New Report Shows the Destination Surpassed Its Previous Record by Over
Twenty Percent
LAS VEGAS (APRIL 11, 2023)
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 in 2022, a 24.7 percent increase from the
previous record set in 2019. The Annual Economic Impact of Southern
Nevada’s Tourism Industry report outlines the economic impacts associated
with the region’s tourism industry and convention travel, including
visitor spending on rooms, dining, shopping, sports, and 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 favorite location for pent-up
travel demand. Visitor spending in 2022 hit an all-time high of $44.9
billion, exceeding pre-pandemic levels. Total spending by visitors in
2022 outpaced the prior year by 24.4 percent and the 2019 total by 21.8
percent.
“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,” said Steve Hill, CEO and president of the
LVCVA. “We’re proud of this city and this industry and know that the
upcoming offerings in the destination will add to that success.”
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, the total impacts
reached an estimated 358,880, a 21.3 percent increase over the prior
year.
“As we emerged from the pandemic, our consumer research made clear it
was the perfect moment for us to capitalize on pent-up travel demand,”
said Kate Wik, chief marketing officer of the LVCVA. “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.”
The report’s findings are based on data sourced from the LVCVA; the
Nevada Department of Employment, Training, and Rehabilitation; Nevada
Gaming Control Board; Clark County School District; 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, 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 percent rise in per-trip visitor spending
compared with 2019.
* Per-trip visitor spending climbed to an all-time high of $1,156 in
2022, 3.3 percent higher than 2021.
For more information on Las Vegas travel and tourism, visit lvcva.com
[4].
ABOUT THE LVCVA
The Las Vegas Convention and Visitors Authority (LVCVA) is charged with
marketing Southern Nevada as a tourism and convention destination
worldwide and with operating the 4.6 million-square-foot Las Vegas
Convention Center (LVCC). With more than 150,000 hotel rooms and more
than 14 million square feet of meeting and exhibit space in Las Vegas
alone, the LVCVA’s mission centers on attracting leisure and business
visitors to the area. The LVCVA also owns the Las Vegas Convention
Center Loop was designed and operated by The Boring Company which also owns
the Las Vegas Monorail, an elevated 3.9-mile system with seven stops
throughout the resort corridor. For more information, go to
www.lvcva.com [5], www.visitlasvegas.com [6] or
www.vegasmeansbusiness.com [7].
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