Vol. 4, No. 1, January 2008
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Get the Facts Online
Website reveals the truth about gaming in Nevada
Earlier this year I made reference to the Nevada Gaming Fact Book in one of my columns. But as we enter into a new year I felt it was appropriate to invite you to download the fact book for yourself. As representatives of the industry, I want to offer you the opportunity to be as well informed as possible about the industry in which you work. I hope the fact book and a few of the following facts shed some light on how your efforts are important in keeping Nevada successful.
• Gaming has always been a part of Nevada since the state’s inception but modern-casino style gaming was made legal in March 1931 by the Nevada State legislature.
• Tourism and gaming tax dollars account for nearly 50 percent of all general fund taxes collected in the state or more than $1.3 billion annually. This number does not include what you and your co-workers pay in property, sales or other associated taxes and fees but only the tax revenue generated through hotel and gaming activities. Even though Nevada resorts only account for about 17 percent of the state’s employment base, the industry is by far the state’s largest tax payer.
• With inflation considered, over the past 75 years gaming taxes have increased an astounding 342 percent. If gaming tax rates from 1931 were used today the state’s gaming tax revenue would fall short of today’s actual gaming tax revenue by more than $700 million annually.
• Gaming is Nevada’s only industry which pays state taxes on gross revenue. This means taxes will be taken out of the total number of dollars collected and does not account for profitability so running a casino can actually cost money.
• Due to the state’s heavy dependence on casino-hotel tax revenue, Nevada residents and businesses enjoy the fourth-best tax climate in the country. Due to the resort industry, Nevada does not have a state personal income tax, sales tax on food, corporate income tax, inventory tax or admission tax. Most states depend on personal and corporate income taxes as a primary revenue source for state funding.
• Nevada’s resort companies are industry leaders in wages and benefits provided to employees. According to data reported by the U.S. Bureau of Economic Analysis, Nevada’s hotels and hotel-casinos average worker pay and salaries are 37.3 percent higher than the national average paid to similarly situated employees and funds employee health care programs at more than twice the rate of other employers throughout Nevada.
These are but a few facts that can be found in the 35-page fact book. I encourage you and your fellow employees to visit www.BettingOnNevada.com, and download the fact book for yourself and learn more about how you and your industry benefits Nevada.
