LAS VEGAS (FOX5) -- The Las Vegas tourism economy suffered about a $34 billion loss as a result of COVID-19, a new study found.
The findings were detailed in a new report by Applied Analysis for the Las Vegas Convention and Visitors Authority. The total economic impact of the pandemic on the tourism industry was estimated at $34 billion when accounting for direct visitor spending, suppliers and vendors and employee spending. It marks a 53.5% cut to the economy from 2019 to 2020.
"The economic impacts of tourism in Southern Nevada are driven by the spending from visitors on rooms, dining, shopping, local transportation and other activities and amenities during their stays," the report reads. "That spending directly supports a significant amount of employment, wages and economic activity."
The report also showed that the Las Vegas tourism industry suffered great employment loss; the industry lost more than 125,000 jobs, or about a third of the workforce.
"The COVID-19 pandemic left an indelible imprint on the Southern Nevada tourism industry and the broader regional economy," the report said. "Compared to recent recessions, the COVID-19 recession’s magnitude was unprecedented in its depth and speed."
According the the report, the only industry to completely rebound, even exceeding pre-pandemic levels, was trade, transportation and utilities as of March 2021. The leisure and hospitality industry was still down 30% from before the COVID-19 pandemic.