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Las Vegas is home to over 60 different casinos, many of which are also part of famous resorts that accept guests from all over the world. All this makes Las Vegas the capital of gambling, and it’s the primary reason why so many people flock to this city. Located in the middle of a desert, it’s a true testament to what people can create if they make it a goal.
Many would think that the popularity of online casinos would lower the revenue of Las Vegas in general, however, that has not happened. No matter if we’re talking about US online casinos or offshore casinos, people still love the live-action that they can experience in Las Vegas.
Additionally, with responsible gambling in place, many would think that this would also gradually lead to a lower number of gamblers in Las Vegas. Fortunately, that didn’t happen. In fact, regulatory bodies that give more control to players make the whole gambling industry a safer place. A great example is Gamstop, which gives people more freedom when they’re gambling online. Companies that comply with this tool permit players to self-exclude from gambling for longer periods of months. However, there are also casinos not on Gamstop, meaning that they are not included in the self-exclusion scheme. These platforms often feature a wider selection of games, generous bonuses, and varied payment options, providing players with enhanced flexibility and entertainment. Additionally, the potential for increased anonymity and privacy, coupled with responsive customer support and innovative gaming software, contributes to the appeal of casinos not on Gamstop for certain players. No matter what kind of experience players from around the world enjoy online, they end up in Vegas because it’s the unique feel of being in the capital of gambling that makes all the other online adventures fade in comparison. Let’s take a look at the importance of gambling for Las Vegas and what the statistics tell us.
The Importance of Gambling for Las Vegas
Every city around the world has its sources of revenue. Many have historically significant venues worth visiting. Others are homes to amazing museums or great nightlife experiences. Those rich in nature attract millions of people by default. For Las Vegas, that unique thing is gambling. At the core of the city’s and Nevada state’s annual revenue figures are casinos, resorts, and sportsbooks that passionate gamblers can find in the city. If that were to change, it would have a hugely negative impact on the economy of Las Vegas.
Therefore, the importance of gambling for Las Vegas is immense, and statistics prove that.
Statistics
When it comes to important statistics, the most important ones are:
- Tax revenue
- Employment
- Tourism
- Infrastructure investments
- Local businesses
Let’s explore each of these points in greater detail and back them up with some facts.
Tax Revenues
With a flat tax rate of 6.75%, the state of Nevada has the lowest tax on gambling in the United States. Still, as it’s the state with the highest revenue figures, going well above $10 billion annually, the state manages to take home a big amount of money. However, that’s not all, gamblers who enjoy visiting Las Vegas also drive revenue in other industries, which results in more tax dollars staying in Nevada.
Employment
Gambling plays a huge role in employment in Las Vegas. It is responsible for 386,000 jobs. These are some impressive figures that translate into billions of revenue for the state, allowing it to flourish steadily. It’s safe to assume as the pre-pandemic numbers are exceeded, the industry will be responsible for more jobs in the future.
Impact on Tourism
Las Vegas is among the biggest tourist locations in the United States. People from all the states enjoy visiting, but as the city has become known globally, people from all over the world visit. The result? Over 90 billion dollars in total output, according to the Nevada Resort Association. Those are annual figures, which are a clear indicator of the positive effect that gambling has on the city and the whole state.
Investments in Infrastructure
As billions of dollars are poured into the capital of gambling, a big percentage of those funds end up in countless infrastructure investments. The latest plans include $4 billion in investments in roads and broadband, allowing the city to expand further and attract more people.
Impact on Local Businesses
The local businesses are flourishing. All the visitors from different parts of the world who come to experience the lavish lifestyle are ready to spend money. This positively impacts local businesses, as visitors are ready to spend money.
Total Gaming Revenue 2023 (GGR)
If you’re wondering how much revenue comes through Vegas because of gambling, here are some quick numbers for 2023. The total gaming revenue Las Vegas, Nevada, for 2023 was $15.5 billion. These are record-setting numbers, as the revenue has surpassed pre-pandemic levels. When it comes to GGR, it’s on a growth trajectory, sitting at $1.43 billion. These are promising numbers, pointing to even better results in 2024, as it’s the election year.
Revenue Comparison with Previous Years
Las Vegas gambling revenue was on a rising trajectory until the pandemic hit in 2020. The strict regulations had a huge impact on the economy and significantly impacted the revenue numbers for 2020 and onwards. Last year was the first one to not only get back to the pre-pandemic levels, but to surpass them greatly. The growth trend will most likely continue in the coming years.
