Nevada Resort Association: State could lose $38.9 Billion in economic activity due to coronavirus

Published: Mar. 24, 2020 at 11:30 AM PDT
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A group that represents Nevada's casinos is urging State Congressional leaders to help the industry that was forced to shut down.

The Nevada Resort Association (NRA) sent a letter urging action. The letter stated the impact isn't being felt yet because companies are making payroll and funding employee health benefits, while their businesses are shut down.

But the group says a long-term closure, could push Nevada's unemployment rate above 30 percent.

Earlier this month, Governor Steve Sisolak ordered casinos to close for 30 days to stop the spread of coronavirus.

The NRA President and CEO Virginia Valentine says event cancellations in March and April have already cost $2 billion.

"No other state in America depends on travel and tourism at the magnitude Nevada does,” said Valentine. “Nevada depends more on tourism than Alaska does on oil; Wyoming does on coal mining; or, New York City does on the financial sector."

A financial impact report done for the group estimated if the closure of the casinos is between 30-90 days, the recovery period could be 12-18 months and that would result in a $38.9 billion loss of economic activity over that period.

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