Posted on: February 21, 2022, 03:53h.
Last updated on: February 21, 2022, 04:06h.
Democratic Nevada Governor Steve Sisolak will address the state this week and lay out his vision for economic recovery post-pandemic.
Sisolak’s Communications Director Meghin Delaney says the governor will detail how Nevada will spend the final $2.7 billion in federal COVID-19 aid it received last year under the American Rescue Plan. Sisolak is also expected to provide specifics on how the state can continue its economic recovery in 2022 and beyond.
The Governor felt compelled to give this speech at this moment as the State continues to recover from the pandemic, invest federal funds to help build the Nevada we deserve, and set the stage as the team builds toward a proposed budget ahead of the next Legislative Session,” Delaney said.
Sisolak will deliver the address from inside Allegiant Stadium on Wednesday, February 23. The event will be livestreamed, as the public is not invited to attend in person.
Nevada governors are required under the state constitution to address the legislature before its regular session in each odd year. The biannual speeches are commonly referred to as the “State of the State” address. Sisolak delivering this week’s address in 2022 is of his own accord.
Nevada casinos were seemingly made whole in 2021. Gross gaming revenue (GGR) hit a record $13.4 billion. Gaming win on the Las Vegas Strip topped $7 billion — also an all-time high.
However, not everything was as rosy as the headlines read. Despite the record gaming win, visitor volume last year was down over 13% from 2019. Convention attendance remained 64% suppressed from two years ago.
Naturally, hotel occupancy rates were down, too. Las Vegas’ roughly 150,500 hotel rooms were occupied 72.6% of the time — 12.5% below 2019.
Adding to the market uncertainty is inflation. December’s 7% inflation increase was the most significant hike in 40 years.
As of December, Nevada’s 6.4% unemployment rate ranked second to last among the 50 states. The US Bureau of Labor Statistics groups casino workers into the Leisure & Hospitality data series. The category reported approximately 286,000 employed workers in the component at the end of 2021 — up from 271,500 reported in July.
Polling, Betting Mixed Favorites
Sisolak is seeking a second four-year term. Nevada’s gubernatorial election is set for November 8.
The Republican field currently numbers nine who have formally announced their candidacies. Notables include Clark County Sheriff Joe Lombardo, former US Nevada Senator Dean Heller, and Las Vegas City Councilor Michele Fiore.
Recent polling conducted by The Nevada Independent gives Sisolak a four-point advantage over Lombardo in a head-to-head. The incumbent has an eight-point lead against Heller in the same hypothetical one-on-one scenario.
PredictIt bettors like Lombardo’s odds of securing the Republican ticket to take on Sisolak. Lombardo has been on the offensive recently, the Las Vegas Metro Police captain routinely attacking Sisolak for his handling of the pandemic.
As for the gubernatorial, the eventual Republican candidate is favored on PredictIt. GOP shares of winning in November are trading at 53 cents to Democratic shares at 44 cents.