Las Vegas sets new record with $79.3B in spending during 2022, according to LVCVA report

A new report by the Las Vegas Convention and Visitors Authority (LVCVA) revealed that tourism recovery in the popular gaming town has progressed beyond 2019 levels as the total economic output related to visitor spending reached a record $79.3 billion in 2022, a 24.7 pc increase from the previous record set in 2019.

The data was released as part of the annual Economic Impact of Southern Nevada’s Tourism Industry report, which also 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.

According to a press statement by LVCVA, after having to shut down all its operations because of the pandemic, the city is back where it was before the outbreak. "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 the statement.

Steve Hill, CEO and President of the LVCVA

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, according to the report.

As per the LVCVA report, following the disproportionate impacts suffered by tourist destinations like Las Vegas during the pandemic, the city 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 pc and the 2019 total by 21.8 pc.

Kate Wik, Chief Marketing Officer of the LVCVA

"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. We are thrilled to see not only the strong rebound in visitation but also the significant impact our visitors have on our state’s economy," commented Kate Wik, Chief Marketing Officer of the LVCVA.

See the Annual Economic Impact of Southern Nevada’s Tourism Industry Study here.