Casinos in Nevada have employed more residents than other local industries. The gaming sector thrived in 2020 despite upholding COVID-19 restrictions. But resorts have resumed their operations as they seek extra help.
The Nevada Department of Employment, Training, and Rehabilitation (DETR) recently released a report showing that unemployment in the state reduced to less than 5 percent last month. This is the first time that Nevada has a below 5 percent unemployment rate since the Coronavirus outbreak.
DETR stated that Nevada’s unemployment level in May dropped by one-tenth of a percent compared to that of April, which was 4.9 percent. But it employed 96,300 more residents in May 2022 compared to May 2021.
The Silver State’s hiring spree is mainly a result of the booming gaming industry as Las Vegas created 4,800 jobs last month. It has brought back or hired over 86,100 people in the past year as the Reno region added 800 vacancies in May.
Nevada’s casinos generated more than $1 billion per month in the last 14 months. Reports state that there has been an increase in demand for exciting casino games since 2020 thus earning the over 200 local casinos a steady income.
Nevada’s Gaming Industry Has Recovered and Is Focusing on Expanding
David Schmidt, DETR’s Chief Economist, stated in a recent release that the Silver State’s job market is performing better than it did before the global health crisis. He said that the state is currently transitioning from recovery to economic expansion.
Schmidt adds that most of the expansion is from its gaming industry, which is the biggest in the United States. The industry’s employment rebound has partly contributed to this growth as it witnessed an increment in revenue in 2021.
The economist said that Las Vegas has outperformed other metropolitan areas in the country as Nevada has the most successful casino sector. But other sectors aren’t performing well like gaming as some enterprises are downsizing their staff.
DETR revealed that Nevada’s hospitality and leisure industry created more than a thousand employment opportunities in May 2022. The state added 2,600 jobs last month.
So, its 4.9 percent unemployment rate in May was above the 3.6 percent national average. The state had an unemployment rate of 4 percent for most of 2019.
The State’s Job Market Might Slow Down
The Coronavirus pandemic hit Nevada hard as it caused many job losses as it largely depends on convention businesses, tourism, and leisure. Even so, the soaring inflation rates will force some players to review their expenditures and spend less money on casino games.
Bill Adams, Comerica Bank’s Chief Economist, states that Nevada’s hospitality sector is prone to inflation. He adds that the number of available jobs will drastically reduce if the Federal Reserve fails to control inflation thus resulting in recession.
The economist stated in an interview with The New York Times a few days ago that businesses like hospitality are witnessing a reduction in their margins. Besides, the demand for some of their products has reduced thus prompting them to make few job postings. But, casinos in Atlantic City, California, Nevada, and Virginia will continue hiring more workers.
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