US – US gaming employs more than air transportation industryBy Phil - 15 December 2014
For the first time ever, a new study conducted by Oxford Economics examines the vast, positive economic impact of the gaming industry on Nevada’s economy, including the stat that the US gaming industry employs more people than the air transportation industry.
The American Gaming Association (AGA) released the first-of-its-kind study, which measures the industry’s significant ripple effect on the supply chain, including local businesses. Oxford’s study found that Nevada’s gaming industry contributes more than $53bn to Nevada’s economy, supports approximately 425,000 Nevada jobs and more than $18.8bn in income, and generates $7.9bn in tax revenues to local, state and federal governments.
“This study shows that gaming is driving big results in Nevada,” said Geoff Freeman, President and CEO of the AGA. “However, given increased competition and changing consumer demands, our future success depends on strong partnerships with policymakers that allow us to innovate, reinvest and create more jobs.”
“The research reveals a vast industry that boosts local communities across Nevada by supporting jobs and generating customers for businesses,” said Adam Sacks, Director, Oxford Economics. “The industry also supports a wide range of government services in the state.”
According to a recent poll conducted by respected pollsters Mark Mellman and Glen Bolger, voters across the political spectrum view casino gaming more favourably than ever before. Further, the vast majority recognizes that casino gaming creates jobs, strengthens local businesses and benefits communities.
. Oxford’s study is the first-ever to analyze data from US commercial casinos, tribal casinos and gaming equipment manufacturers, presenting the most comprehensive assessment undertaken of the gaming industry’s economic impact. The study was released by the American Gaming Association as part of its Get to Know Gaming campaign.
The gaming industry is a critical component of the US economy. Nearly 1,000 casinos operate in 39 states. Americans have embraced gaming and spend more money enjoying the entertainment options casinos offer than they spend on spectator sports like football, baseball, basketball and soccer combined.
As total casino gaming revenues have reached historic highs, so have total wages paid to casino employees. In order for the gaming industry to continue serving as an economic catalyst, policymakers must work with industry leaders to create policy environments that enable their communities to better compete with other markets, and that help to maximize gaming’s ability to innovate, reinvest and contribute to local communities.
A new study by Oxford Economics makes unmistakably clear: The gaming industry is a powerful economic engine and a dynamic job creator. Oxford Economics estimates the US gaming industry contributes nearly $240 billion to the national economy almost equal to Texas’ and New York’s state budgets combined.
US casinos, including those owned by Native American tribes, generate total revenues of more than $81bn. Casino gaming revenues, $67bn, are now at an historic peak.
American gaming equipment manufacturers, which build the table games, slot machines, and other products and services on the casino floor, produce nearly $6bn in total revenues.
The gaming industry generates more than $14bn in additional consumer spending at restaurants, retail stores, hotels and other businesses.
Gaming stimulates demand among many other industries across the national supply chain. Considering these added impacts, Oxford calculates that the gaming industry also creates approximately:
Casinos are one of the largest recreational employers in America, employing more workers than the airline industry or all spectator sports. In all, the gaming industry supports more than 1.7m jobs throughout the economy. These jobs provide $73.5bn in income for American workers and their families. Total casino employee wages have reached all-time record highs.
The industry alone directly employs 734,000 American workers, generating nearly $33bn in payroll. Casino purchases from suppliers support another approximately 383,000 jobs and spending by gaming employees sustains 595,000 jobs.