Nevada Governor Steve Sisolak Wins Over Some Bettors, as Reelection Odds Improve

Posted on: February 24, 2022, 09:32h. 

Last updated on: February 24, 2022, 01:27h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Nevada Governor Steve Sisolak (D) is facing the biggest election of his more than two-decade political career in 2022.

Steve Sisolak Nevada economy casino gaming
Nevada Governor Steve Sisolak walks with his wife and two daughters ahead of his speech inside Allegiant Stadium on February 23, 2022. Sisolak is up for reelection in November. (Image: Las Vegas Review-Journal)

Sisolak gave an informal “State of the State” virtual address yesterday from Allegiant Stadium in Las Vegas. The governor up for reelection discussed how Nevada will use its remaining $2.7 billion in federal pandemic funds, and also detailed how the state economy can continue to recover.

Despite more than two most difficult years that took a grave toll on the Nevada gaming industry — the economic backbone of the state — Sisolak expressed much optimism.

I have never been more optimistic about our state or where we are going,” Sisolak said toward the end of his roughly 20-minute speech. “Despite two difficult years that have challenged every one of us, again and again I’ve seen incredible acts of kindness, heroic acts of selflessness, and a determination to never stop moving forward.”

Nevada casinos employ more workers than any other industry in the state. Gaming rebounded in 2021 to record levels, as casinos reported all-time high gross gaming revenue of $13.4 billion.

2022 Odds Improve

Sisolak revealed during his address that $500 million will be set aside for affordable housing assistance, and another $500 million for expanded broadband internet access infrastructure. Another $160 million will be allocated for child care assistance for parents who require such financial aid.

The rest of the federal stimulus money, the governor detailed, will go towards education, public safety, health care, and climate change initiatives.

The governor added that money will also be used to help businesses by way of reducing bureaucratic hurdles extending from extensive occupational licensing requirements. Sisolak wants to create the Nevada Small Business Accelerator Program, which will help startups more efficiently obtain necessary licenses.

While Republicans were quick to discount Sisolak’s spending plans. State Senate Republican caucus leader James Settelmeyer (R-Minden) said, “Spending money is not leadership.” But some political bettors on PredictIt were won over.

The betting exchanges market asked, “Which party will win the 2022 Nevada gubernatorial election?” That saw GOP shares drop six cents. The eventual Republican candidate remains the front-runner but now has only a slim advantage at 52 cents.

Lombardo Stock Soaring

Clark County Sheriff Joe Lombardo, who heads the Las Vegas Metropolitan Police Department, is seeking the state’s top government position. Lombardo became a well-recognized figure throughout the country for being the face of law enforcement’s response to the mass shooting on the Las Vegas Strip back on October 1, 2017.

Lombardo is seeking the Republican ticket to take on Sisolak. And the longtime law officer is building much momentum behind his gubernatorial campaign.

PredictIt’s market on who will represent the GOP against Sisolak in November is moving in Lombardo’s favor. The betting exchange currently gives Lombardo a 72% chance of securing the party nomination. That’s up five cents over the past 24 hours.

Lombardo scolded Sisolak for what the sheriff contends was the governor’s efforts to win over Republicans.

“Despite Steve Sisolak’s best attempts today, Nevadans saw right through his taxpayer-funded speech, in which he claimed to be anti-tax, pro-parents, and pro-police, despite three years of policy in direct opposition to that,” said Lombardo spokesperson Elizabeth Ray.