The Las Vegas Strip viewed from The Cosmopolitan. (photo by Kim Banocy)
In sports, they keep track of the bottom line with the score of the game.
In Las Vegas, the bottom line is money.
And the money appears to be flowing again in Sin City.
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 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.
Tourism is Las Vegas’s bloodline and the blood is pumping just fine. After literally shutting down because of the pandemic, the city is back.
“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, in a statement.
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.
“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.”
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