COVID-19's Economic Toll on Nevada's Resort Industry
In addition to health and safety implications COVID-19 presents, the Nevada Resort Association has also been closely monitoring the economic consequences the virus poses to Nevada’s economy. NO OTHER STATE IN AMERICA DEPENDS ON TRAVEL AND TOURISM AT THE MAGNITUDE NEVADA DOES.
As the state’s No. 1 industry, we are the largest employer, the largest taxpayer and the economic foundation the state thrives upon. Briefly, Nevada’s tourism industry is responsible for:
- 40% of Nevada’s General Fund revenue
- Supporting more than 450,000 jobs (one in three jobs in Nevada)
- $20 Billion in wages and salaries annually
- $1.8 Billion in industry-specific fees and taxes
- $75 Billion in annual economic output (45 percent of the state’s aggregate output)
The virus is causing an unprecedented economic situation that will have severe financial ramifications for individuals, families, businesses and state and local budgets across the state. We’re working with Nevada’s Congressional Delegation to secure critical relief and recovery assistance from Capitol Hill. Nevada simply cannot be left behind.
While each passing hour brings new challenges for our country and our state, working together, we’ll get through it.
The following documents provide insight into COVID-19’s financial impact on Nevada’s largest industry.