Las Vegas, Nevada 2021-07-30 09:17:00 –
Las Vegas (FOX5)-Las Vegas’ tourism economy suffered a loss of approximately $ 34 billion as a result of COVID-19.
The findings are detailed in a new report from Applied Analysis of the Las Vegas Convention and Visitors Authority. The total economic impact of the pandemic on the tourism industry was estimated at $ 34 billion, taking into account direct visitor spending, suppliers and vendors, and employee spending. It shows that the economy was reduced by 53.5% from 2019 to 2020.
“The economic impact of tourism in southern Nevada is driven by spending from visitors to rooms, meals, shopping, local transportation and other activities and facilities during their stay,” the report said. “The spending directly supports a significant amount of employment, wages and economic activity.”
The report also showed that the Las Vegas tourism industry is suffering from major job losses. The industry has lost more than 125,000 jobs and about one-third of its workforce.
“The COVID-19 pandemic has left an indelible mark on the tourism industry and the wider regional economy in southern Nevada,” the report said. “Compared to the recent recession, the magnitude of the COVID-19 recession was unprecedented in its depth and speed.”
According to the report, the only industries that fully recovered beyond pre-pandemic levels were trade, transportation and utilities as of March 2021. The leisure and hospitality industry is still down 30% from before the COVID-19 pandemic.
Read the full report here
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