriving departing passengers. The number is 13.5% lower than the 3.8 million travelers in February 2020.

At the same time, a report from Las Vegas Convention and Visitors Authority released on Wednesday stated that the number of tourists in the city has significantly climbed to 2.6 million from last year’s 1.54 million. Although the report noted that the increase is still low by more than 21% compared to the total number of travelers in February 2020 before the coronavirus pandemic started.

Moreover, unemployment figures, per the state’s Department of Employment, Training, and Rehabilitation, indicate the statewide jobless rate last month hit 5.1%, a positive development from 30.1% recorded two months after coronavirus closures.