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The #EconomicForum is meeting today to set a forecast for Nevada's general fund revenues for the current and next two fiscal years. That will form the basis for the governor's recommended budget going into the #nvleg session in February.
Watch here:
Watch here:
Gaming tax revenue, which accounts for 18 percent of Nevada's general fund revenue, has been rocked by the pandemic, as evidenced by this chart.
Forecasts vary based on everything from new 25% capacity limits on casino floors, to rising COVID cases and midweek resort closures.
Forecasts vary based on everything from new 25% capacity limits on casino floors, to rising COVID cases and midweek resort closures.
Table games more dependent on tourists but Nevadans' loyalty to slots is helping buoy gambling tax.
In some markets, slot revenue is already back up to pre-pandemic levels.
Still, without NFR rodeo, CES and big New Year parties, gambling tax in for 'bumpy road' next few months.
In some markets, slot revenue is already back up to pre-pandemic levels.
Still, without NFR rodeo, CES and big New Year parties, gambling tax in for 'bumpy road' next few months.
How it feels coming back from vacation to immediately jump into coverage of the Economic Forum -->
(Follow @MichelleRindels and I for updates)
#EconomicForum update - state's Department of Taxation estimates that it will take until 2022 at earliest for state's sales/use tax to recover to pre-pandemic levels. (Sales/use is the largest tax source for state budget)
