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Las Vegas has once again set records, proving itself a profitable destination indeed. According to a study conducted by Las Vegas-based Applied Analysis, the generated economic activity that was worth $59.6 billion came as a result of the higher spending per person in the region. This included the money spent by tourists as well as that of the employees in the tourism industry, including the indirect impact on suppliers.
A significant portion of the rate mentioned earlier are direct spendings from visitors; $35.5 billion accounts for bills on Las Vegas rentals, tours, souvenirs, and food. This has seen an increase of 16% compared to that of 2015. It was noted that the total number of visitors only increased by 1.5 percent. Most of these came to Las Vegas for a business visit.
Stats show that visitors spent $827 while in Vegas in 2016. According to Applied Analysis analyst Jeremy Aguero, the business travellers were inclined to spend more, which has helped increase the figures.
While the gambling metropolis continues to rake in some cash in its tourism sector that included Las Vegas rentals, Aguero admitted that the city lacks a lot in terms of diversification. He says Las Vegas’ economic prowess mainly comes from the tourism sector. While this may be so, he did say that it’s still a good thing nonetheless; the said industry continues to provide jobs for its citizens.
On another note, Aguero’s claims may be a thing of the past sooner than expected. Faraday announced in 2015 of its plans to build a plant in Nevada. This is expected to be fulfilled this year, where reports say that this will create about 4,500 jobs for the locals.
Will the future of Las Vegas come to see a showroom full a new breed of electric cars? Whether this will come to pass or not, Las Vegas remains one of the most interesting places to visit on earth.