Las Vegas, the ultimate city of numbers, is facing staggering losses due to the pandemic last year.
In a report commissioned by Applied Analysis for the Las Vegas Convention and Visitors Authority, the city lost $ 34 billion in tourism impact due to the COVID-19 pandemic
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“Compared to recent recessions, the extent of the COVID-19 recession was unprecedented in its depth and speed,” the report’s executive summary reads.
The $ 34 billion loss in 2020 is more than half of what tourism brought to Las Vegas the previous year. The economic impact of tourism in 2019 was $ 63.6 billion for the city; Last year, it was down to $ 29.6 billion in 2020, down from $ 63.6 in 2019.
Vegas, like many other tourist destinations, was known to have suffered shocking losses from the pandemic, but it’s still breathtaking to see this on paper.
“The COVID-19 pandemic has left an indelible mark on the southern Nevada tourism industry and the wider regional economy,” the authors noted.
In fact, another breakdown shows how shocking it was. Direct visitor spending decreased from $ 36.9 billion in 2019 to $ 17.6 billion in 2020. Suppliers and suppliers spent just $ 4.9 billion in Las Vegas last year, compared to $ 11.4 billion the previous year. And employee spend was $ 7 billion in 2020, down from $ 15.4 billion in 2019.
“The heavy reliance of Southern Nevada’s economy on the tourism industry made it particularly vulnerable to the COVID-19 pandemic and its impact on restricting travel, dining and other activities that involve large gatherings,” it said Report.
Almost a third – just over 28 percent – of all jobs in Las Vegas are tourism-related. More than 125,000 jobs were lost as a result of the pandemic.
